Utz Brands has named John Lindeman as its next CEO, with the former Calavo Growers chief executive set to take the helm Dec. 1 as the Pennsylvania snack maker prepares to return to private ownership under a $2.9 billion acquisition by Germany’s Intersnack Group.
Lindeman will succeed Howard Friedman, who plans to step down following nearly four years as CEO. A Pennsylvania native, Lindeman has served on Utz’s board since August 2020. He most recently served as president and CEO of Calavo Growers and previously held CEO and CFO positions at Hydrofarm Holdings Group, as well as CFO responsibilities at Calavo.
The leadership transition comes as Utz approaches a significant ownership change. Under the agreement announced in July, Intersnack will acquire Utz for $14.25 per share in cash, with the transaction valuing the company at approximately $2.9 billion, including debt. Utz shareholders are scheduled to vote on the transaction Nov. 13, with closing expected before the end of 2026. Following the deal, Intersnack and entities representing the Rice and Lissette founding families will each hold a 50% interest in the privately held business. Dylan Lissette is expected to become executive chair.
The transition also follows a challenging third quarter for Utz. For the 13 weeks ended Sept. 27, net sales declined 2.3% to $369.2 million, compared with $377.8 million a year earlier. Organic sales fell at the same rate, although branded salty snack sales increased 0.3%, representing 92% of total company sales.
Profitability faced greater pressure. Adjusted gross profit margin declined 530 basis points to 27.2%, while adjusted EBITDA fell 30.3% to $42 million. Adjusted net income dropped 57.6% to $14.2 million, and the company reported a net loss of $32.1 million, compared with a $20.2 million loss in the prior-year quarter.
Friedman attributed the results to intensifying industry-wide pressures, including significant inflation and a modestly weaker consumer. The company also cited supply chain cost inflation, channel mix and lower volumes as factors affecting margins.
Utz, which became publicly traded in 2020 after nearly a century as a family-owned business, will enter its next chapter with Intersnack providing a larger international platform and an opportunity to expand its U.S. presence. The combination brings together two established salty snack businesses operating primarily in different geographic markets.