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

Deal Information

Target

Utz Brands, Inc.

Acquiror

Intersnack Group GmbH & Co. KG

Sector

Packaged Foods

Target Type

Public

Acquiror Type

Strategic

Advisors

Citi

Enterprise Value

$2.9B

EV / LTM Sales

EV / LTM EBITDA

13.2x

EV / Fwd EBITDA

12.5x

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

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

9 comps


Feb 2012	Pringles business	Kellogg Company	$2.7B	-	11.1x	-
Jan 2013	U.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 2015	MOM 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 2015	Diamond Foods, Inc.	Snyder's-Lance, Inc.	$1.9B	-	15.7x	-
Dec 2017	Snyder'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 2021	Planters snack nut portfolio	Hormel Foods Corp.	$3.4B	-	12.5x	-
Sep 2023	Hostess Brands, Inc.	The J.M. Smucker Co.	$5.5B	-	17.8x	-
Jul 2025	WK 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 2025	TreeHouse 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	-

Discount rate and terminal value assumptions the advisor selected for its discounted cash flow analysis.

WACC: 7.9% – 8.5%
Terminal method: Perpetuity growth
Terminal assumption: 1.5% – 2.5%
Forecast basis: Utz management Projections (approved for Citi's use by the Special Committee)
Forecast period: Q2 2026 through FY2031

Advisor	WACC	Terminal method	Terminal assumption	Forecast basis	Forecast period	Filing
Citi	7.9% – 8.5%	Perpetuity growth	1.5% – 2.5%	Utz management Projections (approved for Citi's use by the Special Committee)	Q2 2026 through FY2031	Open