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1 MIN READ

China: PepsiCo acquires snack brand Be & Cheery

February 26, 2020
-
Asia Pacific, Food, Mergers & Acquisitions

PepsiCo, the US multinational food and beverage maker, has announced the acquisition of snack brand Be & Cheery from the Chinese company Haoxiangni Health Food for $705 million.

Founded in 2003 and headquartered in Hangzhou, Be & Cheery is one of the largest online snacks companies in China and reported revenues of approximately 5 billion RMB ($710 million) in 2019. It is said to have product offerings across nuts, dried fruits, meat snacks, baked goods and confectionery, and predominantly sells online through the major e-commerce platforms in China.

The deal “marks an important step in the company’s goal to become China’s leading consumer-centric food and beverage company”, PepsiCo added.

Commenting on the investment, PepsiCo Greater China CEO Ram Krishnan said: “Be & Cheery is highly complementary to our existing China business with its broad product portfolio, asset light model, and focus on e-commerce”.

“We also expect to leverage Be & Cheery’s innovation and consumer insights capabilities to drive innovation in other key PepsiCo growth markets”, he said.

In a separate statement, Haoxiangni Health Food said that it had decided to sell its snacks division as it wanted to focus on its jujube (red date) business.

Sources: PepsiCo / Reuters

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