PepsiCo announced on Tuesday its acquisition of Siete Foods, a Mexican American food company, for $1.2 billion.
This move marks PepsiCo’s first food acquisition in approximately five years as it continues to shift its product portfolio toward healthier options.
Recent acquisitions include brands like Bare Snacks, Health Warrior, and PopCorners, and now Siete will be added to this lineup.
Founded in 2014 by Veronica Garza, Siete Foods initially started with grain-free tortillas and has expanded to offer tortilla chips, taco shells, salsas, and seasonings designed to meet various dietary needs. Retailers such as Target, Kroger, Whole Foods, and CVS carry its products.
PepsiCo CEO Ramon Laguarta expressed enthusiasm about the acquisition, stating that it would enhance their multicultural portfolio and introduce Siete’s products to even more consumers. The deal is anticipated to close in the first half of 2025, pending regulatory approval.
The trend of deal-making has surged among packaged food companies this year as they look for ways to boost sales amid declining consumer purchases. Notable recent acquisitions include Mars, the owner of M&M’s, agreeing to buy Pringles’ parent company, Kellanova, for nearly $36 billion, and Campbell Soup’s $2.7 billion acquisition of Sovos Brands, the maker of Rao’s pasta sauce.
Peoplesmind
