Intersnack Group has agreed to acquire Utz Brands in a transaction valued at approximately USD2.9bn, taking the US snack manufacturer private and forming a joint ownership structure with the company’s founding Rice and Lissette family.
Under the definitive agreement, Intersnack will acquire all outstanding Class A common shares of Utz for USD14.25 per share in cash, representing a premium of about 91% over the company’s July 20, 2026 closing share price. Upon completion of the transaction, Intersnack and the Rice and Lissette family will each own 50% of the business, according to BusinessWire.
The acquisition gives the privately held German snack producer its first significant foothold in the US market, expanding its international portfolio beyond its established operations in Europe and Oceania. Founded in 1968 as a potato chip producer, Intersnack has grown through acquisitions, partnerships and organic expansion into one of the world’s largest savory snack manufacturers.
Utz, which traces its roots back more than a century, said the partnership aligns the company with a family-owned business that shares its long-term approach to brand development and consumer engagement.
For Intersnack, the transaction represents an entry into one of the world’s largest snack markets.
According to BusinessWire, the agreement follows a review led by a special committee of independent Utz directors after Intersnack expressed interest in acquiring a controlling stake through a take-private transaction. The committee, advised by independent financial and legal advisers, concluded that the all-cash offer represented the most attractive option for Class A shareholders.
“This transaction is a great outcome for Class A common stockholders,” said Craig D. Steeneck, Chair of the Special Committee. “Following Intersnack’s approach, the Special Committee thoroughly reviewed the proposal with the assistance of its advisors and determined that this premium, all-cash transaction provides immediate and compelling value for Class A common stockholders.”
The acquisition will be financed through approximately USD920m in cash from Intersnack, a new USD1.1bn term loan facility, a new USD250m asset-based lending facility, rollover equity from the Rice and Lissette family and the family’s reinvestment of part of the proceeds from a USD44m settlement related to the company’s tax receivable agreement.
The companies expect the transaction to close in the fourth quarter of 2026, subject to regulatory approvals and shareholder consent. Members of the Rice and Lissette family, Dylan Lissette and certain affiliated shareholders have agreed to vote shares representing approximately 42% of Utz’s common stock in favor of the deal.