Utz Names John Lindeman CEO Ahead of $2.9B Intersnack Takeover

Utz Brands will pay $2.9 billion to go private — and it's getting a new CEO to run the business once the deal closes. John Lindeman takes over as chief executive on Dec. 1, replacing Howard Friedman, who told the company he plans to step down after nearly four years at the helm.

The Hanover, Pennsylvania-based snack maker announced the leadership change ahead of two critical dates. Shareholders vote on the Intersnack acquisition on Nov. 13, and the transaction itself is expected to close later this year. Germany's Intersnack Group agreed in July to buy Utz at an enterprise value of roughly $2.9 billion.

Who is John Lindeman?

Lindeman isn't walking in cold. He has sat on Utz's board since August 2020 — the same year the company went public. His most recent operating role was CEO of Calavo Growers, the avocado business that was purchased by rival Mission Produce.

Dylan Lissette, who becomes executive chair of Utz once the deal closes, said in a statement: "I am confident that John has the skills and expertise to lead Utz as we lay the groundwork for our next chapter." Confidence is one thing; running a company through an ownership transition is another, and Lindeman will have to prove both at once.

The scale he inherits is real. Utz makes 3 million pounds of popcorn, cheese balls, pretzels and potato chips every week — roughly 156 million pounds a year — as the country's largest pure-play salty snacks company.

Why is Intersnack buying?

The strategic logic, as Utz tells it, is geographic. Utz sells in the U.S.; Intersnack operates in Europe and Oceania. The merger gives the German company a foothold in the American market while opening a potential international runway for Utz. Both companies also bring overlapping snack expertise, including popcorn and potato chips.

What the announcement doesn't spell out: how the combined portfolio will be managed, or whether the deal will trigger consolidation of brands and facilities. Those details will surface after closing.

What do the numbers say?

The deal arrives during a soft stretch for the business. In its most recent quarter, Utz reported net sales of $369.2 million, down 2.3% year over year. Friedman attributed the decline to being "impacted by industry-wide headwinds that intensified," naming inflation and weaker consumer spending.

That's the caveat hanging over the handoff: Lindeman inherits a category leader with a shrinking top line and a new German parent watching the numbers.

The takeaway in plain words: Utz is betting that private ownership under Intersnack, with a board veteran at the top, gives it room to fix its sales slide away from quarterly scrutiny.