Utz Quality Foods Inc., the family-owned Hanover, Pa.-based potato-chip and snack-food aggregation that’s been growing like a well-fed teenager, has agreed to pay about $135 million, or $12 a share, for Golden Enterprises Inc., the about traded Birmingham, Ala.-based maker of Golden Flake chips and added bite products.
That’s a exceptional to Golden’s contempo trading amount of about $7. “This is an accomplished transaction for our stockholders, our customers, and our employees,” Golden arch controlling Mark McCutcheon said in a statement.
Golden employs about 700 at plants in Birmingham and Ocala, Fla. They will accompany Utz’s absolute workforce of 2,700, said Utz arch controlling Dylan Lissette.
“It is the better accretion we accept done,” Lissette said Tuesday.
Snacks “are a actual aggressive market,” he said, and “our cardinal one ambition is to abide relevant, in a cartography that has expanded,” with adopted manufacturers and U.S. private-equity investors aggressive to acquirement bounded U.S. brands.
Utz, controlled by Hanover’s Rice ancestors (Lissette’s wife is a Rice), has broadcast by a aggregate of amoebic advance and acquisitions back abandoning a alliance with adjacency battling Snyder’s of Hanover in 2009.
Since then, Lissette said, “strategic opportunities accept appear our way,” both for bounded dent brands and for “better-for-you” and niche-brand snacks.
In 2011, Utz bought Zapp’s and “Dirty” cast potato chips, and upgraded the Louisiana-based bulb that makes them. Lissette acclaimed that both brands, for example, are now awash in Wawa and added abundance chains. Chips tend to be spicier bottomward South, he said. Golden flavors accommodate Sweet Heat and dill pickle, amid others.
Utz additionally bought Wachusett Potato Dent Co. in Massachusetts and the Reading-based Bachmann and Jax Cheese Curls bite lines, which Utz moved, with assembly equipment, to its Hanover plant, preventing what Lisette said ability accept been “the brand’s demise.”
The Reading bulb charcoal accessible beneath the administration of Savor Street Foods, authoritative private-label pretzels.
Utz has additionally acquired GoodHealth brands, including its “Veggie Straws” and kettle-cooked chips absurd in avocado and olive oil.
Utz was founded in 1921 by William and Salie Utz. Golden was founded two years afterwards by Frank Mosher and his partners, and awash in 1946 to the Bashinsky family, which remained the better shareholders afterwards demography the aggregation accessible in the aboriginal 1980s.
Golden Flake, which calls its artefact “the South’s Original Potato Chip,” will accomplish “as a abstracted accessory beneath the administration of its accepted administration team” in Birmingham, Utz said in a statement.
The accord faces federal antitrust approval and is appointed to aing afore the end of the year. Bashinsky ancestors trusts accept already accustomed the purchase, awaiting a three-day window for battling bids.
North Point Advisors L.L.C. and Sirote & Permutt P.C. counseled admiral on Golden’s board. Bankers at New York-based Sandler O’Neill Ally and attorneys at Cozen O’Connor of Philadelphia brash Utz.
Published: July 20, 2016 — 3:01 AM EDT
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