Founded in 1921, Utz has grown to become the largest family-owned salty snack company in the U.S., with more than 40 years of consecutive Adjusted Net Sales growth. "This transaction enables Utz to continue its long-term growth plans and provides greater access to capital to fund organic and inorganic growth. Utz Brands, Inc. (NYSE: UTZ) manufactures a diverse portfolio of salty snacks under popular brands including Utz®, Zapp’s®, Golden Flake®, Good Health®, Boulder Canyon®, Hawaiian® Brand, and TORTIYAHS!®, among others. Collier Creek's Class A common shares, units, and warrants trade on the NYSE under the symbols CCH, CCH.U, and CCH WS, respectively. Utz Quality Foods, LLC ("Utz" or the "Company"), a leading U.S. manufacturer of branded salty snacks, and Collier Creek Holdings ("Collier Creek") (NYSE: CCH, CCH.U, CCH WS), a special purpose acquisition company, today announced that they have completed their business combination. The common stock of Utz Brands will trade under the ticker symbol “UTZ” on the New York Stock Exchange beginning August 31, 2020.
Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that Collier Creek considers immaterial or which are unknown. ", "Our partnership with Utz is consistent with our philosophy of investing in high-quality, durable businesses with compelling growth opportunities," said Mr. Chu. Some of these risks and uncertainties may in the future be amplified by the COVID-19 outbreak and there may be additional risks that Utz Brands considers immaterial or which are unknown.
These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.
Mr. Deromedi, who had a long and successful tenure as Chairman of Pinnacle Foods and, prior to that, as CEO of Kraft Foods, will become Chairman of Utz Brands. Proceeds from the transaction are expected to be used primarily to repay existing borrowings at Utz. For more information, please visit www.utzsnacks.com or call 1‐800‐FOR‐SNAX.
Menu Mobile search. Full Name. Utz Quality Foods gained market share as consumers stockpiled its pretzels and potato chips for quarantine snacks at the start of coronavirus lockdowns, helped by its direct-store delivery model. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. See Collier Creek's investor presentation furnished on a current report on Form 8-K filed with the SEC on June 5, 2020 for a reconciliation of such non-GAAP financial measures to the most comparable GAAP measure. Utz’s products are distributed nationally and internationally through grocery, mass merchant, club, convenience, drug and other channels. This press release does not contain all the information that should be considered concerning the business combination. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. Upon the closing of the transaction, it is expected that Utz Brands will trade under the ticker symbol "UTZ" on the New York Stock Exchange. The definitive proxy statement/prospectus will be mailed to the shareholders of Collier Creek as of a record date to be established for voting on the business combination. Utz Brands will remain headquartered in Hanover, Pennsylvania. Cozen O’Connor is acting as legal counsel to Utz and Kirkland & Ellis LLP is acting as legal counsel to Collier Creek. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "continue," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Collier Creek's and Utz's expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction of the closing conditions to the business combination and the timing of the completion of the business combination.
Disclaimer | The transaction has been unanimously approved by the board of directors of Collier Creek and was approved at a special meeting of Collier Creek shareholders on August 27, 2020.
View the full release here: https://www.businesswire.com/news/home/20200828005352/en/.
Utz Brands will also enter into a customary tax receivable arrangement with continuing Utz owners, which will provide for the sharing of tax benefits relating to certain pre-combination tax attributes, as well as tax attributes generated by the transaction and any subsequent sales or exchanges by the continuing Utz owners of their equity interests, as those attributes are realized by Utz Brands. Collier Creek's shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus, any amendments thereto, and the definitive proxy statement/prospectus in connection with Collier Creek's solicitation of proxies for the special meeting to be held to approve the business combination, as these materials will contain important information about Utz and Collier Creek and the proposed business combination.
The Company operates 14 manufacturing facilities nationwide with a broad range of capabilities and produces a full line of potato chips, pretzels, cheese snacks, veggie snacks, pork skins, pub / party mixes, tortilla chips and other snacks, including innovative better-for-you snacking options. Dylan Lissette, who has served as Utz’s CEO since 2013 and has worked at the Company for almost 25 years, will continue to lead the business along with the existing management team. These non-GAAP financial measures should not be construed as alternatives to net income or net sales measured in accordance with accounting principles generally accepted in the U.S. ("GAAP") as indicators of operating performance or as alternatives to cash flow provided by operating activities as a measure of liquidity (each as determined in accordance with GAAP).
