Utz Quality Foods to combine with Collier Creek Holdings to form Utz Brands, Inc.
Transaction introduces Utz as publicly listed company after nearly 100 years as family-owned business
Utz Quality Foods, LLC, a U.S. manufacturer of branded salty snacks, and Collier Creek Holdings, a special purpose acquisition company, have announced that they have entered into a definitive agreement to combine and form Utz Brands, Inc. ("Utz Brands"). Utz Brands will be a leading pure-play snack food platform in the U.S. Upon the closing of the transaction, it is expected that Utz Brands will trade under the ticker symbol "UTZ" on the New York Stock Exchange.
Founded in 1921, Utz has grown to become the largest family-owned salty snack company in the U.S., with more than 40 years of consecutive Adjusted Net Sales growth. The Company's iconic portfolio of authentic, craft, and better-for-you brands includes Utz, Zapp's, Golden Flake, Good Health, and Boulder Canyon, among others. The Company operates 14 manufacturing facilities nationwide with a broad range of capabilities, producing a full line of potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub / party mix, and other snacks, including innovative better-for-you snacking options. After nearly a century as a family-owned business, this transaction will introduce Utz as a publicly listed company, with an anticipated initial enterprise value of approximately $1.56 billion or 11.6x its estimated 2021 Pro Forma Adjusted EBITDA of $134 million.