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Utz acquires long time co-manufacturer of tortilla chips for On the Border brand


Utz acquires long time co-manufacturer of tortilla chips for On the Border brand
Utz Brands Inc. is acquiring Festida Holdings – the primary supplier of the tortilla chips for the On the Border brand – which will cement its distribution footprint in the Midwest.
The transaction includes all of Festida’s assets, including the real estate located in Michigan, and  represents a multiple of 6x Festida’s adjusted 2020 EBITDA of $6m (excluding estimated synergy).
Utz will be drawing on its revolving credit facility to fund the $41m cash purchase and anticipates it to be accretive to its 2021 earnings, generating net present value of $5m from tax benefits and $1m in cost synergies. ....

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Utz Takes on Tortilla Chip Producer Festida Foods


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Representative image
The $41 million transaction will support Utz’s On The Border tortilla chips brand and expand its portfolio of salty snacks.
American salty snacks manufacturer Utz Brands Inc. announced this week that it has entered into a definitive agreement to purchase chips and snacks manufacturer Festida Foods from Great Lakes Festida Holdings Inc. and related entities for $41 million.
Festida Foods produces corn chips, tortilla chips and pellet snacks and is currently the largest manufacturer of Utz’s On The Border brand of tortilla chips.
“We expect that this strategic acquisition will enable strong supply chain synergies for our On The Border brand and enhance our ability to expand both On The Border and other Utz Power Brands geographically in the Midwest,” Dylan Lissette, the chief executive officer of Utz Brands, said in a release. “Over time, we intend to expand production capabiliti ....

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Utz to buy chip supplier for $41M in move to cut costs and grow its brands


Dive Brief:
Utz Brands is buying Festida Foods, a manufacturer of tortilla chips, corn chips and pellet snacks, for $41 million, the company said in a statement. Festida is the largest manufacturer of tortilla chips for Utz s On The Border tortilla chip brand. 
Utz said the acquisition of Michigan-based Festida will improve the supply chain for On The Border and increase the company s ability to expand the geographic presence of the brand and others in its portfolio throughout the Midwest. The deal is expected to close before July.
Utz has been on an acquisition binge since it came public last year after merging with blank check company Collier Creek Holdings. The company has made four deals since August. ....

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Utz Brands Doubles Down on Digital Ads to Grow Snack Sales, Retain Customers

Utz Brands Doubles Down on Digital Ads to Grow Snack Sales, Retain Customers
nbcmiami.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcmiami.com Daily Mail and Mail on Sunday newspapers.

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