HANOVER, Pa., July 29, 2020 /PRNewswire/ -- Utz Quality Foods,
LLC ("Utz" or the "Company"), a leading U.S. manufacturer of
branded salty snacks, today announced second quarter 2020 Pro Forma
Net Sales and profit results. Collier Creek Holdings ("Collier
Creek") (NYSE: CCH, CCH.U, CCH WS), a special purpose acquisition
company, also provided an update on Utz's 2020 projections.
As previously announced, Utz and Collier Creek have entered into
a definitive agreement for a business combination that will
introduce Utz Brands, Inc. as a
NYSE-listed public company under the ticker symbol "UTZ."
Utz reported Pro Forma Net Sales for the three-month period
ended June 28, 2020 of $242 million, an 11% increase over the prior year
period of $218 million. The Company
reported second quarter 2020 Further Adjusted EBITDA of
$33 million, a 15% increase over the
prior year period of $29 million.
Collier Creek now expects 2020 Pro Forma Net Sales of
$932 million for Utz, an 8% increase
over the prior year of $866 million.
Collier Creek is not updating its previously provided 2020 Further
Adjusted EBITDA projection of $124
million for Utz, which now reflects incremental marketing
and brand building investments that Utz intends to make to retain
the new households eating Utz products that were generated during
COVID-19 and to accelerate future growth. Collier Creek is also not
updating its 2021 projections for Utz, despite higher projected
2020 Pro Forma Net Sales than originally forecasted.
"I am incredibly proud of the resilience of our team during a
dynamic operating environment, which resulted in record sales for
the quarter," stated Dylan Lissette,
CEO of Utz. "These results demonstrate Utz's ability to generate
sustained business momentum in the salty snacks industry, and we
believe we are well positioned for continued growth in 2020 and
beyond."
"Utz's impressive second quarter results underscore our
confidence in the business and its strong future growth
trajectory," commented Roger
Deromedi, Co-Founder of Collier Creek and future Chairman of
Utz Brands, Inc. "We continue to
work closely with the Utz team and expect to close our transaction
in the third quarter of 2020."
Utz Brands, Inc. currently
expects to provide its first full year 2020 guidance as a new
public company with its third quarter 2020 earnings release in
November 2020. 2021 full year
guidance is expected to be provided with Utz Brands, Inc.'s fourth quarter 2020 earnings
release in March 2021.
A short investor presentation providing more detail related to
Utz's second quarter 2020 results will be included in a current
report on Form 8-K to be filed by Collier Creek with the U.S.
Securities and Exchange Commission ("SEC").
About Utz
Founded in 1921, Utz is the largest family-owned salty snack
company in the U.S., producing a full line of potato chips,
pretzels, cheese snacks, veggie snacks, pork skins, pub / party
mixes, and other snacks.
The Company's iconic brands, which include Utz®, Zapp's®,
Golden Flake®, Good Health®, Boulder Canyon®, Hawaiian Brand®,
Dirty®, Bachman®, Jax®, Wachusett®, Snikiddy®, Kitchen
Cooked®, Snyder of Berlin®, and
Tim's Cascade®, among others, are distributed nationally through
grocery stores, mass merchants, club stores, convenience stores,
dollar/value stores, drug stores, gasoline stations, and other food
retailers.
Based in Hanover, Pennsylvania, Utz operates fourteen
manufacturing facilities located in Pennsylvania,
Alabama, Arizona, Illinois, Indiana, Louisiana,
Massachusetts and Washington, and distributes its products
through over 1,600 Direct Store Delivery (DSD) routes and direct to
customer warehouses.
For information about Utz and its products, please
visit www.utzsnacks.com or call 1-800-FOR-SNAX.
About Collier Creek
Collier Creek is a special purpose acquisition company that
completed its initial public offering in October 2018, raising $440
million in proceeds. Collier Creek was formed for the
purpose of effecting a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with
one or more businesses. Collier Creek was co-founded by
Roger K. Deromedi, Chinh E. Chu, and Jason K Giordano, who bring
over 80 years of combined investing and operating experience, with
a focus on the consumer goods sector. Mr. Deromedi is the former
Chairman of Pinnacle Foods and the former Chief Executive Officer
of Kraft Foods. Mr. Chu and Mr. Giordano are Senior Managing
Directors of CC Capital, a private investment firm. Collier Creek's
Class A common shares, units, and warrants trade on the NYSE under
the symbols CCH, CCH.U, and CCH WS, respectively. For more
information, please visit www.colliercreekholdings.com.
Additional Information about the Business Combination and
Where to Find It
Collier Creek has filed a registration statement with the SEC
which includes a preliminary proxy statement and preliminary
prospectus of Collier Creek in connection with the proposed
business combination and, after the registration statement is
declared effective, will mail a definitive proxy
statement/prospectus and other relevant documents to its
shareholders. This press release does not contain all the
information that should be considered concerning the business
combination. It is not intended to provide the basis for any
investment decision or any other decision in respect to the
proposed business combination. Collier Creek's shareholders and
other interested persons are advised to read, when available, the
preliminary proxy statement/prospectus, any amendments thereto, and
the definitive proxy statement/prospectus in connection with
Collier Creek's solicitation of proxies for the special meeting to
be held to approve the business combination, as these materials
will contain important information about Utz and Collier Creek and
the proposed business combination.
