Central Pa. chip maker is going private in $2.9B deal

Utz Brands Inc. has entered into a $2.9 billion agreement to go private.

The Hanover company announced on Tuesday that it has agreed to be acquired by German-owned Intersnack Group, a family-founded snack company.

Utz said under the deal, Intersnack and descendants of Utz’s founding family — the Rices and Lissettes — will each own 50% of the company.

Under the deal, Intersnack said it will buy outstanding shares of Utz Brands for $14.25 per share in cash. The transaction is expected to be completed by the end of the year.

The deal marks Intersnack’s entry into the U.S. market.

Intersnack was founded in 1968 as a German potato chip producer and has grown into a leading snack manufacturer in Europe and Oceania.

“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,” said Howard Friedman, Utz CEO, in a press release.

Utz produces potato chips, pretzels, cheese balls, tortilla chips and potato skins. The brand dates back to 1921, when William and Salie Utz made potato chips in their home.

The company’s portfolio also includes On The Border Chips & Dips, Zapp’s and Boulder Canyon.

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