Iconic Pennsylvania snack manufacturer Utz Brands, Inc. of Hanover is returning to private ownership after agreeing to a $2.9 billion buyout by European snack giant Intersnack Group GmbH & Co. KG in partnership with the company’s founding family.
Under the terms of the definitive agreement, Düsseldorf-based Intersnack will acquire all outstanding shares of Utz Class A common stock for $14.25 per share in cash. The purchase price represents a massive 91% premium over Utz’s closing stock price on July 20, 2026.
Upon completion of the transaction, Utz will be delisted from the New York Stock Exchange (NYSE) and transition back to a privately held entity jointly owned 50-50 by Intersnack and the Rice and Lissette family—direct descendants of Utz founders Bill and Salie Rice.
The move marks the first major footprint in the United States for Intersnack Group, a privately owned European savory snack conglomerate generating roughly $5 billion in annual revenue across Europe, Asia, and Oceania with popular brands like Tyrrells, Tayto, and Hula Hoops.
Despite the international deal, company executives emphasized that Utz will maintain its headquarters, manufacturing operations, and deep community roots in Hanover, Pennsylvania.
Leadership Continuity: Dylan Lissette, who previously served as CEO and current Board Chairperson, will assume the role of Executive Chair of the private entity. Howard Friedman will remain Chief Executive Officer.
Family Ownership: The Rice and Lissette family, who took Utz public via a SPAC merger in 2020, will maintain a 50% stake in the newly privatized company.
Expansion Goals: The deal couples Intersnack’s vast international manufacturing, R&D, and supply-chain scale with Utz’s strong brand footprint and direct-store-delivery (DSD) network across North America.
“Intersnack shares our vision for Utz, and their marketing, manufacturing, and technology capabilities will be invaluable as we continue to invest in our brands and accelerate our strategy,” said Utz CEO Howard Friedman in a statement.
The $2.9 billion enterprise valuation deal was unanimously recommended by a Special Committee of independent Utz directors before receiving full board approval. Key financing details include:
Cash & Debt Financing: Funded through approximately $920 million in cash from Intersnack, a $1.1 billion new term loan, a $250 million asset-backed credit facility, and rollover equity from the founding family.
Shareholder Support: The Rice and Lissette family entities have committed shares representing approximately 42% of total voting power in favor of the deal.
Expected Close: The transaction is slated to close in the fourth quarter of 2026, pending customary regulatory approvals and majority vote approval from disinterested common stockholders.
Because of the pending transaction, Utz announced it will no longer host a public earnings conference call for its upcoming second-quarter financial results in August.
