German snack manufacturer Intersnack Group has agreed to acquire US salty snacks producer Utz Brands in a transaction valuing the business at approximately $2.9 billion.

Under the definitive agreement, Intersnack will purchase all outstanding shares of Utz’s Class A common stock for $14.25 per share in cash. The offer represents a premium of approximately 91% to Utz’s closing share price on 20 July 2026.

Following completion, Utz will become a privately held company jointly owned by Intersnack and the Rice and Lissette family entities, with each holding a 50% stake. Utz’s shares will subsequently be delisted from the New York Stock Exchange.

Founded as a German potato chip producer in 1968, Intersnack has developed into a multinational savoury snacks manufacturer with operations across Europe and Oceania. The deal will provide the company with its first presence in the US snack market.

Johan van Winkel, executive chairman of Intersnack Group, said the transaction represented an opportunity for the company to expand into the “large and attractive” US market.

“We have long admired Utz’s brands, its heritage and the strength of its team,” he added. “Together with the Rice and Lissette family and Utz’s management and associates, we see a tremendous opportunity to build on Utz’s strong foundation and help shape the future of snacking in North America.”

Utz, which has operated for more than a century, owns a portfolio of salty snack brands sold across the US. Chief executive Howard Friedman said Intersnack’s experience in brand development, innovation, manufacturing and technology would support Utz’s continued growth strategy.

Dylan Lissette, chairperson of the Utz board, described Intersnack as a “like-minded partner” with a similar family-owned heritage and a long-term approach to investment.

The agreement follows a review led by a special committee of independent Utz directors after Intersnack expressed interest in taking the company private. The committee evaluated the proposal alongside other possible alternatives before unanimously recommending the deal to the board, which also approved it unanimously.

The acquisition will be financed through approximately $920 million in cash from Intersnack, a new $1.1 billion term loan facility and borrowings under a $250 million asset-based lending facility. The financing package will also include equity rolled over by the Rice and Lissette family and the reinvestment of part of the proceeds from a $44 million tax receivable agreement settlement.

The Rice and Lissette family, Dylan Lissette and certain affiliates have agreed to vote shares representing approximately 42% of Utz’s common stock in favour of the transaction.

The deal is expected to close in the fourth quarter of 2026, subject to regulatory clearance and shareholder approval. Once completed, Dylan Lissette will become executive chair of Utz.

Top image: © 2026 Utz Quality Foods