USA: PepsiCo announces agreement to acquire Siete Foods

FMCG giant PepsiCo has announced that the company has entered into a definitive agreement to acquire Garza Food Ventures LLC, trading as Siete Foods, a Mexican-American foods company.

In a press release, PepsiCo said the $1.2 billion deal would complement the firm’s portfolio with an authentic Mexican-American brand as well as adding a variety of better-for-you products.

Founded in 2014, Siete Foods manufactures “heritage-inspired” products including tortillas, salsas, seasonings, sauces, biscuits and snacks.

Ramon Laguarta, chairman and CEO of PepsiCo, commented: “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”.

Miguel Garza, CEO and co-founder of Siete Foods, added: “Siete was created ten 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”.

The transaction is subject to regulatory approval.

Source: PepsiCo