Snack, Utz Brands acquires Vitner's
A 25 million dollar operation
Utz Brands has entered into a definitive agreement with Snak King Corp to acquire part of the Vitner's snack brand business, for a total purchase price of $ 25 million.
The sale includes intellectual property, including the Vitner's brand, and direct in-store delivery (DSD) distribution assets related to the brand's products.
Founded in 1926, Vitner's is a well-known brand based in Chicago. The transaction will allow Utz to strengthen its position in Chicago and the Midwest, further increasing the presence of its most relevant brands, including Utz, On The Border, Zapp's, Golden Flake, Good Health, Boulder Canyon, Hawaiian Brand and Tortiyahs. Subject to customary closing conditions, the transaction is expected to take place on February 8, 2021.
"This strategic acquisition will make Utz a more significant competitor in the Chicago area," said Dylan Lissette, CEO of Utz. "Along with the recent acquisition of the tortilla chip, salsa and queso On the Border brand, this latest operation builds a strong brand platform to better serve key savory snack channels and continue to expand rapidly in this market. It is a continuation of our strategy to successfully build long-term value and sharing by expanding into major metropolitan areas, as we did in New York City in 1994, Boston in 2004, Pittsburgh in 2006 and Atlanta in 2011".
Lissette continued: “The acquisition makes us more competitive and will be a spark for continued growth in the Midwest. We are confident that this transaction will drive long-term value creation for our shareholders". Barry Levin , CEO of Snak King, added: "We are thrilled to see Vitner's brand, founded nearly 95 years ago, join the company. Utz family Brands, Inc. Utz will be able to leverage its portfolio and world-class experience in DSD operations to help Vitner's continue to serve the Chicago market".
EFA News - European Food Agency