Utz Acquires Golden Flake Snack Foods
Utz Quality Foods, Inc. of Hanover, PA, and Golden Enterprises, Inc. entered into a definitive merger agreement on July 18 for Utz to acquire the company. Company stockholders will receive $12.00 per share in cash.
The merger will allow the Golden Flake brand to continue to grow in its core southeastern markets, while expanding the product selections. Golden Flake’s product line, market coverage, and manufacturing facilities blend well with Utz’s desire to expand and grow its markets in the south. The Golden Flake product lines and production capabilities will complement the Utz product portfolio, which include Utz, Zapps, “Dirty”, Bachman, Wachusett, Snikiddy and Good Health.
Golden Flake will operate as a separate subsidiary under the leadership of its current management team.
Subject to antitrust approval and satisfaction of other customary closing conditions, the transaction is expected to close in the fourth quarter of 2016. North Point Advisors, LLC acted as financial advisor to the Special Committee of the Board of Directors of Golden Enterprises. Sirote & Permutt, PC acted as counsel to the Special Committee of the Board of Directors of Golden Enterprises. Sandler O’Neill acted as financial advisor to Utz. Cozen O’Connor acted as legal counsel to Utz.
The merger will allow the Golden Flake brand to continue to grow in its core southeastern markets, while expanding the product selections. Golden Flake’s product line, market coverage, and manufacturing facilities blend well with Utz’s desire to expand and grow its markets in the south. The Golden Flake product lines and production capabilities will complement the Utz product portfolio, which include Utz, Zapps, “Dirty”, Bachman, Wachusett, Snikiddy and Good Health.
Golden Flake will operate as a separate subsidiary under the leadership of its current management team.
Subject to antitrust approval and satisfaction of other customary closing conditions, the transaction is expected to close in the fourth quarter of 2016. North Point Advisors, LLC acted as financial advisor to the Special Committee of the Board of Directors of Golden Enterprises. Sirote & Permutt, PC acted as counsel to the Special Committee of the Board of Directors of Golden Enterprises. Sandler O’Neill acted as financial advisor to Utz. Cozen O’Connor acted as legal counsel to Utz.