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In a transaction valued at approximately $165 million. The deal comes a little more than a year after Inventure initiated a strategic and financial review to increase shareholder value.
Under terms of the deal, Utz will commence a tender offer to acquire all of the outstanding shares of Inventure’s common stock at a price of $4 per share in cash, for a total purchase price of approximately $165 million, including the assumption of approximately $75 million of debt and debt-like items, net of cash, approximately $8 million of the company’s estimated closing costs and approximately $3 million due to equity award holders.
“We are tremendously excited about the opportunity to acquire Inventure Foods,” said Dylan Lissette, chief executive officer of Utz Quality Foods. “The company’s specialty snack food products and brands, as well as its geographic footprint, customer relationships and distribution strengths, are highly complementary to our business, and we look forward to continuing Inventure’s strong heritage of innovation in both healthy and indulgent snacking. We have also been extremely impressed with the team at Inventure, and look forward to working together going forward.”
After operating for about a decade as Poore Brothers, the Inventure Group was formed in 2006 as part of the company’s transition from a regional potato chip producer to a national marketer of snack foods. Today, the company is a marketer and manufacturer of specialty food brands in better-for-you and indulgent categories under a variety of company-owned and licensed brand names, including Boulder Canyon Foods, TGI Fridays, Nathan’s Famous, Vidalia Brands, Poore Brothers, Tato Skins and Bob’s Texas Style. The company has manufacturing facilities in Arizona and Indiana.
Read More HERE
Under terms of the deal, Utz will commence a tender offer to acquire all of the outstanding shares of Inventure’s common stock at a price of $4 per share in cash, for a total purchase price of approximately $165 million, including the assumption of approximately $75 million of debt and debt-like items, net of cash, approximately $8 million of the company’s estimated closing costs and approximately $3 million due to equity award holders.
“We are tremendously excited about the opportunity to acquire Inventure Foods,” said Dylan Lissette, chief executive officer of Utz Quality Foods. “The company’s specialty snack food products and brands, as well as its geographic footprint, customer relationships and distribution strengths, are highly complementary to our business, and we look forward to continuing Inventure’s strong heritage of innovation in both healthy and indulgent snacking. We have also been extremely impressed with the team at Inventure, and look forward to working together going forward.”
After operating for about a decade as Poore Brothers, the Inventure Group was formed in 2006 as part of the company’s transition from a regional potato chip producer to a national marketer of snack foods. Today, the company is a marketer and manufacturer of specialty food brands in better-for-you and indulgent categories under a variety of company-owned and licensed brand names, including Boulder Canyon Foods, TGI Fridays, Nathan’s Famous, Vidalia Brands, Poore Brothers, Tato Skins and Bob’s Texas Style. The company has manufacturing facilities in Arizona and Indiana.
Read More HERE
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