Snack Firm Utz Prepares to Go Public Under New Entity

June 8, 2020

2 Min Read
Snack Firm Utz Prepares to Go Public Under New Entity

Salty snack manufacturer Utz Quality Foods LLC is poised to go public on the New York Stock Exchange after it entered into a definitive agreement this month to combine with Collier Creek Holdings in a new entity, Utz Brands Inc., the Hanover, PA-based company announced in a release. When the company appear as the ticker symbol “UTZ” when it becomes available for trade. 

“This transaction enables Utz to continue its long-term growth plans and provides greater access to capital to fund organic and inorganic growth,” said Utz Quality Foods Chief Executive Officer Dylan Lissette in a statement. “We remain deeply committed to Utz’s continued success.”

The deal is expected to close in the third quarter of this year. Lissette will remain in charge of the business when the transaction is completed, as well as the current management team. Its headquarters will stay in Hanover. 

“Utz Brands is a phenomenal business combination that meets all of the criteria we established when we launched Collier Creek,” said Roger Deromedi, a co-founder of Collier Creek, in the release. “It’s a leading platform in the attractive and growing salty snack category, with significant competitive advantages and multiple opportunities to accelerate growth and drive value creation.”

Collier Creek Holdings is a special purpose acquisition company. Once the transaction is concluded, Collier Creek Holdings will become a Delaware corporation and change its name to Utz Brands Inc. The Rice and Lissette family, who founded and own Utz Quality Foods, will possess 50% ownership in Utz Brands.  

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