Utz Brands Goes Private
Intersnack Group to Acquire Utz Brands for $2.9 Billion, Taking Snack Company Private
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Key Points
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Financing package details include approximately $920 million cash from Intersnack, a new $1.1 billion term loan facility, a new $250 million asset-based lending facility, rollover equity by the Rice and Lissette families, and reinvestment by the family of a portion of proceeds from a $44 million tax receivable agreement settlement.
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Intersnack’s global footprint and brands: the group operates in 31 countries and owns brands such as Tyrrells, Tayto, Whole Earth and Hula Hoops, with around $5 billion in sales last year.
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Governance and ownership changes planned: Dylan Lissette will become Utz’s Executive Chair after closing; Utz will become private with a 50/50 ownership split between the Rice/Lissette Family Entities and Intersnack Group; the Rice and Lissette families have committed to voting shares representing about 42% of Utz’s common stock in favor of the transaction.
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Timing and market implications: the deal is expected to close in Q4 2026 subject to regulatory approvals and stockholder votes; Utz will delist from the NYSE, and the transaction creates a merger-arbitrage dynamic with the stock trading at a premium to the July close and a potential gap if the deal stalls.
European snack giant Intersnack Group has agreed to buy Utz Brands for $14.25 per share in cash, valuing the deal at about $2.9 billion and taking the American chip maker private, according to Food Business News. Utz's stock surged roughly 90% on the news — reflecting a 91% premium to its July 20 closing price.
Under the deal, ownership of Utz will be split evenly — 50% for Intersnack and 50% for the Rice and Lissette founding families, as CityBiz reported. Utz will delist from the NYSE. The transaction is expected to close in Q4 2026, pending regulatory approvals and a stockholder vote.
Intersnack Pays Big Premium to Enter U.S. Market
Intersnack is a private German snack company with about $5 billion in annual sales. It operates in 31 countries and owns brands like Tyrrells, Tayto, Hula Hoops, and Whole Earth, according to Yahoo Finance. Despite that global reach, Utz would be its first major foothold in the United States.
The $14.25-per-share offer is a steep premium. Utz's stock closed at roughly $7.45 on July 20 — the day before the deal was announced. That means Intersnack is paying nearly double the market price to land one of America's biggest salty snack brands, as GuruFocus noted.
How Intersnack Is Financing the $2.9 Billion Deal
The deal uses a mix of cash, debt, and family equity. Intersnack will contribute roughly $920 million in cash. On top of that, the deal includes a new $1.1 billion term loan and a $250 million asset-based lending facility, according to CityBiz.
The Rice and Lissette families are rolling their existing equity into the new private company. They will also reinvest part of a $44 million tax receivable agreement settlement back into the business. The families have pledged to vote shares equal to about 42% of Utz's common stock in favor of the transaction.
Founding Families Stay in Control After Going Private
Utz will not simply be absorbed into Intersnack. The deal preserves a strong role for its founders. Dylan Lissette, currently CEO, will become Executive Chair after the deal closes, as Yahoo Finance reported. The 50/50 split gives the families equal standing with their new European partner.
Utz's board unanimously approved the deal. The company said going private will give it access to Intersnack's global resources and supply chain. In exchange, Utz will stop filing public earnings reports — including canceling its planned second-quarter results announcement.
Stock Jump Creates Merger-Arbitrage Risk for Investors
Utz shares nearly doubled after the announcement, trading close to the $14.25 offer price. That rapid move signals that investors expect the deal to close. But with closing not expected until late 2026, there is risk. If regulators block the deal or stockholders vote it down, the stock could fall sharply back toward its pre-deal price near $7.45.
The deal still needs approval from U.S. regulators and a vote from Utz stockholders outside the founding families. With the Rice and Lissette families already controlling about 42% of the vote and backing the deal, passage is widely expected, Yahoo Finance noted. Still, the long timeline leaves room for surprises.
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