PepsiCo Inc. has entered into a definitive agreement to acquire Garza Food Ventures, d.b.a. Siete Foods, for $1.2 billion.
PepsiCo said the acquisition of the Mexican-American brand will complement its portfolio while growing its better-for-you food offerings.
Founded in 2014, Siete produces authentic heritage-inspired tortillas, salsas, seasonings, sauces, cookies and snacks. Siete’s products can be found in grocery and club stores and organic food retailers primarily across the U.S.
“The Garza family has built a very special brand. Their passion for making and sharing food shines through in every Siete product, and that’s a passion we share at PepsiCo,” said Ramon Laguarta, chairman and CEO of PepsiCo.
“PepsiCo believes in the spirit and authenticity of the Siete brand, and we’re excited to carry on the legacy created by the Garza family. We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete.”
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Miguel Garza, CEO and co-founder of Siete Foods, said Siete was created 10 years ago to “make heritage-inspired, Mexican-American food more widely available.”
“Now we’re excited to embrace a new era with PepsiCo and bring our inclusive, better-for-you products to more people,” he said. “We hope this next chapter for Siete serves as inspiration for other Latino businesses, showing that it’s possible to build a thriving brand that honors our heritage and celebrates our culture.”
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the first half of 2025. Additional terms of the acquisition were not disclosed.
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