Core Summary

  • German salty snack maker Intersnack Group will acquire Utz Brands for an enterprise value of approximately $2.9 billion, with each Utz share to be exchanged for $14.25 in cash.
  • Upon completion of the transaction, Utz will become a private company, with Intersnack and the Rice and Lissette family entities (descendants of Utz's founding family) each holding a 50% stake.
  • The transaction is expected to close in the fourth quarter, subject to regulatory approval. Dylan Lissette (who served as Utz CEO until 2022) will become Executive Chairman of Utz.

In-Depth Analysis

Just over six years after going public, 105-year-old Utz is undergoing another major transformation. The sale to Intersnack takes the maker of pretzels, puffed snacks, and potato chips out of the Wall Street public eye while preserving the family ownership that has been central to its business since its founding.

Both companies have expertise in the snack category, including popcorn and potato chips, but are geographically complementary: Utz is deeply rooted in the U.S. market, while Intersnack covers Europe and Oceania. The deal will give Intersnack entry into the U.S. market and may also provide opportunities for Utz to expand internationally.

"Our partnership with the Rice and Lissette families and our commitment to Utz provide an excellent opportunity for Intersnack to enter the large and highly attractive U.S. snack market, where we currently have no presence," said Johan van Winkel, Executive Chairman of Intersnack.

Utz, which owns its namesake potato chip brand as well as brands such as On the Border, Boulder Canyon, and Zapp's, is the largest pure-play salty snack company in the U.S., with annual sales of approximately $1.4 billion. Intersnack is larger, with sales of approximately $5 billion across its 30 brands in 2025.

"We believe Intersnack is a like-minded partner with a similar family heritage and a deep understanding of the power of beloved brands," Lissette said in a statement. "They know the importance of long-term investment and the value of staying close to consumers and communities. We look forward to leveraging Intersnack's expertise and extensive resources to drive our success for the next hundred years."

Earlier this year, Utz CEO Howard Friedman told Food Dive in an interview that the company is not trying to disrupt snack giants like PepsiCo, but rather believes the biggest opportunity in the $32 billion salty snack market lies in taking market share from smaller regional competitors that have failed to generate the growth or investment levels retailers expect.

The merger with Intersnack could bring Utz greater scale, stronger financial resources, and global reach.

Utz's history dates back to 1921 in a small kitchen in Hanover, Pennsylvania, where William and Salie Utz began making potato chips. The snack maker now produces more than 3 million pounds of popcorn, cheese balls, pretzels, and potato chips each week, with operations primarily concentrated in the Northeast, Mid-Atlantic, and Gulf regions, but has gradually expanded into other markets such as Florida and California.