Metropoulos & Co. has made “a significant investment” in Utz Quality Foods.
HANOVER, Pennsylvania. – Metropoulos & Co., an investment firm specializing in iconic American brands and assets such as Hostess Brands, has made “a significant investment” in Utz Quality Foods, LLC, the largest independent savory snacks company in the United States .
While financial details of the deal were not disclosed, the companies said Metropoulos’ investment was the largest initial private equity deal for a U.S. snacks company since 2013, when Metropoulos and Apollo Global Management had invested in Hostess Brands. Metropoulos & Co. has also worked with brands such as Ghirardelli Chocolate, Bumble Bee Foods, Vlasic Pickles and Chef Boyardee.
Metropoulos & Co. has also worked with brands such as Ghirardelli Chocolate, Vlasic Pickles, Bumble Bee Foods and Chef Boyardee.
“We look forward to working closely with Utz’s leadership team to drive creative product innovation, engage new consumers and generations of snackers through guerrilla marketing and branding, and expand distribution of Utz nationwide, while improving global operations and focusing on future strategic acquisitions,” said Daren Metropoulos, principal at Metropoulos & Co. “Our family is excited to be part of the future of Utz.”
Utz said it used Metropoulos & Co.’s investment to fund its $146 million acquisition of Golden Enterprises, which was completed earlier this month. Based in Birmingham, Alabama, Golden Enterprises manufactures snacks under the Golden Flake brand in the southern United States and is expected to generate approximately $800 million in sales in 2017. Over the past five years, Utz has made several other acquisitions , expanding its portfolio. with brands such as Good Health, Bachman, Zapp’s, “Dirty”, Snikiddy, Wachusett and now Golden Flake.
Utz has expanded its portfolio with brands such as Good Health, Bachman, Zapp’s, “Dirty”, Snikiddy, Wachusett and Golden Flake.
Utz operates 11 facilities located in Pennsylvania, Colorado, Louisiana, Massachusetts, Alabama and Florida.
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| Dylan Lissette, President and CEO of Utz |
“As we assessed the enormous potential of our business, we considered many possible partners that we could work with to strengthen our ability to build momentum, optimize and expand the frontiers of opportunity and continue our strong growth. “said Dylan Lissette, President. and CEO of Utz. “As we got to know the Metropoulos team and spoke with many people who had worked with them before, it became clear that they were not your typical investment firm. ‘being a true family business, their expertise in operations, brand expansion, innovation, growth and integration of acquisitions, combined with shared family values and a passion for heritage brands, have made “This very unique opportunity. We are excited to continue to drive this business forward, working closely with our new partners as we enter this new chapter of Utz’s expansion, reinvestment and growth.”
In July, Metropoulos agreed to sell a majority stake in Hostess to Gores Group Holdings, a Los Angeles-based private equity firm, for $522 million in cash. Metropoulos and Apollo Global Management are expected to retain a 42% stake in Hostess once the transaction is finalized.
