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Utz Brands to sell snack brands and facilities to Our Home for $182.5m

Utz Brands has entered into a definitive agreement with US snacks provider Our Home to offload "certain" subsidiaries and brands in a deal valued at $182.5 million. Our Home, the owner of Popchips, will acquire the RW Garcia and Good Health brands, as well as two manufacturing facilities. The transaction also includes the assumption of Utz’s Las Vegas facility’s lease and manufacturing operation, giving Our Home five manufacturing facilities across the country from coast to coast. The move will enable Our Home to "vertically integrate, driving streamlined and substantial growth," said the company. Aaron Greenwald, founder and CEO of Our Home, said: "These acquisitions will diversify Our Home brands across a variety of salty snack categories, reinforcing our position as a leading independent better-for-you snacking platform". Howard Friedman, CEO of Utz, commented: “We expect these transactions to deliver on our supply chain transformation and value creation initiatives, to fast-track our deleveraging timeline by a full year and to accelerate our brand portfolio strategy to better optimise for growth. With this important step in the optimisation of our supply chain and brand portfolio, together with immediate benefits to free cash flow from lower interest expense, we are well-positioned to execute against our expansion plans across the US and deliver on our margin target.” Aaron Greenwald, founder and CEO of Our Home, added: “We are thrilled to announce this acquisition from Utz as it significantly scales Our Home’s snacking platform and manufacturing footprint across the United States". "These transactions support our vision to deliver snacks that satisfy while creating a sense of connection and comfort at tremendous value. Through our owned-production facilities led by our invaluable team members, along with a carefully curated brand portfolio, we aim to be the preferred choice for those seeking high-quality, better-for-you snacks.” The transaction is expected to close on 5 February 2024.

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