Utz Quality Foods, LLC, a US manufacturer of branded salty snacks, and Collier Creek Holdings, a special purpose acquisition company, announced that they have completed their business combination. The transaction has been unanimously approved by the board of directors of Collier Creek and was approved at a special meeting of Collier Creek shareholders on August 27, 2020. Per the terms of the business combination agreement, Collier Creek and Utz have combined to form Utz Brands, Inc. (“Utz Brands”), a leading pure-play snack food platform in the US The common stock of Utz Brands will trade under the ticker symbol “UTZ” on the New York Stock Exchange beginning August 31, 2020.
Founded in 1921, Utz has a strong heritage in the salty snack industry in the US and more than 40 years of continued growth. The company’s iconic portfolio of authentic, craft, and better-for-you brands includes Utz®, Zapp’s®, Golden Flake®, Good Health®, Boulder Canyon®, Hawaiian® Brand, and TORTIYAHS!®, among others . The company operates 14 manufacturing facilities nationwide with a broad range of capabilities and produces a full line of potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub / party mixes, tortilla chips and other snacks, including innovative better-for-you snacking options. Utz expects to generate net sales of $932 million in 2020.
Collier Creek was co-founded by Chinh Chu, Roger Deromedi, and Jason Giordano, who bring more than 80 years of combined investing and operating experience, with a focus on the consumer goods sector. Mr. Deromedi, who had a long and successful tenure as Chairman of Pinnacle Foods and, prior to that, as CEO of Kraft Foods, will become Chairman of Utz Brands. Utz Brands’ board of directors will be composed of a majority of independent directors under the applicable listing rules of the New York Stock Exchange.
Dylan Lissette, who has served as Utz’s CEO since 2013 and has worked at the company for almost 25 years, will continue to lead the business along with the existing management team. Utz Brands will remain headquartered in Hanover, Pa.
Proceeds from the transaction were used primarily to repay existing borrowings at Utz. The Rice and Lissette family, the founding family and owners of Utz, retained more than 90% of its existing equity stake, which represents more than 50% ownership in Utz Brands following completion of the transaction.
