Utz® Quality Foods, LLC, the U.S.’s largest privately held snack
food company, today announced the completion of the acquisition of
Golden Enterprises, Inc. by Utz Quality Foods, LLC.
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Main Headquarters (Source: Utz Quality
Foods, LLC)
“This merger will allow the Golden Flake brand to continue to
grow in our core southeastern markets, while expanding the product
selections for our consumers. Utz is a very community oriented
company, and we look forward to the future that Utz and Golden
Flake will create together,” said Mark McCutcheon, Chief Executive
Officer, Golden Enterprises, Inc.
Utz Quality Foods, LLC is a privately held snack food company,
founded in 1921 by William and Salie Utz. They began making potato
chips out of their home in Hanover, Pennsylvania in much the same
way Frank Mosher, Mose Lischkoff and Helen Freidman began Golden
Flake in 1923. The Bashinsky family began their snack food legacy
when they purchased the business in 1946. During their tenure the
Company grew from a small local operation to the multi-state
corporation it is today.
“We are excited about the opportunity to partner with Golden
Flake,” said Dylan Lissette, Chief Executive Officer, Utz Quality
Foods. “The two companies are very similar both in mission and
values, and each has a team of dedicated associates. Golden Flake’s
product line, market coverage, and manufacturing facilities blend
well with Utz’s desire to expand and grow our markets in the
south.”
Both management teams recognize the value of the “plus one
strength” gained from the synergies of each company. The Golden
Flake product portfolio and production capabilities will complement
the Utz portfolio, which includes: Utz, Zapps Potato Chips, “Dirty”
Potato Chips, Bachman, Jax, Wachusett, Snikiddy and Good Health
brands. “We are happy to move forward now that we have closed, with
Utz and Golden Flake working together to promote more sales, and
more brands, into the important southern markets we now serve.”
Golden Flake will operate as a wholly owned subsidiary under the
leadership of its current management team and continue to be an
important part of Birmingham as “The South’s Original Potato
Chip!”.
North Point Advisors, LLC acted as financial advisor to 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.
About Utz® Quality Foods, LLC
Utz® Quality Foods, LLC, a privately-owned and family managed
company founded in 1921 and based in Hanover, PA, manufactures and
markets snack foods throughout the United States and
internationally. The company produces a full line of snack products
including potato chips, pretzels, cheese snacks, tortillas, veggie
snacks, popcorn and more. Utz® has six manufacturing facilities in
Pennsylvania (Hanover (4), Wilkes-Barre (1) and Lititz (1)) with
additional facilities in Colorado, Louisiana and Massachusetts.
Utz® Quality Foods, LLC products are distributed nationally through
grocery, mass-merchant, club stores, convenience stores, drug
stores and other channels under the Utz®, Zapp’s®, Dirty® Potato
Chips, Good Health®, Bachman®, Bachman Jax®, Wachusett®, Snikiddy®
and other brands. For information about Utz® or its products,
please visit www.utzsnacks.com or call 1-800-FOR-SNAX.
About Golden Flake Snack Foods, Inc.
Golden Flake Snack Foods, Inc., founded in 1923 and
headquartered in Birmingham, AL, is “The South’s Original Potato
Chip!” ®. Golden Flake Snack Foods, produces, markets, and
distributes snack products in the United States. The company has
two manufacturing facilities, one in Birmingham, AL and the other
in Ocala, FL. The company offers salted snack items, such as potato
chips, tortilla chips, corn chips, fried pork skins, baked and
fried cheese curls, onion rings, and puff corn snacks. It also
sells canned and jar dips, pretzels, peanut butter crackers, cheese
crackers, dried meat products, and nuts packaged by other
manufacturers using the Golden Flake label. The company distributes
its products to various grocery store chains, discount stores,
convenience stores, restaurants, and other outlets. It sells its
products through its own sales organization and independent
distributors to commercial establishments that sell food products
in Alabama, Tennessee, Georgia, Mississippi, Louisiana, Kentucky,
and South Carolina, as well as parts of Florida, North Carolina,
Arkansas, Missouri, Oklahoma, Virginia, Indiana, and Texas. The
company was formerly known as Golden Flake, Inc. and changed its
name to Golden Enterprises, Inc. in January 1977. For more
information about Golden Flake or its products, visit us
www.goldenflake.com
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version on businesswire.com: http://www.businesswire.com/news/home/20161003005984/en/
Utz Quality Foods, LLCGeorge Neiderer, VP
HR717-637-1759gneiderer@utzsnacks.comorKevin J. Brick, SVP
Marketing717-637-1759kbrick@utzsnacks.comorGolden Flake Snack
Foods, Inc.Mark McCutcheon, CEO,
President205-323-6161mmccutcheon@goldenflake.com
Golden Enterprises, Inc. (MM) (NASDAQ:GLDC)
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