Utz 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 announced Tuesday that it has agreed to a deal that will take the company private.
Germany’s Intersnack Group will acquire all of Utz’s Class A common stock for $14.25 per share in cash. This is a 91% premium over Utz’s July 20 closing price, valuing the Utz Brands acquisition at about $2.9 billion, according to a joint press release.
Once the deal closes, Utz will stop trading on the New York Stock Exchange. Intersnack Group and the Rice and Lissette Family Entities will each own 50% of the company.
A Family Legacy Meets a Global Snack Giant
Utz has spent more than a century building brands that sit on grocery shelves across the country. Its products include Utz chips, On The Border Chips & Dips, Zapp’s and Boulder Canyon. Now, that legacy is merging with a company that has its own multigenerational roots.
Intersnack got its start in 1968 as a German potato chip producer. It is now one of the largest snack manufacturers in Europe and Oceania. Intersnack expanded through acquisitions and partnerships and remains family-owned.
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, chairperson of the Utz Board of Directors. He pointed to a shared sense of family heritage as a driving force behind the partnership, adding that Intersnack understands the value of investing for the long haul.
Utz CEO Howard Friedman echoed that sentiment, crediting Intersnack’s manufacturing depth and innovation track record as key reasons the deal made sense. He said those capabilities will help Utz keep building its brands going forward.
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Why Intersnack Wanted In
For Intersnack, the math is straightforward: the U.S. snacking market is massive, and the company has been sitting on the sidelines.
“Our partnership with the Rice and Lissette Family, and commitment to Utz, represents a compelling opportunity for Intersnack to expand our exposure into the large and attractive U.S. snacking market, where we do not currently have a presence,” Johan van Winkel, executive chairman of Intersnack Group, said in the release. He called Utz’s brand strength and heritage a natural fit for the partnership Intersnack wants to build in North America.
News of the Utz Brands acquisition sent shares climbing sharply in premarket trading. Reuters reported that the deal, valued at about $2.9 billion including debt, sent Utz’s shares up roughly 85% premarket.
How the Deal Gets Funded
Financing for the transaction draws from several sources. Intersnack Group will contribute 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. The Rice and Lissette Family will roll over existing equity and reinvest part of the proceeds from a $44 million settlement tied to the company’s tax receivable agreement.
A special committee made up of independent Utz directors reviewed the proposal before it reached the full board. Committee chair Craig D. Steeneck said the group worked with financial and legal advisers. They decided the all-cash offer gave shareholders immediate, compelling value. Utz’s board then approved the transaction unanimously.
The Rice and Lissette Family, along with Dylan Lissette and certain affiliates, have already committed to voting shares representing about 42% of Utz’s common stock in favor of the deal.
Closing is targeted for the fourth quarter of 2026, pending regulatory clearance and a shareholder vote. Approval requires support from a majority of Utz’s outstanding common stock, along with a majority of votes cast by disinterested stockholders.
Once the transaction closes, Dylan Lissette will step into the role of executive chair at Utz. The company plans to release second-quarter 2026 financial results on August 5. It will skip the usual earnings call given the pending deal, according to a report from StockTitan.
The Utz Brands acquisition shows ongoing consolidation among snack manufacturers as global players seek growth in the U.S. market. It also underscores how family-owned companies in the U.S. and Europe believe scale and shared values drive long-term growth.