The family, which is now worth an estimated $1 billion, will own 50% ownership of the merged entity’s shares. Sales hit over $1 billion when Utz acquired some West Coast brands including Hawaiian Snacks and Erin’s from ConAgra at the end of 2019. Smucker, a publicly traded company that’s still partially owned by the third-generation CEO Mark Smucker and his family. “The family is taking very little out of the business with us going public,” says Lissette. “It's a family business, but the mentality has always been, take care of the business and the business will take care of the family.”

Source: Forbes August 28, 2020 10:52 UTC