UTZ BRANDS EXPANDING IN FILLED PRETZELS WITH ACQUISITION OF H.K. ANDERSON BUSINESS FROM CONAGRA BRANDS
Hanover, PA – [September 29, 2020] – Utz Brands, Inc. (NYSE: UTZ) (“Utz” or the “Company”) announced that its subsidiary Utz Quality Foods, LLC has entered into a definitive agreement with Conagra Brands, Inc. (NYSE: CAG) to acquire certain assets of the H.K. Anderson business, a leading brand of peanut butter-filled pretzels. The transaction, with a purchase price of less than $10 million which will be funded from current cash-on-hand, enables Utz to jump-start its entry into the growing filled pretzel segment, leveraging the synergies of its salty snack platform. The acquisition includes intellectual property specific to the H.K. Anderson brand and does not include employees, facilities or equipment. The transaction is expected to close in November 2020, subject to customary closing conditions.