Selling To Intersnack For $14.25/Share

Research evidence excerpt

Selling To Intersnack For $14.25/Share

Food: Food Producers

UTZ Brands

TD SECURITIES (USA) LLC TARGET UPDATE

July 21, 2026

Price: $7.45 (07/20/2026) Selling To Intersnack For $14.25/Share

Price Target: $14.25 (Prior $9.00)

HOLD (2)

Robert Moskow THE TD COWEN INSIGHT

646 562 1474

Utz Brands and Intersnack Group GmbH announced they will take Utz private with Intersnack

robert.moskow@tdsecurities.com

acquiring it for $14.25/shr. The 12x EBITDA valuation is likely below Collier Creek's original

Jacob Henry, CFA expectations when they helped the Lisette family take Utz public in 2020. However, given

646 562 1380 unexpected headwinds from GLP-1s and the progressive decline in SMID-cap valuation

jacob.henry@tdsecurities.com

premiums, we view the outcome as favorable.

Sergio Matsumoto

646 562 1339 Implications For SMID-Cap Valuations

sergio.matsumoto@tdsecurities.com

This is the fourth time in the past two years that a private company outside our radar has

Victor Ma swooped in to acquire a public food company. Quite possibly, this could help the market set a

646 562 1306

valuation floor for other "fallen stars" in SMID-cap food and beverage.

victor.ma2@tdsecurities.com

For example, BellRing Brands (BRBR $12.15, Hold) now trades below 8x next year's EBITDA,

Seamus Cassidy

Simply Good Foods (SMPL $10.92, Hold) below 6x, and Freshpet below 12x, each representing646 562 1319

seamus.cassidy@tdsecurities.com 50%-70% below their 5-year averages. The 12x multiple Utz fetched today is 19% below their 5-

year average.

Key Data

Symbol NYSE: UTZ Details Of Transaction

Beta: 0.83

The Lisette Family and Intersnack Group will each own half of the combined company.

52-Week Range: $14.49-$6.80 Intersnack is one of the leading snack manufacturers in Europe, Australia, and New Zealand