78 • September | October 2026 • abasto.com Intersnack Acquires Utz Brands BY ABASTO U tz Brands is heading toward a new chapter, and it starts with a German buyer and a $2.9 billion check. The Hanover, Pennsylvania-based snack maker has agreed to a deal that will take the company private. Germany’s Intersnack Group will acquire all outstanding shares of Utz Class A com- mon stock for $14.25 per share in cash, ac- cording to a joint press release distributed by Business Wire. That price marks a roughly 91% premium over Utz’s July 20 closing pri- ce, giving the Utz Brands acquisition an en- terprise value of about $2.9 billion. Once the deal closes, Utz will stop tra- ding on the New York Stock Exchange. Ownership will split evenly between Inter- snack Group and the company’s founding Rice and Lissette Family Entities, each hol- ding a 50% stake. A Family Legacy Meets a Global Snack Giant Utz has spent more than a century buil- ding brands that sit on grocery shelves across the country, including Utz-branded chips, On The Border Chips & Dips, Zapp’s and Boulder Canyon. Intersnack got its start in 1968 as a Ger- man potato chip producer. Since then, it has grown into one of the largest snack manufacturers across Europe and Ocea- nia, expanding through acquisitions and partnerships while keeping a family-owned structure. The company posted roughly $5 billion in sales in 2025 and employs about 14,500 people across 31 countries, per the companies’ joint release. What Intersnack hasn’t had, until now, is a foothold in the U.S. market. “For more than 100 years, Utz has made snacks that are enjoyed by consumers across the U.S.,” Dylan Lissette, chairper- son of the Utz Board of Directors, said in the release. Utz CEO Howard Friedman echoed that sentiment, crediting Intersnack’s manu- facturing depth and innovation track re- cord as key reasons the deal made sense. He said those capabilities will help Utz keep building its brands going forward. Why Intersnack Wanted In For Intersnack, the math is straight- forward: the U.S. snacking market is mas- sive, and the company has been sitting on the sidelines. “Our partnership with the Rice and Lis- sette Family, and commitment to Utz, re- presents a compelling opportunity for In- tersnack to expand our exposure into the large and attractive U.S. snacking market, where we do not currently have a presen- ce,” said Johan van Winkel, executive chairman of Intersnack Group. News of the Utz Brands acquisition sent shares climbing sharply in premarket tra- ding. Reuters reported that the deal, valued at about $2.9 billion including debt, sent Utz’s shares up roughly 85% premarket. The snack manufacturer moves into the private sector How the Deal Gets Funded Financing for the transaction draws from several sources. Inters- nack Group will con- tribute approximately $920 million in cash. A new $1.1 billion term loan facility and a new $250 million asset-based lending facility will cover additional costs. Closing is targeted for the fourth quarter of 2026, pending regula- tory clearance and a sha- reholder vote. Approval requires support from a majority of Utz’s outs- tanding common stock, along with a majority of votes cast by disinteres- ted stockholders. Once the transaction closes, Dylan Lissette will step into the role of executive chair at Utz. • FOOD INDUSTRY