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Deal Detail
Utz Brands, Inc. to Intersnack Group GmbH & Co. KG
EV / LTM EBITDA
13.2x
EV / LTM Sales
-
Enterprise Value
$2.9B
Primary Source
Citi
Comparable Transactions
Packaged Foods transactions announced in the five years to July 2026. 36 with a disclosed multiple.
| Date | Target | Acquiror | Enterprise Value | EV/Sales | EV/EBITDA | Type |
|---|---|---|---|---|---|---|
| Apr 2026 | Terrasoul | Laird Superfoods | $53M | 0.8x | - | Strategic |
| Mar 2026 | Unilever Foods | McCormick & Company Inc. | $44.8B | 3.6x | 13.8x | Strategic |
| Feb 2026 | TRUBAR | ETi Gida | $173M | 1.7x | - | Strategic |
| Feb 2026 | Hain Celestial North American Snack | Snack Disruptors | $115M | 0.3x | - | Strategic |
| Feb 2026 | SunOpta | Refresco | $1.1B | 1.3x | 12.0x | Strategic |
| Feb 2026 | Bachan's | The Marzetti Company | $400M | 4.6x | - | Strategic |
| Jan 2026 | Calavo Growers, Inc. | Mission Produce, Inc. | $429M | - | 10.6x | Strategic |
| Jan 2026 | Nathan's Famous | Smithfield Foods | $450M | 2.9x | 12.4x | Strategic |
| Jan 2026 | College Inn & Kitchen Basics (Del Monte Broth & Stock) | B&G Foods | $110M | 1.0x | - | Strategic |
| Dec 2025 | Stampede Culinary Partners | Premium Brands Holdings Corporation | $663M | 0.7x | 9.7x | Strategic |
| Dec 2025 | Navitas Organics | Laird Superfoods | $39M | 0.9x | - | Strategic |
| Nov 2025 | TreeHouse Foods, Inc. | InvestIndustrial SA | $2.9B | - | 8.4x | Financial |
| Jul 2025 | WK Kellogg | Ferrero Group | $2.9B | - | 10.3x | Strategic |
| Jun 2025 | 8th Avenue Food & Provisions | Post Holdings, Inc. | - | - | 7.7x | Strategic |
| May 2025 | Chef Boyardee | Hometown Food | $600M | 1.3x | - | Strategic |
| May 2025 | Bakkavor Group Plc | Greencore Group Plc | - | - | 10.7x | Strategic |
| Apr 2025 | Greenyard NV | Deprez Family | - | - | 4.6x | Financial |
| Jan 2025 | Sauer Brands | Advent International | - | - | 11.0x | Financial |
| Sep 2024 | Yoplait and certain other brands | Lactalis | - | - | 8.4x | Strategic |
| Aug 2024 | Kellanova | Mars, Incorporated | $36.4B | - | 16.4x | Strategic |
| Jun 2024 | Summer Garden Food Manufacturing | Lassonde Industries, Inc. | - | - | 8.4x | Strategic |
| Feb 2024 | World Health Brands | Sababa / Martin Franklin | $626M | 1.1x | 8.0x | Financial |
| Dec 2023 | Shearer's Foods | Clayton Dubilier & Rice | - | - | 10.0x | Financial |
| Oct 2023 | Sugar Foods Corporation | Pritzker Private Capital | - | - | 10.0x | Financial |
| Oct 2023 | SunOpta's Frozen Fruit Assets | Nature's Touch Frozen Foods LLC | - | - | 9.4x | Strategic |
| Sep 2023 | Hostess Brands | JM Smucker | $5.5B | - | 17.9x | Strategic |
| Sep 2023 | Costa Group Holdings | Paine Schwartz Partners | - | - | 10.9x | Financial |
| Aug 2023 | Alphia Inc. | PAI Partners | - | - | 10.7x | Financial |
| Aug 2023 | Sovos Brands | Campbell Soup | - | - | 19.8x | Strategic |
| Jan 2023 | Birch Benders (Sovos Brands, Inc.) | Hometown Food Company | $40M | 1.0x | - | Strategic |
| Dec 2022 | Bollo International Fruits | The Natural Fruit Company (Fremman and GPF Capital) | - | - | 10.0x | Strategic |
| Nov 2022 | AgroFresh Solutions, Inc. | Paine Schwartz Partners | - | - | 9.1x | Financial |
| Aug 2022 | TreeHouse's Meal Prep Business | Investindustrial | $950M | - | 13.6x | Financial |
| May 2022 | General Mills, Inc. (Helper and Suddenly Salad) | Eagle Family Foods Group (Kelso & Company) | $610M | 2.6x | - | Strategic |
| Nov 2021 | Dot's Pretzels | Hershey | - | - | 15.1x | Strategic |
| Aug 2021 | Sanderson Farms, Inc. | Cargill, Incorporated and Continental Grain Company | $4.3B | - | 6.9x | Strategic |
| Mean | 1.7x | 11.0x | ||||
| Median | 1.2x | 10.3x |
All Observations
Source-specific multiples and notes for this transaction.
| Comp | Primary? | Source Type | Source | Source Advisor | Source Year | EV (USD) | EV/Sales | EV/EBITDA | EV/Fwd EBITDA | Note | Citation |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Primary | fairness opinion | UTZ FO | Citi | 2026 | $2.9B | - | 13.2x | 12.5x | Firm value $2,885mm at $14.25/share = equity value $2,097mm (147.2mm fully diluted shares, Class V units treated as equivalent to Class A) plus $862mm debt less $74mm cash, both as of March 29, 2026. FV/LTM EBITDA on $219mm LTM Adj. EBITDA (March 29, 2026); FV/2026E on $232mm 2026AOP Adj. EBITDA per the Utz LRP. EBITDA is not burdened by share-based compensation. Per p.6 of Citi's July 19, 2026 Special Committee discussion materials (Exhibit 16(c)(xxv) to the SC 13E3, accession 0001193125-26-362085). No FV/Sales multiple was disclosed. | Open |