Key Takeaways
- Germany’s Intersnack Group has struck a deal to acquire Utz Brands for $14.25 per Class A share in an all-cash transaction.
- The acquisition places Utz’s enterprise value at approximately $2.9 billion, representing a 91% premium to the previous day’s close.
- Shares of UTZ skyrocketed nearly 89% in Tuesday trading after the buyout announcement.
- Upon completion, ownership will be evenly divided between Intersnack and the founding Rice and Lissette families.
- The company will cease NYSE trading and has canceled its Q2 earnings release, with deal closure anticipated in Q4 2026.
Utz Brands (UTZ) has entered into an agreement to go private through an acquisition by Intersnack Group, the Germany-based snack food manufacturer. Under the terms, Intersnack will acquire all Class A common shares for $14.25 each in cash.
The transaction assigns an enterprise value of approximately $2.9 billion to Utz, which includes the company’s outstanding debt. This represents an impressive premium of roughly 91% above where shares closed on Monday.
Market response was immediate and dramatic. UTZ shares surged nearly 89% during Tuesday’s session, reaching approximately $14.06 per share.
The acquisition was publicly revealed on July 21, 2026. Both parties characterized the transaction as a strategic alliance founded on similar family-owned business values.
Howard Friedman, CEO of Utz, emphasized that Intersnack brings valuable expertise in marketing, production, and technological innovation that will support future expansion. He positioned the acquisition as enabling continued investment across Utz’s product lines.
Dylan Lissette, who chairs Utz’s board of directors, shared similar sentiments. He described Intersnack as an ideal strategic partner that understands and respects iconic consumer brands.
The Parties Involved
The Rice and Lissette families have maintained control of Utz across multiple generations. Following deal completion, they will retain a 50% ownership stake, with Intersnack holding the remaining half.
Dylan Lissette is set to assume the role of Executive Chair at Utz when the acquisition finalizes. The founding families and related entities have already pledged approximately 42% of the company’s voting shares to support the transaction.
Intersnack brings substantial global scale to the partnership. Established in Germany in 1968, the company currently maintains operations spanning 31 countries, employs approximately 14,500 people, and generated around $5 billion in revenue during 2025.
This acquisition marks Intersnack’s inaugural entry into the American snack food sector. Johan van Winkel, Intersnack’s Executive Chairman, described it as a strategic opportunity to establish presence in a market where the company previously had no operations.
Financing Structure
Intersnack intends to finance the acquisition using approximately $920 million in available cash reserves. Additional funding will come from a newly arranged $1.1 billion term loan facility and a $250 million asset-based lending arrangement.
The founding Rice and Lissette families will retain a portion of their existing ownership by rolling equity into the privatized entity. This arrangement ensures the founding family maintains a significant financial stake in Utz’s ongoing operations.
Both Utz’s full board of directors and a special committee composed of independent directors have unanimously endorsed the merger agreement. The deal still requires approval from stockholders and relevant regulatory authorities before it can proceed to closing.
Deal closure is projected for the fourth quarter of 2026. Following completion, Utz’s publicly traded shares will be delisted from the New York Stock Exchange.
The company has also announced it will not hold its scheduled second-quarter earnings conference call. This decision stems directly from the pending acquisition.
Utz operates a diverse portfolio of snack brands including Utz, On The Border Chips & Dips, Zapp’s, and Boulder Canyon. Headquartered in Hanover, Pennsylvania, the company maintains nationwide distribution through grocery retailers, mass merchants, and convenience store channels.
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