Utz Joint Ownership Deal Takes Company Private
Utz Brands, a U.S. manufacturer of branded salty snacks, has entered into an agreement between Intersnack Group GmbH & Co. and founding family Rice and Lissette Family Entities that results in the joint ownership of the company.
Utz becomes a private company, no longer listed on the NYSE, with the Rice and Lissette Family and Intersnack Group each owning 50% of the shares. Dylan Lissette will assume the role of executive chair of Utz.
“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,” Utz CEO Howard Friedman said in a statement.
Intersnack began as a German potato chip producer in 1968 and has scaled to become a leading snack manufacturer in Europe and Oceania, owning an extensive product portfolio across multiple snack categories.
“I have spent significant time with the Intersnack team and have been impressed by Intersnack’s deep understanding of the snacking landscape, experience growing distinctive and long-standing brands, and strength in innovation,” added Friedman.
