UTZ acquired by INTERSNACK

Intersnack Group agreed to acquire all outstanding Class A common stock of Utz Brands in an all-cash transaction valuing the US snack manufacturer at an enterprise value of $1–10bn. The offer represented a premium of approximately 91% to Utz's closing share price on 20 July 2026. Following completion, Utz was to become a privately held company owned equally by Intersnack and the Rice and Lissette family entities, with its shares delisted from the New York Stock Exchange. Utz reported revenue of $1.4bn and adjusted EBITDA of $225m for the trailing twelve months (TTM), implying an EV/EBITDA multiple of 10x–18x. The acquisition was to be financed through a combination of Intersnack's cash resources, a new term loan, an asset-based lending facility, equity rolled over by the Rice and Lissette families and the reinvestment of part of the proceeds from the settlement of Utz's tax receivable agreement. The transaction followed an approach by Intersnack to acquire a significant stake in Utz through a going-private deal. Utz formed a special committee of independent directors to review the proposal and alternatives, before the committee unanimously recommended the transaction to the board. The Rice and Lissette family entities, Dylan Lissette and certain affiliates committed to vote shares representing approximately 42% of Utz's common stock in favor of the deal. Dylan Lissette was expected to become executive chair following closing. Completion was anticipated in the fourth quarter of 2026, subject to regulatory approvals and other conditions, including approval by a majority of outstanding common shares and a majority of votes cast by disinterested stockholders. Citi acted as lead financial adviser and exclusive adviser to the special committee, with Sidley Austin as its legal counsel and RBC Capital Markets also advising Utz. Sageworth and Cozen O'Connor advised the Rice and Lissette family, while BofA Securities acted as Intersnack's exclusive financial adviser and provided committed debt financing. Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Intersnack.