CPG Week Podcast: Utz Goes Private, Sèchey Shifts, Final Boss Sour Levels Up

Episode 184

Hosted by:

Jul. 23, 2026 at 9:46 am

In this episode:

This week on the podcast, Nosh managing editor Monica Watrous and senior reporter Lukas Southard discuss Utz Brands' $2.9 billion acquisition by Germany's Intersnack Group and Sèchey's decision to exit brick-and-mortar retail in favor of a technology platform. The hosts also chat about Final Boss Sour's $4 million funding round and Yerba Madre's leadership transition.

Show Highlights:

0:20 - Utz Brands has agreed to be acquired by Germany-based Intersnack Group in a transaction valued at approximately $2.9 billion. Monica digs into the details of the transaction.

3:05 - Non-alc retailer Sèchey is shuttering its retail store as it pivots the business into a tech platform for the adult beverage category. Lukas outlines the strategy behind the new direction.

5:10 - Gaming-themed candy brand Final Boss Sour has raised a $4 million funding round. Monica highlights the company’s plans for the new capital.

6:40 - Yerba Madre is entering its next phase of growth with the appointment of board member Steve Lesnard as CEO. Lukas explains what’s next for the yerba mate company.

Episode Transcript

Note: Transcripts are automatically generated and may contain inaccuracies and spelling errors.

[00:00:05] Monica Watrous: Welcome to the CPG Week podcast by BevNed and Nosh. I'm Monica Watrous, here with my co-host, Lukas Southard. If you're enjoying the show, please subscribe on your listening platform of choice. Here is the latest in food and beverage industry news. Utz Brands has agreed to be acquired by Germany-based Intersnack in a transaction valued at approximately $2.9 billion. The agreement will take the Hanover, Pennsylvania-based company private while preserving family ownership. Intersnack will acquire all outstanding Class A shares for $14.25 per share in cash, representing a roughly 91% premium to Utz's July 20th closing price, before forming a 50-50 ownership structure with the Rice and Lissette family, who are the descendants of the company's founders. The transaction gives Intersnack an immediate foothold in the world's largest branded snack market while providing us access to a global manufacturing, innovation, and commercialization platform at a time when snack companies are facing slowing category growth, rising input costs, and increasing competition from both private label and emerging brands. For Intersnack, the acquisition fills a major geographic gap. The privately held company has built a business generating roughly $5 billion in annual sales across Europe and Oceania through brands including Tyrells, McCoys, Taito, and Hula Hoops. but has not previously established a meaningful U.S. presence. For Utz, the move represents another chapter for a century-old company that has transformed itself from a regional potato chip manufacturer into a national snacking platform through acquisitions including Zapps, on-the-border chips and dips, Truco Enterprises, and several regional brands. But like many publicly traded packaged food companies, Utz has also faced mounting pressure to balance long-term investment with quarterly earnings expectations. Private ownership could give management greater flexibility to invest behind manufacturing, innovation, and acquisitions without the scrutiny of public markets. The transaction was negotiated by a special committee of Utz's independent directors after Intersnack expressed interest in taking the company private. The committee unanimously recommended the deal, concluding it represented the best available outcome for shareholders. The Rice and Lissette family, which controls approximately 42% of the company's voting power, has already agreed to support the acquisition. Following the close, Dylan Lissette will become Executive Chair, while Utz said it will maintain its longstanding commitment to its Hanover headquarters and community. The deal is expected to close in the fourth quarter of this year, subject to shareholder and regulatory approval. Once completed, Utz will no longer trade on the New York Stock Exchange.

[00:02:53] Lukas Southard: $2.9 billion. It's a lot of potato chip money, huh?

[00:02:59] Monica Watrous: Yeah, not a bad payout for shareholders.

