Utz Brands, Inc.: What Do Family-Controlled Strategic Buyers See that the Market Doesn't?

Research evidence excerpt

Utz Brands, Inc.: What Do Family-Controlled Strategic Buyers See that the Market Doesn't?

Equity Research

U.S. Food

21 July 2026

Utz Brands, Inc.

What Do Family-Controlled

Strategic Buyers See that the

UTZ EQUAL WEIGHTMarket Doesn't?

from Overweight

We are downgrading UTZ from Overweight to Equal Weight U.S. Food NEUTRAL

following this morning's announcement that the company Unchanged

has agreed to be acquired by Intersnack Group for $14.25 per Price Target raised 40% fromUSDUSD14.0010.00

share in cash, with the stock's subsequent move leaving Price (20-Jul-26) USD 7.45

limited remaining upside to the transaction value. PT to $14. Potential Upside/Downside +87.9% Source: Bloomberg, Barclays Research

This morning, UTZ announced that it has entered into a definitive agreement with the Market Cap (USD mn) 1071

Intersnack Group, a leading multinational savory snack manufacturer, under which Shares Outstanding (mn) 143.89

Intersnack will acquire all outstanding UTZ shares for $14.25 per share in cash. The Free Float (%) 81.31

transaction values UTZ at an enterprise value of approximately $2.9 billion and represents a 52 Wk Avg Daily Volume (mn) 1.5

~91% premium to the company's July 20, 2026 closing price. Upon closing, UTZ will become a Dividend Yield (%) 3.38

privately-held company, with ownership split equally between Intersnack and entities affiliated Return on Equity TTM (%) -1.17

with the Rice and Lissette families. The transaction is expected to close in 4Q26. Current BVPS (USD) 4.97

Source: Bloomberg

Based on our estimates, the $14.25 per share purchase price equates to approximately

11.6x CY27 EBITDA, using our CY27 EBITDA forecast of $245mm. This implies a valuation

Price Performance Exchange-NYSE