Utz Will Go Private in $2.9B Deal With Intersnack
Speakers
Jibril Lawal
— Bloomberg Intelligence analyst
Summary
Utz Brands agreed to a $2.9B take-private by Intersnack at a 91% premium, marking the European snacking firm's first US entry. Bloomberg Intelligence analyst Jibril Lawal explains the deal as a geographic expansion play and views it as part of a broader consolidation trend in packaged food. Slower organic sales growth is pushing the industry toward M&A as a growth lever, with more bolt-on acquisitions expected.
- Utz Brands to be taken private by Intersnack in a $2.9 billion deal.
- Intersnack gains its first US foothold via the acquisition.
- The deal carries a 91% premium to Utz's unaffected price.
- Utz holds ~4% share of the $37B US salty snacks market.
- Packaged food industry is facing slower organic sales growth.
- M&A is emerging as an alternative strategic growth lever.
- Analyst expects further consolidation and bolt-on acquisitions in the sector.
Ideas
Packaged food M&A expected to accelerate.
The packaged food industry has been experiencing slower organic sales growth as consumers become more selective. As a result, companies are turning to M&A as an alternative strategic growth lever. The recent acquisitions of Kellanova by Mars, TreeHouse taken private by Invest Industrials, and now Utz by Intersnack are not isolated events. More consolidation and bolt-on acquisitions are expected as packaged food companies seek to kick-start growth.
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Speakers: Jibril Lawal · Tickers: XLP