PepsiCo Grows Multicultural Snack Portfolio With $1.2B Siete Acquisition
PepsiCo is growing its better-for-you and multicultural food portfolio by acquiring Garza Food Ventures LLC, which owns the Siete Foods brand.
Siete was founded in 2014 and includes products such as tortillas, salsas, seasonings, sauces, cookies, and snacks. Its products are sold across the U.S. in grocery stores, club stores, and organic food retailers.
The $1.2 billion purchase is expected to finalize in the first half of 2025.
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"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, 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," he added.
Recent M&A Activity
The news tracks with recent acquisitions and divestitures in the consumer goods space as companies shuffle their portfolios to maximize the areas they're winning and trim back the ones they're not.
General Mills dropped its North America yogurt business last month, while the Campbell Soup Company is looking to drop its "soup" identifier as it refocuses on other areas of growth and scales back in the soup category.
Additionally, Diageo North America has purchased Ritual Spirits, Hain Celestial Group sold ParmCrisps with plans to remove 62% of underperforming products, and Mars is set to acquire Kellanova in what is said to be among the largest in packaged food since the 2015 Kraft and H.J Heinz merger.
