HANOVER, Pa. — One of Pennsylvania’s most recognizable companies is set for a major transition after Utz Brands announced it has entered into an agreement to become a privately held company once again.
The Hanover-based snack food manufacturer will be acquired by Germany’s Intersnack Group in a deal valued at approximately $2.9 billion. Under the agreement, Intersnack will purchase all publicly traded Class A shares of Utz for $14.25 per share in cash, a significant premium over the company’s recent trading price.
The announcement sent Utz stock soaring Thursday, with shares nearly doubling in value as investors reacted to the acquisition offer.
Founded in 1921, Utz has become one of Pennsylvania’s most recognizable brands, producing potato chips, pretzels, cheese balls and a wide variety of other snack foods sold across the United States. The company has expanded significantly in recent years through acquisitions while maintaining its headquarters in Hanover.
Despite the ownership change, the company says its Pennsylvania roots will remain an important part of its future.
Once the transaction is completed, ownership of Utz will be split equally between Intersnack Group and the Rice and Lissette families, descendants of the company’s founders. Dylan Lissette is expected to serve as Executive Chair, helping guide the company’s next chapter.
The move will also mark the end of Utz’s time as a publicly traded company. Following the closing of the transaction, Utz common stock will no longer be listed on the New York Stock Exchange.
Company officials say partnering with Intersnack will provide access to additional resources, international expertise and long-term investment opportunities while allowing Utz to continue building on its more than century-long history.
For Intersnack, the acquisition represents a major expansion into the United States snack food market. The company is one of Europe’s largest snack manufacturers, with operations across numerous countries and a portfolio of well-known brands.
The acquisition is expected to close during the fourth quarter of 2026, pending approval from Utz shareholders and the satisfaction of customary regulatory requirements.
If finalized, the deal will mark one of the largest acquisitions involving a Pennsylvania-based food company in recent years, while keeping the founding families actively involved in the future of one of the Commonwealth’s most iconic snack brands.
