HANOVER, PA. – Utz Quality Foods, LLC, a business unit of Utz Brands, Inc., has entered into an agreement with Conagra Brands, Inc., Chicago, to acquire certain assets of H.K. Anderson, a brand of peanut butter filled pretzels. The purchase price is less than $10 million, according to the company.
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, subject to customary closing conditions.
“The approximate $100 million filled segment of pretzels is ripe for innovation and growth,” said Dylan Lissette, chief executive officer of Utz Brands, Inc. “As we look to increase our share in the rapidly expanding salty snack category through new products and geographic growth, this type of acquisition is tailor made for the synergies and growth opportunity afforded by our platform.”
Dollar sales of pretzels increased 10% to $1.4 billion, based on data for the 52 weeks ended Sept. 6, 2020, an increase of more than $120 million versus a year ago, according to data from Information Resources, Inc., Chicago.