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“I say that we’re looking for companies with $75 million in pretax earnings and preferably a whole lot more, which is what you need to make a dent on $350 billion of market value.” That sum-well, actually $362 billion-is the stock-market capitalization of Berkshire Hathaway (BRKA).
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I’m having my lunch.”), Buffett directs me to his just-released letter to shareholders in the Berkshire Hathaway annual report. Buffett, I write on behalf of my twin brother…,” wrote Jamie Lissette, who is the family’s true money guy and the founder/CEO of Hammerstone Markets, which operates a news and analysis service for institutional traders.īuffett looked at Utz’s numbers and contemplated buying the company, but he says, “Unfortunately size was the issue, and it never went anywhere.”īetween nibbles of his Utz PotatoStix (“I have a can in my lap and a Coke on my desk. The FTC blocked the pending merger, and Utz and Snyder’s (LNCE) nixed the deal.
#Utz potato stix full
If you are ever dissatisfied, return the unused portion to the store where purchased for a full refund or satisfactory replacement, or write us at 900 High Street, Hanover, PA 17331. Lissette’s twin brother, Jamie, sent a letter to Buffett after a plan to merge Utz with Snyder’s, a rival a few miles down the road in Hanover, hit the skids. We unconditionally guarantee all UTZ products. Neither Lissette nor anyone else in Utz management was looking for an outside investor when Buffett got interested in the company in 2010.
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With Utz’s help, Good Health’s sales grew 33% in the past year. You won’t find Good Health products on the Utz website “because we don’t want to tout that it’s owned by people like us.” The Utz CEO explains: “Imagine if Smashburger were owned by McDonald’s (MCD), or your favorite craft beer were owned by Anheuser-Busch (ABI).” Founded by a French entrepreneur in North Carolina, Good Health is now based in San Diego and operates independently from Utz, which provides capital and production and distribution capabilities. In 2012, Utz bought Bachman, known primarily for pretzels, but, says Lissette, “they have a great cheese curl brand, Jax.” And a year ago, Utz acquired a brand called Good Health to become more relevant in the good-for-you category-”which is on fire,” he says. “People want products that are interesting,” says Lissette, who was attracted to the “gourmet deli image and Cajun crawdaddy voodoo” heritage of the products. In 2011, Utz purchased the Dirty and Zapp’s brands of potato chips because the same “craft” trend that altered the beer market has hit the snack market. “We’ll probably lose money in the market for five years. “We don’t have to go through lengthy approval processes.”įor instance, two years ago, Utz spent aggressively to expand across the south, where Lissette believes future Utz customers are migrating. “We have a very small number of shareholders, and that makes us very agile and much more competitive,” says Lissette. Lissette, 43, and his wife, Stacie, own a minority piece of the business, while Mike and Jane Rice own the majority.