Family‑Owned Foreign Buyers Drive US Snack M&A Activity

Family‑owned food groups are expanding their presence in the United States by acquiring publicly listed snack makers. Germany’s Intersnack Group, a subsidiary of Pfeifer & Langen, agreed to take private Hanover‑based potato chip producer Utz in a deal worth about $3 billion, marking Intersnack’s first U.S. transaction. Italy’s Ferrero has bought cereal maker WK Kellogg and protein snack brand Power Crunch, while the Mars family, which already owns the maker of M&M’s and Snickers, completed a $36 billion take‑private of Kellanova, the owner of Pringles and Cheez‑It.

Buyers say high inflation, shifting consumer preferences and the rise of weight‑loss drugs have depressed valuations, creating buying opportunities. Industry observers note that family owners are viewed as patient, long‑term stewards compared with private‑equity firms, which face exit challenges. The wave of deals also raises concerns about competition with PepsiCo’s Frito‑Lay snack portfolio, which recently added the Siete Foods tortilla‑chip brand.