Intersnack acquires US snack manufacturer Utz Brands for $2.9 billion

Financing and timeline

To finance the deal, Intersnack is contributing approximately $920 million in cash. In addition, a new credit facility of $1.1 billion and an ABL facility of $250 million are being provided. The closing of the acquisition is expected in the fourth quarter of 2026 and is subject to regulatory approvals and the consent of the remaining shareholders.

The founding families stay on board

The Rice and Lissette families, which until now have held the majority of Utz, are staying on board. After the transaction closes, Utz Brands will be owned 50 percent each by the Rice and Lissette family businesses and the Intersnack Group. The Rice and Lissette families and other shareholders have committed to vote around 42 percent of Utz's common shares in favor of the transaction. The families are also contributing some of their existing stakes into the new structure and participating with an additional reinvestment.

In the new ownership structure, Dylan Lissette, previously Chairperson of the Utz Board, will take on the role of Executive Chair. The current Chief Executive Officer Howard Friedman will remain CEO of the company. Friedman described Intersnack as a partner that shares the company's vision: „Intersnack teilt unsere Vision für Utz, und ihre Marketing-, Produktions- und Technologiekompetenzen werden von unschätzbarem Wert sein, da wir weiterhin in unsere Marken investieren und unsere Strategie beschleunigen", so Howard Friedman, Chief Executive Officer von Utz.

What brings Intersnack and Utz together

Intersnack Chairman Johan van Winkel sees the deal as an entry into the US snack market, in which the group had not previously been present. He spoke of „eine vielversprechende Möglichkeit" in the large and attractive US market. Based in Hanover, Pennsylvania, Utz distributes chips and popcorn under brands such as Utz, Golden Flake and Zapp's and generated revenue of $1.44 billion (€1.26 billion) in 2025.

German snack giant Intersnack reports annual revenue of around €4.5 billion; the unlisted company does not publish its earnings. The group employs 14,500 people worldwide. In addition to potato chips, its portfolio includes the peanut brand Ültje, the snack brand funny-frisch, the chip brand Chio and the British brand Tyrrells. Products like Pom-Bär round out the range.

Intersnack is already active beyond its home market in Germany in countries including the United Kingdom, Australia and New Zealand. With the acquisition of Utz Brands, the company is making a major push into the US and adding established regional US brands to its own brand portfolio. Industry observers view the move as a signal that consolidation pressure in the global snack market continues to intensify.

The merger is expected to close in the fourth quarter of 2026, once antitrust approvals are received and the remaining shareholders have consented. Until then, Utz Brands will remain a publicly listed company on the New York Stock Exchange.