Utz Quality Foods plans to add Nathan’s Famous and TGI Friday’s-branded snacks to its offerings as part of a planned $165 million purchase of an Arizona company.
Hanover-based Utz hopes to finish its acquisition of Inventure Foods Inc. by the end of this year, Utz said in a news release Thursday. Inventure owns the Nathan’s Famous and TGI Friday’s snack brands, as well as Boulder Canyon Foods, Vidalia Brands, Poore Brothers, Tato Skins and Bob’s Texas Style.
Inventure only handles the bagged, salty snacks associated with these brands, so Utz will not have any involvement with TGI Friday’s frozen potato skins or Nathan’s Famous hot dogs. It will, however, own the company that sells Nathan’s Famous hot dog-flavored potato chips and TGI Friday’s loaded potato skin chips.
For Utz, the purchase offers an opportunity to expand its geographic footprint – Inventure has manufacturing facilities in Arizona and Indiana – as well as add a new line of products, Utz CEO Dylan Lissette said in Thursday’s release.
The announcement comes one month after Utz named a trio of new hires to its executive team. The privately owned company has 3,000 full-time local employees and listed $742 million in local revenue in 2016, according to information it supplied to the Central Penn Business Journal.
Utz’s last major acquisition was in 2016, when it bought Alabama-based Golden Enterprises Inc.with help from investment firm Metropoulos & Co.