Intersnack Group Acquires Utz Brands for $2.9 Billion

Utz Brands, Inc. (UTZ) entered into a merger agreement on July 21, 2026, to be acquired by the German snack manufacturer Intersnack Group GmbH & Co. KG for $2.9 billion.

Deal Structure:

Intersnack Group will acquire all outstanding shares of Class A common stock of Utz for $14.25 per share in cash, representing a premium of 91.28% from the stock’s last close.

Utz will become a private company with the Rice and Lissette Family Entities and Intersnack Group each owning 50% of Utz.

Company Profile:

Utz Brands is a U.S.-based manufacturer and marketer of branded savory snacks, offering products such as potato chips, pretzels, tortilla chips, cheese snacks, popcorn, dips, and pork rinds under brands including Utz, Zapp’s, On The Border, Boulder Canyon, and Golden Flake. The company distributes its products through grocery, mass, club, convenience, drug, and other retail channels across the United States.

Intersnack is a privately owned multinational snack food manufacturer that produces and sells products including potato chips, nuts, baked snacks, and other savory snacks. Headquartered in Germany, the company operates in 31 countries across Europe, Asia, Australia, and New Zealand.

Deal Details and Timeline:

The transaction will be funded using several sources: about $920 million in cash from Intersnack Group, a $1.1 billion term loan, a $250 million asset-based lending (ABL) facility, and equity that the Rice and Lissette Family will keep invested in the company.

In addition, the family will reinvest part of the $44 million they receive from settling the company’s tax receivable agreement as part of the transaction.

The merger is expected to close in the fourth quarter of 2026.

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

After the transaction closes, Dylan Lissette will become the company’s Executive Chair.

Citi and RBC Capital Markets served as financial advisors to Utz Brands, with Sidley Austin acting as legal counsel. BofA Securities served as financial advisor to Intersnack Group, while Skadden, Arps, Slate, Meagher & Flom provided legal counsel.

Intersnack is paying 5.29 times the EBITDA of Utz Brands.

Deal Metrics:

For a comprehensive overview of the merger and acquisition (M&A) transaction details, please visit the Deal Metrics page here:

Deal Metrics for the acquisition of Utz Brands, Inc. (UTZ) by Intersnack Group GmbH & Co. KG

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• A chart detailing the spread history of the merger, from announcement to completion or failure.
• A timeline of events including the expiration of the HSR period, regulatory approvals, shareholder votes, etc.
• Updates on news and SEC filings.
• A log of deal updates.
• And much more.

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Editor’s Note: Baranjot Kaur contributed to this article