Press Release: Deal Will Expand PepsiCo's Food Portfolio to Include More Options for Consumers Looking for Positive Choices and Simple Ingredients.
PepsiCo, Inc. (NASDAQ: PEP) ("PepsiCo") today announced that it has closed the acquisition of Garza Food Ventures LLC, dba Siete Foods ("Siete"), for $1.2 billion.
Over the past two decades, PepsiCo has transformed its portfolio to include great-tasting convenient foods and drinks that are nutritious, enjoyable, and fit consumers' lifestyles. The company continues to expand positive choices for consumers by reducing salt, sugar, and saturated fat from loved brands without compromising taste and transforming its portfolio through continuous innovation and strategic acquisition to include more positive nutrition.
The growing Siete brand is the latest in a line of PepsiCo acquisitions that include PopCorners, Bare, Stacy's Pita Chips, and most recently, Sabra. With Siete, PepsiCo will further expand its portfolio of products with nutritious, simple foods and ingredients and bring this popular, growing brand to new fans in even more places.
"We're committed to transforming our portfolio to include more positive choices that meet consumer demand for convenient and delicious products," said Steven Williams, CEO of PepsiCo North America. "We love the Siete brand for the same reason so many loyal consumers do and are dedicated to preserving its special attributes while making the brand more widely available and accessible on a broader scale."
Siete started with a single almond flour tortilla sold in an Austin co-op. Today, the Siete Foods portfolio spans a variety of authentic, better-for-you products, including Grain Free Tortillas, Enchilada Sauces, Taco Seasonings, Botana Sauces, Mexican Cookies, Vegan Beans, Grain Free Puffs, Tortilla Chips, Potato Chips, and Salsas at more than 40,000 retailers.
"Today marks a defining moment in Siete's journey and an exciting chapter of growth and expansion for our brand," said Miguel Garza, CEO and Co-Founder of Siete Foods. "When our family founded Siete 10 years ago, it was with a heartfelt mission: to share the beauty of our Mexican-American heritage and Latino culture with the world, creating foods that everyone can enjoy, love, and feel connected to. The overwhelming support and passion we've seen – from the love for our products to the celebration of this milestone for Latino entrepreneurship – have profoundly inspired us. As we join PepsiCo, my family and I are committed to honoring, amplifying, and continuing to build the Siete brand and welcoming even more people to join us at the table."
Centerview Partners LLC acted as lead financial advisor to PepsiCo. Citi also served as financial advisor. Gibson Dunn & Crutcher LLP is acting as legal advisor to PepsiCo. Lazard acted as financial advisor to Siete and Weil, Gotshal & Manges LLP, as well as Armbrust & Brown, PLLC, acted as legal advisors to Siete.
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $91 billion in net revenue in 2023, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for the planet and people. For more information, visit www.PepsiCo.com.
About Siete Family Foods
Siete Foods is a Mexican-American food brand on a mission to inspire inclusivity around the table by sharing delicious heritage-inspired foods for a variety of dietary needs and preferences. Founded in 2014 in Austin, TX, Siete brought all seven (siete) members of the Garza family together on their journey to health. Siete's products span meals and macro snacks categories, including Grain Free Tortillas, Enchilada Sauces, Taco Seasonings, Botana Sauces, Mexican Cookies, Vegan Beans, Grain Free Puffs, Tortilla Chips, Potato Chips, and Salsas, available across more than 40,000 retailers, as well as online at sietefoods.com. Join the family @sietefoods on Facebook and Instagram.
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