A subsidiary of snacks company Utz Brands Inc., Utz Quality Foods LLC, has entered into a definitive agreement to purchase the H.K. Anderson brand of peanut butter-filled pretzels from food company Conagra Brands.
Through the deal, which is priced at less than $10 million, Utz will take possession of intellectual property related to the H.K. Anderson brand, but will not acquire related employees, facilities, or equipment from Conagra, the company announced in a release Tuesday.
“The approximate $100 million filled segment of pretzels is ripe for innovation and growth,” Dylan Lissette, the chief executive officer of Utz, said in a statement. “As we look to increase our share in the rapidly expanding salty snack category through new products and geographic growth, this type of acquisition is tailor made for the synergies and growth opportunity afforded by our platform.”
Utz, based in Hanover, PA, currently operates 14 facilities across eight states. The firm’s brand’s include Zapp’s, Utz, and Boulder Canyon.
The global savory snacks market is expected to grow at a CAGR of 4.2% between 2020 and 2025, according to a recent forecast by Research and Markets.