Utz Buys Golden Flake

Associated Press | July 19, 2016

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1558747829 
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“The South’s Original Potato Chip” will soon be a part of a company out of Pennsylvania.

UTZ Quality Foods made a merger agreement, yesterday with the company that owns Golden Flake. Under the deal, Golden Enterprises will be operated as a wholly owned subsidiary of UTZ. Golden Flake says management and production of the southern chips will remain in Birmingham.

Shareholders of stock in Golden Enterprises with get $12 a share, plus assumption of debt – making the total deal worth about $135 million. The 30 day trading average of the stock has been $7.

UTZ is a privately held company, and the merger still has to undergo antitrust approval and other conditions — expected close in the 4^th quarter of the year.

The Birmingham Business Journal had cited Golden as the 14^th largest public company headquarted in Alabama. AL.com has noted that Pennsylvania based UTZ was the buyer of ZAPP’s potato chips in Louisiana in 2011 – ZAPP’s are still made in Gramercy, Louisiana, today.