Such shareholders will also be able to obtain copies of the proxy statement, without charge, once available, at the SEC's website at http://www.sec.gov, or by directing a request to: Collier Creek Holdings, 200 Park Avenue, 58th Floor, New York, NY 10166, attention: Bradford Williams (email@example.com). Utz Brands cautions that the foregoing list of factors is not exclusive. DOW 0.19%. Collier Creek does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, except as otherwise required by law. The transaction has been unanimously approved by the board of directors of Collier Creek, as well as the board of managers of Utz. Collier Creek is a special purpose acquisition company that completed its initial public offering in October 2018, raising $440 million in proceeds. Per the terms of the business combination agreement, Collier Creek and Utz have combined to form Utz Brands, Inc. ("Utz Brands"), a leading pure-play snack food platform in the U.S. You can unsubscribe to any of the investor alerts you are subscribed to by visiting the ‘unsubscribe’ section below. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Collier Creek cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
As a public company, I am confident that Utz will continue to grow its importance within the salty snack industry, bringing more of our brands to an ever-greater consumer audience across the U.S.", "Utz Brands is a phenomenal business combination that meets all of the criteria we established when we launched Collier Creek," said Mr. Deromedi. Search.
Per the terms of the business combination agreement, Collier Creek and Utz have combined to form Utz Brands, Inc. ("Utz Brands"), a leading pure-play snack food platform in the U.S.
Cozen O'Connor is acting as legal counsel to Utz and Kirkland & Ellis LLP is acting as legal counsel to Collier Creek. Most of these factors are outside Collier Creek’s and Utz’s control and are difficult to predict. Utz Brands' board of directors will be composed of a majority of independent directors under the applicable listing rules of the New York Stock Exchange. Comments? This press release includes "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Collier Creek was co-founded by Roger K. Deromedi, Chinh E. Chu, and Jason K Giordano, who bring over 80 years of combined investing and operating experience, with a focus on the consumer goods sector.
Based in Hanover, Pennsylvania , the company produces a wide variety of potato chips , pretzels , and other snacks, with most distribution being limited to the eastern United States . Collier Creek, Utz and their respective directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Collier Creek's shareholders in connection with the business combination. The former family-owned Utz Quality Foods merged with consumer goods acquisition firm Collier Creek Holdings to form a public company, still based in Hanover. Katie TurnerICR 646-277-1228 Katie.Turner@icrinc.com, Collier Creek: Jonathan Keehner / Tim Ragones / Kate ThompsonJoele Frank, Wilkinson Brimmer Katcher 212-355-4449, Utz: Cory ZiskindICR 646-277-1232 Cory.Ziskind@icrinc.com, View original content:http://www.prnewswire.com/news-releases/utz-quality-foods-to-combine-with-collier-creek-holdings-to-form-utz-brands-inc-301071157.html, Registration on or use of this site constitutes acceptance of our, Morgan Stanley details 3 trades set to outperform as investors grow more comfortable with a Democratic sweep », Facebook admits it 'improperly' blocked some political ads due to 'technical issues' as Joe Biden's campaign slams it for being 'wholly unprepared' ». Proceeds from the transaction were used primarily to repay existing borrowings at Utz.
Goldman Sachs and Sageworth are acting as financial advisors to Utz. Utz Brands will remain headquartered in Hanover, Pennsylvania. We are confident that by supporting Dylan and the talented management team with our proven operating playbook, Utz can become the fastest-growing pure-play branded snack platform of scale in the U.S. We look forward to working with the Utz team in the years ahead. The Rice and Lissette family, the founding family and owners of Utz, retained more than 90% of its existing equity stake, which represents more than 50% ownership in Utz Brands following completion of the transaction. Utz Quality Foods, LLC ("Utz" or the "Company"), a leading U.S. manufacturer of branded salty snacks, today announced second quarter 2020 Pro Forma Net Sales and profit results. STORE LOCATOR. Collier Creek's investor conference call and presentation discussing the transaction can be accessed by visiting www.netroadshow.com and entering the passcode Utz2020. Due to increased volume, shipments may be delayed. … Citigroup and Credit Suisse are acting as lead financial advisors with BofA Securities and Nomura also serving as financial advisors to Collier Creek. Citigroup and Credit Suisse are acting as lead financial advisors with BofA Securities and Nomura also serving as financial advisors to Collier Creek.
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