[00:03:03] Lukas Southard: In other news, One of the retail trailblazers of the adult non-alcoholic alternative category is shutting its doors come September. Charleston, South Carolina-based Sashay announced it will be closing its brick-and-mortar storefront as the business pivots into an AI-driven online platform for discovery and ordering called Dryish. While dryish might sound like a move into e-commerce, it is primarily a business-to-business-to-consumer model that will feature a curated selection of adult non-alcoholic beverages, low alcohol options, and other functional drinks like Kava or Hemp Drive THC. The platform will also lean on category data and consumer insights gleaned from operating Sashay for four years, as well as integrating new data from Dryish to improve the ordering process and generally enhance the platform. Sashay will continue on as a de-alcoholized wine brand and will operate a mobile model for brand activations and pop-ups after the store closes. The decision to move away from traditional retail was in part based on the cost-intensive nature of maintaining a brick-and-mortar location, especially in a state like South Carolina, which requires non-ALC beer and wine sellers to maintain an alcohol license. but the dryish pivot was also driven by the obstacles Sashay faced as they expanded as a wholesaler. Founder and CEO, Emily Heintz, told me earlier this week that she started formulating the idea for the tech platform after partnering with Target on its dedicated adult non-ALK set. Heintz found that retail buyers and hospitality groups didn't have a place to educate themselves on the nuances of the adult non-ALK set. there wasn't one place to learn more about the differentiated categories that characterize alcohol moderation and a trusted resource for facilitating the ordering and distribution of those products. Insiders can read more about the Pivot on BevNET.com.

[00:05:13] Monica Watrous: Gaming-themed candy brand Final Boss Sour has raised a $4 million strategic funding round from new and existing investors, including Evolution VC Partners, The Angel Group, Mondelēz International Snack Futures Ventures, Melitta's Ventures, and GFR Fund, among others. The funding comes ahead of the brand's rollout to Walmart, Target, 7-Eleven, Kroger, H-E-B, Wegmans, and Hy-Vee, taking place now through the fall. The new cash gives the company the ability to reach those shelves, in addition to investing in new innovation and collaborations to engage the community around the brand. Final Boss Sour raised a $4 million sum last year, and to date, the three-year-old company has raised $12 million in outside capital. The company claims it is the fastest-growing sour snack brand in the country, noting that demand for better-for-you sour snacks is strong and has translated to high velocity in early retail tests. The brand's snacks are made with dried fruit, including strawberries, blueberries, cranberries, mangoes, and more, that are candied with a sour coating that escalates through four increasingly tart levels. Final Boss Sour claims it has garnered more than 2 billion organic views across TikTok, YouTube, and Instagram. And it also claims to be the largest sour candy brand on TikTok Shop, driven by its monthly product drops.

[00:06:42] Lukas Southard: There's a new CEO at Yerba Madre. Outgoing CEO Ben Mand will be moving into an advisory role as board member Steve Lesnard takes over the chief executive role. MAND has been with the brand for over two years and led it through its rebranding from Gwayiki to its Yerba Madre name about a year ago. Before Yerba Madre, MAND led coconut water brand Harmless Harvest for nearly six years. I'd recently talked to Mand at the National Association of Convenience Stores yearly trade show in October, and he explained how he was helping the brand shift its C-Store strategy by offering more optionality in unsweetened, low-calorie, and full-sugar Yerba Madre beverages. Incoming CEO Lesnard enters the Mate Maker's leadership role with experience as president of Godiva Chocolate for the past two years. Before that, he was the chief brand officer for Sephora and a marketing executive at North Face and Nike. Along with the leadership transition, Yerba Madre announced that the co-founder and CEO of Yesli Water, Scott Miller, will also be joining the board. The new appointments come less than three months after Yerba Madre named Super Coffee co-founder Jimmy DeCiccio as Senior Vice President of Revenue Growth.

[00:08:13] Monica Watrous: Here are some other notable bits of news from the week. Van Leeuwen has been awarded $23.8 million in profits in a trade dress infringement case against ketogenic ice cream brand Rebel Creamery. Hemp beverages grew 133% year over year between 2024 and 2025, according to a new report by the Hemp Beverage Alliance. And finally, meal delivery and food technology company Wonder Group reported it is raising a $650 million Series D round at a $9 billion valuation. For these stories and more, become an insider at BebNet and Nosh. That wraps up this edition of CPG Week by BevNET and Nosh. Thank you to our audio engineer, Joshua Pratt, our director is Mike Schneider, and our designer is Erin Willett. If you enjoyed the podcast, please subscribe on your listening platform of choice, and we will see you next time.

About CPG Week

CPG Week is the podcast that explores the latest happenings in the consumer packaged goods industry. Join our seasoned reporting team as they dish out the week’s stories in quick, easy-to-digest episodes. Catch up on the top headlines of the week, dive into exclusive insights with the BevNET and Nosh teams, and set yourself up to make more informed business decisions. Tune in to stay up-to-date on the latest developments in the dynamic world of packaged food and beverage.

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