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Fairness Opinion Detail

UTZ FOOpen source

Utz Brands, Inc. to Intersnack Group GmbH & Co. KG

Packaged Foods/Jul 2026/Citi

Deal Information

Target
Utz Brands, Inc.
Acquiror
Intersnack Group GmbH & Co. KG
Sector
Packaged Foods
Target Type
Public
Acquiror Type
Strategic
Advisors
Citi

Transaction Metrics

Enterprise Value
$2.9B
EV / LTM Sales
EV / LTM EBITDA
13.2x
EV / Fwd EBITDA
12.5x

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Citi

EV/LTM Adjusted EBITDA selected range: 10.4x - 12.4x

9 comps
Feb 2012Pringles businessKellogg Company$2.7B-11.1x-
Jan 2013U.S. Skippy business
(1) Reflects multiple estimated by Stephens, Inc. research report published January 4, 2013. Assumes 16% margin on reported $370mm of sales and $6mm in D&A.
Hormel Foods Corp.$700M-10.7x-
Jan 2015MOM Brands Company
(2) LTM EBITDA reflects mid-point of company-provided CY2014 guidance issued at time of announcement ($119-$120mm).
Post Holdings, Inc.$1.2B-9.6x-
Oct 2015Diamond Foods, Inc.Snyder's-Lance, Inc.$1.9B-15.7x-
Dec 2017Snyder's-Lance, Inc.
(3) Reflects multiple based on company CY2017 guidance per investor presentation at time of announcement.
Campbell Soup Co.$6.3B-19.9x-
Feb 2021Planters snack nut portfolioHormel Foods Corp.$3.4B-12.5x-
Sep 2023Hostess Brands, Inc.The J.M. Smucker Co.$5.5B-17.8x-
Jul 2025WK Kellogg Co
(4) LTM EBITDA includes add-back of stock-based compensation expense to align with Ulysses [Utz] reporting. (5) LTM EBITDA reflects preliminary Q2 2025 Adj. EBITDA figure published at time of announcement.
The Ferrero Group$3.1B-11.4x-
Nov 2025TreeHouse Foods, Inc.
(4) LTM EBITDA includes add-back of stock-based compensation expense to align with Ulysses [Utz] reporting.
Investindustrial$2.9B-8.3x-
Mean-13.0x-
Median-11.4x-