The largest privately held salty-snack company in the U.S. is about to go public.

Utz Quality Foods is being acquired by Collier Creek Holdings, a company formed by former executives of Blackstone Group just for this transaction. Utz, which markets snacks under its own brand as well Snyder of Berlin, Zapp’s, Tim’s Cascade Snacks and others, will be taken public on the New York Stock Exchange when the transaction closes, which is scheduled for the third quarter of this year.

The IPO’s initial value is projected to be $1.56 billion. Utz’s projected earnings for 2021 are $134 million.

The new company will be chaired by Roger Deromedi, formerly CEO of Kraft Foods and chairman of Pinnacle Foods. Utz’s current CEO, Dylan Lissette, will continue to lead the business along with the existing management team. The founding family and current owners of Utz will retain more than 50% ownership of the new company.

“We look forward to partnering with Roger and the seasoned team at Collier Creek as we leverage their experience in driving value creation in food platform companies,” Lissette said in a statement. “As a public company, I am confident that Utz will continue to grow its importance within the salty snack industry, bringing more of our brands to an ever-greater consumer audience across the U.S.”