Utz Acquires H.K. Anderson Assets From Conagra

Utz Brands announced that its subsidiary Utz Quality Foods has entered into a definitive agreement with Conagra Brands to acquire certain assets of the H.K. Anderson business, a leading brand of peanut butter-filled pretzels. The transaction, with a purchase price of less than USD10m, which will be funded from current cash-on-hand, enables Utz to jump-start its entry into the growing filled pretzel segment, leveraging the synergies of its salty snack platform. The acquisition includes intellectual property specific to the H.K. Anderson brand and does not include employees, facilities, or equipment.

“The approximate USD100 million filled segment of pretzels is ripe for innovation and growth,” says Dylan Lissette, CEO of Utz Brands, adding that, “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.”

This is the first acquisition Utz makes since it was acquired by Collier Creek Holdings and went public on the New York Stock Exchange. The transaction is expected to close in November 2020, subject to customary closing conditions.