A private equity firm has invested more than $146 million in Pennsylvania snack food company Utz.
The Wall Street Journal reports Metropoulos and Company announced their investment Wednesday.
The Rice family, which owns and operates 95-year-old Utz, will remain majority shareholders. Utz, based in Hanover, Pennsylvania, has made a number of acquisitions in the past five years, including Good Health pretzels and veggie straws and Zapp’s potato chips.
Daren Metropoulos, a principal of Metropoulos, tells the newspaper that the combination of growth potential and heritage made Utz appealing to his firm, which focuses on expanding and reviving well-known brands.
Metropoulos brought Hostess Brands out of liquidation three years ago.
Utz says it will use the new investment to fund its recent acquisition of Alabama-based snack maker Golden Enterprises.