And two become one. Utz Quality Foods and Collier Creek Holdings have revealed a strategic move to align their market shares for the benefit of mutual success, revealing that they have completed their business combination. The move was unanimously approved on August 27, 2020, combining to form Utz Brands, Inc.—a leading pureplay snack food platform in the U.S.
“The completion of our business combination with Collier Creek and the initiation of Utz as a public company, marks a significant milestone and will fuel our next century of growth after nearly 100 years as a family-owned business,” said Dylan Lissette, who has served as Utz’s CEO since 2013 and has worked at the company for almost 25 years. “We have spent the last 10 years building Utz into a national brand and platform through rapid geographic and brand portfolio expansion driven by strategic acquisitions and organic growth. Our partnership with Roger and the Collier Creek team positions us to further accelerate our growth as a public company and achieve our goal of being the fastest-growing, pureplay branded snack company of scale.”
The common stock of Utz Brands will trade under the ticker symbol “UTZ” on the New York Stock Exchange beginning August 31, 2020, with the Utz portfolio bringing brands that include Utz®, Zapp’s®, Golden Flake®, Good Health®, Boulder Canyon®, Hawaiian® Brand, and TORTIYAHS!®, among others. Operating 14 manufacturing facilities nationwide, the company brings a broad range of capabilities and produces a full line of potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub/party mixes, tortilla chips, and other snacks, according to a press release.
Utz expects to generate net sales of $932 million in 2020.
“Leveraging our proven track record of profitable growth and the Collier Creek team’s expertise in driving value creation in food platform companies, we have multiple ways to win in the growing salty snack category,” Mr. Lissette continued. “Our growth strategy is focused on driving organic sales growth through increased marketing, new products, and geographic expansion, executing significant margin enhancement opportunities, reinvesting productivity gains into the business to unlock top-line growth, and continuing to build the Utz platform with strategic acquisitions.”
Utz Brands’ Board of Directors will be composed of a majority of independent directors under the applicable listing rules of the New York Stock Exchange. Lissette will continue to lead the business along with the existing management team. Utz Brands will remain headquartered in Hanover, Pennsylvania.
“Our partnership with Utz brings together the financial and human capital of Collier Creek with an exceptional 100-year-old company that has significant competitive advantages and runway for profitable growth,” said Collier Creek Co-Founder Roger Deromedi. “Utz is an iconic company with a strong portfolio of beloved snack brands, growing positions in the salty snack category, and a competitively advantaged manufacturing and distribution network.”
With such a bright future and deep heritage, these two companies are sure to make waves as their combined visions help to drive the snacking category!