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Utz To Go Public After Merger With Acquisition Company Collier Creek

June 9, 2020: 12:00 AM EST
Century-old Utz Quality Foods LLC will become a public company valued at $1 billion as part of a merger agreement with acquisition company Collier Creek Holdings that is expected to close in the fall. The merged companies will be known as Utz Brands Inc., will trade under the NYSE ticker symbol UTZ, and will remain in Hanover, Pa. The Rice and Lissette family, the founding family and owners of Utz, will retain more than 90 percent of its existing equity stake, which will represent more than 50 percent ownership in Utz Brands after closing. The deal will likely leave Chester-County-based Herr's Foods Inc. as the largest privately-held and family-owned snack company in the U.S. Utz had $768 million in revenue last year and ranked fourth in market share for U.S. salty snacks behind PepsiCo, Campbell Soup Co., and Kellogg Co. According to news reports, executives from Utz and Collier Creek say acquisitions will play a key part of future growth strategy.[Image Credit: © Utz Quality Foods, LLC]
Harold Brubaker, "A new stock listing for an old snack-food firm; Deal will let Utz become publicly traded company.", The Philadelphia Inquirer, June 09, 2020, © The Philadelphia Inquirer, LLC
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