Strategic Partnership for Snack Producer Utz
Utz Quality Foods, LLC, the largest independent salty snack company in the United States, and Metropoulos & Co., the family-owned investment firm specializing in iconic American brands and assets, have formed a strategic partnership, with Metropoulos & Co. making a significant investment.
The Rice family, which has owned and operated the business for four generations, continues to be the controlling and majority shareholders.
Utz, which recently acquired Golden Enterprises, the Birmingham, Alabama producer of snacks under the popular Golden Flake brand in the southern United States, is expected to generate approximately USD800m in combined sales in 2017. Over the past five years, the company has made several other key acquisitions, broadening its brand portfolio to include Good Health, Bachman, Zapp’s, “Dirty”, Snikiddy and Wachusett and expanding its distribution and geographic footprint.
Dylan Lissette, president and CEO of Utz, said: “As we assessed the huge potential of our business, we considered many possible partners who we could work with to strengthen our ability to continue the momentum, help optimize and expand the frontiers of opportunity and continue our strong growth”.
“We look forward to working closely with Utz’s management team to develop creative product innovation, capture new consumers and generations of snackers with strategic guerrilla marketing and branding, and to broaden Utz distribution nationally, while enhancing overall operations and focusing on future strategic acquisitions,” added Daren Metropoulos, principal at Metropoulos & Co.
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