Savoury snacks US firm Utz Brands has announced that its subsidiary Utz Quality Foods has reached an agreement to acquire the Vitner’s snacks brand and distribution assets from Snak-King Corp for $25 million.
The sale includes intellectual property such as the brand trademark and direct-store-delivery (DSD) distribution assets related to the brand’s products.
“This transaction is a continuation of our strategy to successfully build long-term value and share by expanding in major metropolitan areas”, said Utz Brands CEO Dylan Lissette. “This acquisition strengthens our competitive position and will be a spark for continued growth in the Midwest. We are confident this transaction will drive long-term value creation for our shareholders and help position Utz for continued long-term growth”.
Vitner’s will join Utz Brands’ existing portfolio,which includes brands such as Utz, On The Border, Zapp’s, Golden Flake, Good Health and Boulder Canyon.
Source: Utz Brands (via BusinessWire)