Utz Quality Foods, LLC, the biggest independent snack company that produce salty snacks in the United States, and the Metropoulos & Co., an investment firm which is solely owned by the family specialized iconic American brands and assets. The two have built a strategic partnership. With this new alliance, knotting with Metropoulos & Co., it is going to make a significant investment in the 95-year-old company. The Rice family, who has owned and managed the business for four generations, pursues to be the controlling and majority shareholders.
On the other hand, Utz which presently acquired Golden Enterprises, the Birmingham, Alabama producer of snacks under the popular Golden Flake brand in the southern United States, is anticipated to generate approximately $800 million in combined sales in 2017.
In more than the past five years, the company has acquired several other key properties, broadening its brand portfolio to include Good Health, Bachman, Zapp's, "Dirty", Snikiddy and Wachusett and which expands its distribution and footprint in geographic.
The firm that financed Utz to acquire Golden Flake, is the Metropoulus & Co. Inc. has the largest initial private equity transaction for a U.S. snack company since 2013, when Metropoulos and Apollo Global Management invested in Hostess Brands. Through extensive consumer products knowledge, operational expertise and flexible capital, Metropoulos & Co. is renowned for its past work with such brands as Pabst Blue Ribbon, Ghirardelli Chocolates, Bumble Bee Foods, Vlasic Pickles, Chef Boyardee and Perrier-Jouet/Mumm, among many others.
Approximately a century ago, the Utz Company was born in a small town kitchen by an entrepreneurial couple, Bill and Salie Utz. The couple formed a fast-growing business which make fresh potato chips for local markets with an intense focus on premier quality products, stated Dylan Lissette, president & CEO of Utz.
Operating for the past 95+ years, Utz has not only defied the odds as a successful family-owned company, it has thrived, through continuously reinvesting, the company, expands our offerings and reach through key acquisitions. Utz never deviate from our thrust values and dedication to our people and to our high quality products.
Assessing the enormous potential of our business, we conceived many possible partners who we could work with to strengthen our ability to continue the momentum. Thus it helps optimize and expand the frontiers of opportunity and pursue our strong growth. As we knew fully -well the Metropoulos team and talked with other firms who have worked with them long before. It turned out that they were not your typical investment firm. Furthermore to being a true family-owned firm by nature, their expertise in operations, such as brand expansion, innovation, growth and acquisition integration, combined with shared quality family values and a warm-hearted passion for heritage brands, it absolutely made this opportunity very unique and such one of a kind. We are eager to continue to lead this company forward, working closely with our new partners as we enter this new chapter of Utz expansion, reinvestment and growth." said Lissette.
"Beneath the family's strong stewardship, Utz has gradually grown into a snack powerhouse. It expands its product portfolio and extend boundaries as it remains true to its core beliefs and storied history," said Evan Metropoulos, principal of Metropoulos & Co. He further reiterated that they are delighted to unite their talents, under a shared respect for great American entities, to celebrate and build upon the brand's legacy, while helping to chart an exciting course in the years to come.
Moreover, Metropoulos added that they look forward to working closely with Utz's management team to develop creative product innovation. Its purpose is capture new consumers and generations of snack-eaters with strategic guerrilla marketing and branding. Through it, it will broaden Utz distribution nationally, while enhancing overall operations and focusing on future strategic acquisitions, added Daren Metropoulos, principal at Metropoulos & Co. Our family is excited to be a part of Utz's future and feel grateful for the partnership with the Rice & Lissette family.
Anand Gowda, President & Managing Partner of Metropoulos & Co., who heads the firm's private equity team remarked, "We believe the strength and rich heritage of the Utz family and management team, combined with the expertise of the Metropoulos team, will further elevate this company's leadership in the salty snack category.
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