Recent Updates — UTZ

CEO Howard Friedman will leave Utz Brands effective November 30, 2026, contingent on the closing of its proposed merger with Intersnack Group at $14.25 per share in cash. The company also disclosed that board member B. John Lindeman has been offered the role of CEO for the surviving private entity post-closing, subject to a formal employment agreement and an 18-month term with a $1.7 million base salary. This filing supplements disclosures regarding stockholder litigation challenging the merger proxy statement and details Lindeman's compensation package, including a potential $500,000 bonus for appointing a permanent successor within his term. Utz Brands manufactures and distributes snack foods.

Utz Brands, Inc. reported second quarter fiscal 2026 financial results for the period ended June 28, 2026. Net sales increased 1.4% to $371.8 million, driven by a 3.3% increase in Branded Salty Snacks organic net sales. Adjusted EBITDA rose 14.4% to $55.7 million, while adjusted free cash flow improved to negative $0.7 million. The company reported a net loss of $16.0 million compared to net income of $10.1 million in the prior year period. Utz also reiterated its pending agreement with Intersnack Group to take the company private for $14.25 per share, expected to close in the fourth quarter of 2026. Consequently, no forward-looking guidance or conference call will be provided. Utz Brands is a leading U.S. manufacturer of branded salty snacks.

Utz Brands, Inc. entered into a definitive merger agreement on July 20, 2026, to be acquired by Idaho USA, Inc. and its subsidiary, making the company an indirect wholly-owned subsidiary of Intersnack Group GmbH & Co. KG. Under the terms, outstanding Class A Common Stock will be converted into the right to receive $14.25 per share in cash. The transaction includes a $44 million payment to continuing stockholders to terminate the existing Tax Receivable Agreement. The merger is subject to stockholder approval, regulatory clearances, and other customary closing conditions. Utz Brands, Inc. is a snack food manufacturer.

Utz Brands, Inc. entered into a definitive agreement for Intersnack Group GmbH & Co. KG to acquire all outstanding Class A Common Stock for $14.25 per share in cash, representing a 91% premium over the July 20, 2026 closing price. The transaction, valued at an enterprise value of approximately $2.9 billion, will result in Utz becoming a private company owned 50% by Intersnack Group and 50% by the Rice and Lissette Family. Utz Brands, Inc. is a manufacturer of branded salty snacks.