Utz Quality Foods Acquires Inventure Foods
American snack manufacturer Utz Quality Foods has announced an agreement for acquiring Inventure Foods, Inc. a leading specialty food marketer and manufacturer for a total price of approximately USD165m.
This sum includes the assumption of approximately USD75m of debt and debt-like items, net of cash, approximately USD8m of the company’s estimated closing costs and approximately USD3m due to equity award holders.
“This transaction is the result of diligent analysis and thoughtful strategic deliberations by our board of directors and the result of the strategic and financial review we initiated in July 2016,” stated Terry McDaniel, CEO of Inventure Foods. “Our Board, with the advice of independent advisors, determined that this transaction will deliver immediate and certain cash value to our stockholders and new opportunities for our snack brands.”
Dylan Lissette, CEO of Utz Quality Foods, said: “The company’s specialty snack food products and brands, as well as its geographic footprint, customer relationships and distribution strengths, are highly complementary to our business and we look forward to continuing Inventure’s strong heritage of innovation in both healthy and indulgent snacking. We have also been extremely impressed with the team at Inventure, and look forward to working together going forward.”
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