Corporate Profiles - 2021 - 110

COMPANY OVERVIEW
Utz Brands, Inc.
U
tz Brands, Inc. identified - and successfully
pursued - several avenues for
growth in the salty snacks category this
year, which has brought the Hanford, Pa.-based
company to near $1 billion in annual sales.
Dylan B.
Lissette, chief executive officer,
spoke about how Utz Brands has grown in
sales since he began working at the company
in 1995.
" When I started, we had $100 million in
sales, " he said Sept. 10 at the virtual Barclays
Global Consumer Staples Conference. " I just
looked at the numbers, and we have $1.3 billion
of IRI MULO (multi-outlet) market share
sales in the salty snack category. "
Utz will target mass merchandisers and convenience
stores for future growth, Mr. Lissette
said.
" If we had a 5.5% share in those markets
like we do for grocery based on 2020 fiscalyear
numbers, it would represent an incremental
$200 million of retail sales, right? " he said.
Utz Brands went public in 2020, opening at
$20.07 per share on the New York Stock Exchange
on Sept. 10, 2020. The share price was
$17.75 on Sept. 24 of this year.
Higher costs in commodities,
transportation
and labor led the company to decrease
Acquisitions increase sales in salty snacks category
its outlook for the fiscal year. After the second
quarter ended July 4, Utz executives said in
the fiscal year they expect adjusted EBITDA
of $160 million to $170 million, down from
a previous guidance of $180 million to $190
million, and adjusted earnings per share of
55¢ to 60¢, down from a previous guidance
of 70¢ to 75¢.
Utz Brands in fiscal year 2020 finished with
net sales of $964 million. Thanks to recent
acquisitions, net sales through the first half of
fiscal 2021 were $567 million.
Utz Brands in January 2021 agreed to acquire
certain assets related to the Vitner's
brand, which is found in the Chicago area, from
Snak-King Corp. for about $25 million. Utz
Brands also agreed to acquire all the assets of
Festida Holdings, Inc. for $41 million. Festida
Foods manufactures tortilla chips, corn chips
and pellet snacks, and the company also makes
tortilla chips for Utz's On The Border tortilla
chip brand, which Utz acquired in 2020.
" Over time, we intend to expand production
capabilities in the manufacturing plant to
support growth in adjacent sub-categories and
better serve current and future retail customers
in an important area of geographic growth for
the company, " Mr. Lissette said when the Festida
deal was announced May 11.
More acquisitions could follow.
" We believe our pure-play snacking focus
makes us the logical consolidator in the salty
snack category, and there is inherent optionality
in our platform as we can consider small
tuck-ins, medium-sized acquisitions or potentially
larger transformative opportunities, " Mr.
Lissette said in an Aug. 12 earnings call.
New moves to bolster management came
in 2021. Named to new positions were Gary
Devore as executive vice president and chief
operating officer, a new position; Ajay Kataria
as executive vice president and chief financial
officer; Jim Sponaugle as executive vice president
and chief people officer; Shane Chambers
as executive vice president and chief growth
officer; and Mark Schreiber as executive vice
president and chief customer officer, sales and
marketing. CP
Chief executive officer -
Dylan B. Lissette
Utz Brands net income (loss)
($27.6)
($13.4)
Utz Brands net sales
($12.6)
Utz Brands share price
per share
$772.0
$768.2
$964.3
$14
$18
$22
$26
$30
2018
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Corporate Profiles - 2021

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