Intersnack Group is a family-founded, privately-owned, multinational snack company. Starting as a German potato chip producer in 1968, Intersnack Group has grown to become a leading snack manufacturer in Europe and Oceania. Intersnack Group has built an extensive product portfolio across a multitude of snack categories, both organically and through acquisitions and key partnerships, by combining the benefits of international experience and local expertise.

“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,” Howard Friedman, chief executive officer of Utz, said in a statement. “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.”

“Our partnership with the Rice and Lissette Family, and commitment to Utz, represents a compelling opportunity for Intersnack to expand our exposure into the large and attractive US snacking market, where we do not currently have a presence,” Johan van Winkel, executive chairman of Intersnack Group, said in a statement. “We have long admired Utz’s brands, its heritage and the strength of its team. Together with the Rice and Lissette Family and Utz’s management and associates, we see a tremendous opportunity to partner and build on Utz’s strong foundation and help shape the future of snacking in North America. The combination of Intersnack’s and Utz’s extensive experience makes us confident that this partnership will deliver meaningful benefits to all of our stakeholders.”

A special committee of Utz independent and disinterested directors (the “Special Committee”) was formed in response to interest expressed by Intersnack Group to acquire a significant portion of the company through a going private transaction. The Special Committee and its independent financial and legal advisors evaluated the transaction and other potential alternatives that Utz could explore and determined that the transaction was the best alternative to deliver compelling, immediate and certain value to Class A common stockholders. Upon the unanimous recommendation of the Special Committee, which led the review and negotiation of the transaction, Utz’s Board of Directors approved the transaction unanimously of all voting.

The transaction will be financed by a combination of approximately $920 million cash from Intersnack Group, borrowings under a new $1.1 billion term loan facility, borrowings under a new $250 million ABL facility, rollover equity by the Rice and Lissette Family and a reinvestment by the Rice and Lissette Family of a portion of the proceeds from the $44 million settlement of the company’s tax receivable agreement in connection with the transaction.

The transaction is expected to close in the fourth quarter of 2026, subject to the satisfaction of regulatory and other conditions, including approval by the holders of a majority of the company’s outstanding common stock and the holders of a majority of the votes cast by disinterested stockholders of the company.

The Rice and Lissette Family, Dylan Lissette and certain of their affiliates have entered into an agreement pursuant to which they have committed to vote shares representing approximately 42% of Utz’s common stock in favor of the transaction.

Following the closing of the transaction, the Rice and Lissette Family and Intersnack Group will each own 50% of Utz, Dylan Lissette will assume the role of Executive Chair of Utz and Utz common stock will no longer be listed on the NYSE.