Vending

Utz Quality Foods to go public as Utz Brands, names Deromedi chairman

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June 8, 2020

Utz Quality Foods Llc., a manufacturer of branded salty snacks, and Collier Creek Holdings, an acquisition company, have entered into an agreement to combine and form Utz Brands Inc. and become a publicly traded company, according to a press release.

Upon the closing of the transaction, it is expected that Utz Brands will trade under the ticker symbol "UTZ" on the New York Stock Exchange.

The company's portfolio of brands includes Utz, Zapp's, Golden Flake, Good Health and Boulder Canyon, among others.

The company operates 14 manufacturing facilities nationwide, producing a full line of potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub/party mix and other snacks.

Utz Brands will have an anticipated initial enterprise value of approximately $1.56 billion or 11.6 times its estimated 2021 Pro Forma Adjusted EBITDA of $134 million.

Roger Deromedi, co-founder of Collier Creek, former chairman of Pinnacle Foods and CEO of Kraft Foods, will become chairman of Utz Brands.