Utz Quality Foods is reportedly set to be acquired by a New York-based investment firm in a deal that values the US-based snack maker at $1 billion.
Talks are underway with Collier Creek Holdings, which describes itself as a special-purpose acquisition company, and a deal could be finalized as early as this month, sources quoted by Bloomberg who asked not to be identified.
Utz, located in Hanover, Pennsylvania, manufactures potato chips under brands such as Boulder Canyon and Golden Flake, and pretzels under the Bachman line. It claims to be the largest private snack brand in the United States.
Collier, listed in New York, was founded by former executives of asset management firm Blackstone Group Jason Giordano and Chinh Chu, according to Bloomberg. The third founder is former Pinnacle Foods chairman Roger Deromedi, the news agency said.
Talks between the two companies began before the outbreak of the coronavirus crisis, sources said Bloomberg, but no final decision has yet been made. Bloomberg said a rep for Collier declined to comment, while Utz did not respond to a request for comment.
Utz said he would not comment on market speculation when approached by just-food for confirmation of the proceedings, while that publication has not yet received a response from Collier Creek.
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Late last year, UTZ entered into a “merger” deal with its US snacks counterpart Kitchen Cooked, after acquiring the direct-to-store snack delivery assets of Conagra Brands, formerly owned by Pinnacle Foods.
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