Savoury snacks US firm Utz Brands has announced that its subsidiary Utz Quality Foods has reached an agreement to acquire Vitner’s brand and distribution assets from Snak-King Corp.
According to Business Wire, the purchase price of Vitner’s, a leading snack foods brand, was $25 million. The sale includes intellectual property including the brand’s 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 Dylan Lissette, CEO of Utz. “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”, added Lissette.
The purchase will help to increase the presence of Utz in the market, joining a portfolio of brands such as Utz, On The Border, Zapp’s, Golden Flake, Good Health, Boulder Canyon, among others.
Source: Business Wire