Utz Quality Foods, Collier Creek combine businesses to form Utz Brands

US-based salty snacks manufacturer Utz Quality Foods and special purpose acquisition company Collier Creek Holdings have completed the merger of two businesses to create a new pure-play snack food platform, called Utz Brands, in the US.

Established in 1921, Utz is a family-owned salty snack company, which operates 14 manufacturing facilities across the US.

These facilities produce potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub/party mix, and other snacks.

The deal enables Utz to trade as a publicly listed company on the New York Stock Exchange (NYSE) after doing business for nearly 100 years as a family-owned business.

Utz Quality Foods CEO Dylan Lissette said: “The completion of our business combination with Collier Creek and the initiation of Utz as a public company, marks a significant milestone and will fuel our next century of growth after nearly 100 years as a family-owned business.

“We have spent the last 10 years building Utz into a national brand and platform through rapid geographic and brand portfolio expansion driven by strategic acquisitions and organic growth.

“Our partnership with Roger and the Collier Creek team positions us to further accelerate our growth as a public company and achieve our goal of being the fastest-growing, pure-play branded snack company of scale.”

Financial details of the deal have not been disclosed by either company. Proceeds from the deal will be used primarily to repay Utz’s existing debt.

Upon completion of the deal, Utz owners Rice and Lissette family will own more than 50% stake in the Utz Brands.

On the other hand, Collier Creek co-founder Roger Deromed will become chairman of Utz Brands.

Deromedi said: “Our partnership with Utz brings together the financial and human capital of Collier Creek with an exceptional 100-year-old company that has significant competitive advantages and runway for profitable growth.

“Utz is an iconic company with a strong portfolio of beloved snack brands, growing positions in the salty snack category, and a competitively advantaged manufacturing and distribution network.”

Utz Quality Foods entered into a definitive agreement with Collier Creek Holdings to combine their businesses in In June this year.