PepsiCo has revealed plans to acquire Siete Foods, a Mexico-USA based food company, for $1.2 billion. This marks PepsiCo's first acquisition in the food industry in nearly five years.
In recent years, PepsiCo has aimed to diversify its product lineup to include healthier options, often through acquisitions. The latest additions to PepsiCo's portfolio include brands such as Bare Snacks, Health Warrior, and PopCorners. Siete Foods will soon join these ranks.
Siete Foods was founded by Veronica Garza in 2014, initially selling grain-free tortillas. The company's product line has since expanded to include tortilla chips, taco shells, salsas, and seasonings, catering to various dietary restrictions. Siete Foods products are available at retailers such as Target, Kroger, Whole Foods, and CVS.
PepsiCo's CEO, Ramon Laguarta, expressed enthusiasm for the acquisition, emphasizing the potential to enhance PepsiCo's multicultural product portfolio and attract more consumers to Siete's offerings.
The transaction is expected to be completed by the first half of 2025, pending regulatory approval.
