Utz Quality Foods completes acquisition of Inventure Foods
Hanover-based Utz Quality Foods has completed it acquisition of Inventure Foods.
The deal, which was announced in October, was an all-cash transaction of Inventure's outstanding shares, at $4 per share, for about $165 million.
“We are thrilled that we will complete the acquisition of Inventure Foods,” Utz CEO Dylan Lissette said in a statement.
Inventure Foods has facilities in Arizona and Indiana. It manufactures and sells salted snacks under the brands including Boulder Canyon, TGI Fridays, Nathan's Famous and Vidalia Brands. Utz is the largest privately-held and family-managed snack food company.
“Inventure Foods’ specialty snack food products and brands, as well as its geographic footprint, customer relationships, and distribution strengths, are highly complementary to Utz’s business," Lissette said.
Utz was represented in the transaction by its financial advisor, Stephens Inc., and its legal counsel, Cozen O’Connor. Inventure Foods was represented in the transaction by its financial advisor, Rothschild, and its legal counsel, DLA Piper LLP.