The definitive proxy statement/prospectus will be mailed to the
shareholders of Collier Creek as of a record date to be established
for voting on the business combination. Such shareholders will also
be able to obtain copies of the proxy statement, without charge,
once available, at the SEC's website at http://www.sec.gov, or by
directing a request to: Collier Creek Holdings, 200 Park Avenue,
58th Floor, New York,
NY 10166, attention: Bradford
Williams (williams@cc.capital).
Participants in the Solicitation
Collier Creek, Utz and their respective directors, executive
officers, other members of management and employees, under SEC
rules, may be deemed to be participants in the solicitation of
proxies of Collier Creek's shareholders in connection with the
business combination. Investors and security holders may obtain
more detailed information regarding the names and interests in the
business combination of Collier Creek's directors and officers in
Collier Creek's filings with the SEC, including Collier Creek's
Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC
on March 12, 2020, and such
information and names of Utz's directors and executive officers is
contained in the Registration Statement on Form S-4, as amended
filed with the SEC by Collier Creek, which includes the proxy
statement/prospectus of Collier Creek for the business combination.
Shareholders can obtain copies of Collier Creek's filings with the
SEC, without charge, at the SEC's website at www.sec.gov, or by
directing a request to: Collier Creek Holdings, 200 Park Avenue,
58th Floor, New York,
NY 10166, attention: Bradford
Williams (williams@cc.capital).
No Offer or Solicitation
This communication is for informational purposes only and is
neither an offer to purchase, nor a solicitation of an offer to
sell, subscribe for or buy any securities or the solicitation of
any vote in any jurisdiction pursuant to the business combination
or otherwise, nor shall there be any sale, issuance or transfer or
securities in any jurisdiction in contravention of applicable law.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, and otherwise in accordance with
applicable law.
Forward-Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Collier Creek's and Utz's
actual results may differ from their expectations, estimates and
projections and consequently, you should not rely on these forward
looking statements as predictions of future events. Words such as
"expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, Collier Creek's and Utz's expectations with respect to
future performance and anticipated financial impacts of the
proposed business combination, the satisfaction of the closing
conditions to the business combination and the timing of the
completion of the business combination. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside Collier Creek's and
Utz's control and are difficult to predict. Factors that may cause
such differences include, but are not limited to: (1) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the business combination agreement;
(2) the outcome of any legal proceedings that may be instituted
against Collier Creek and Utz following the announcement of the
business combination agreement and the transactions contemplated
therein; (3) the inability to complete the proposed business
combination, including due to failure to obtain approval of the
shareholders of Collier Creek or other conditions to closing in the
business combination agreement; (4) the occurrence of any event,
change or other circumstance that could give rise to the
termination of the business combination agreement or could
otherwise cause the business combination to fail to close; (5) the
amount of redemption requests made by Collier Creek's shareholders;
(6) the inability to obtain or maintain the listing of the
post-business combination company's common stock on the New York
Stock Exchange following the proposed business combination; (7) the
risk that the proposed business combination disrupts current plans
and operations; (8) the ability to recognize the anticipated
benefits of the proposed business combination, which may be
affected by, among other things, competition, the ability of the
combined company to grow and manage growth profitably and retain
its key employees; (9) costs related to the proposed business
combination; (10) changes in applicable laws or regulations; (11)
the possibility that Utz or the combined company may be adversely
affected by other economic, business, and/or competitive factors;
and (12) other risks and uncertainties indicated from time to time
in the proxy statement/prospectus relating to the proposed business
combination, including those included in the section "Risk
Factors", and in Collier Creek's other filings with the SEC. Some
of these risks and uncertainties may in the future be amplified by
the COVID-19 outbreak and there may be additional risks that
Collier Creek considers immaterial or which are unknown. It is not
possible to predict or identify all such risks. Collier Creek
cautions that the foregoing list of factors is not exclusive.
Collier Creek cautions readers not to place undue reliance upon any
forward-looking statements, which speak only as of the date made.
Collier Creek does not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions or circumstances
on which any such statement is based, except as otherwise required
by law.
Non-GAAP Financial Measures
This press release uses certain non-GAAP financial measures such
as Pro Forma Net Sales and Further Adjusted EBITDA. These non-GAAP
financial measures should not be construed as alternatives to net
income or net sales measured in accordance with accounting
principles generally accepted in the U.S. ("GAAP") as indicators of
operating performance or as alternatives to cash flow provided by
operating activities as a measure of liquidity (each as determined
in accordance with GAAP). Other companies, including those in the
snack industry, may calculate these non-GAAP financial measures
differently from how they are calculated and used herein, reducing
their overall usefulness. See Collier
Creek's investor presentation furnished on a current report
on Form 8-K filed with the SEC on June 5,
2020 for a reconciliation of such non-GAAP financial
measures to the most comparable GAAP measure. This press
release also includes certain projections of non-GAAP financial
measures. Due to the high variability and difficulty in making
accurate forecasts and projections of some of the information
excluded from these projected measures, together with some of the
excluded information not being ascertainable or accessible, Collier
Creek is unable to quantify certain amounts that would be required
to be included in the most directly comparable GAAP measure without
unreasonable effort. Consequently, neither this press release nor
the presentation includes disclosure of estimated comparable GAAP
measures and no reconciliation of the forward-looking non-GAAP
financial measures is included.
Investor Contacts
Katie Turner
ICR
646-277-1228
Katie.Turner@icrinc.com
Media Contacts
Collier Creek:
Jonathan Keehner / Tim Ragones / Kate
Thompson
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
Utz:
Cory Ziskind
ICR
646-277-1232
Cory.Ziskind@icrinc.com
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SOURCE Collier Creek Holdings