SHERIDAN, WYOMING – Feb. 6, 2025 – PepsiCo, Inc. (NASDAQ: PEP) ("PepsiCo") announced today the successful completion of its acquisition of Garza Food Ventures LLC, doing business as Siete Foods ("Siete"), for a substantial sum of $1.2 billion. This strategic move significantly broadens PepsiCo's already diverse food portfolio, providing consumers with an even wider array of positive choices characterized by simple and wholesome ingredients.
Expanding Positive Choices for Consumers
PepsiCo has consistently demonstrated its commitment to evolving its product offerings over the past two decades. The company's ongoing transformation focuses on delivering great-tasting and convenient foods and drinks that are not only nutritious and enjoyable but also seamlessly integrate into consumers' varied lifestyles. This commitment is evident in their continuous efforts to improve the nutritional profiles of their beloved brands by reducing salt, sugar, and saturated fat without sacrificing the delicious taste consumers expect. Furthermore, PepsiCo proactively reshapes its portfolio through continuous innovation and strategic acquisitions, consistently adding more positive nutrition options.
The acquisition of Siete aligns perfectly with this strategy. Siete joins a prestigious group of other successful PepsiCo acquisitions, including PopCorners, Bare, Stacy's Pita Chips, and, most recently, Sabra. The addition of Siete allows PepsiCo to further enrich its portfolio with nutritious foods made with simple, high-quality ingredients, bringing this popular and rapidly growing brand to a wider audience.
A Shared Vision for Growth and Accessibility
"We're committed to transforming our portfolio to include more positive choices that meet consumer demand for convenient and delicious products," stated Steven Williams, CEO of PepsiCo North America. "We love the Siete brand for the same reason so many loyal consumers do and are dedicated to preserving its special attributes while making the brand more widely available and accessible on a broader scale."
Siete's journey began with a single almond flour tortilla, sold in a local Austin co-op. From these humble beginnings, the company has experienced remarkable growth. Today, the Siete Foods portfolio boasts an impressive array of authentic, better-for-you products. These include Grain Free Tortillas, Enchilada Sauces, Taco Seasonings, Botana Sauces, Mexican Cookies, Vegan Beans, Grain Free Puffs, Tortilla Chips, Potato Chips, and Salsas. Siete products are currently available at over 40,000 retail locations, demonstrating the brand's widespread appeal.
Honoring Heritage and Inspiring Inclusivity
"Today marks a defining moment in Siete's journey and an exciting chapter of growth and expansion for our brand," shared Miguel Garza, CEO and Co-Founder of Siete Foods. "When our family founded Siete 10 years ago, it was with a heartfelt mission: to share the beauty of our Mexican-American heritage and Latino culture with the world, creating foods that everyone can enjoy, love, and feel connected to. The overwhelming support and passion we've seen – from the love for our products to the celebration of this milestone for Latino entrepreneurship – have profoundly inspired us. As we join PepsiCo, my family and I are committed to honoring, amplifying, and continuing to build the Siete brand and welcoming even more people to join us at the table."
Advisors and Legal Counsel
Centerview Partners LLC served as the lead financial advisor to PepsiCo, with Citi also providing financial advisory services. Gibson Dunn & Crutcher LLP acted as PepsiCo's legal advisor. Siete received financial advisory services from Lazard, and legal counsel from Weil, Gotshal & Manges LLP, as well as Armbrust & Brown, PLLC.
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $91 billion in net revenue in 2023, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales. Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with pep+ (PepsiCo Positive). pep+ is our strategic end-to-end transformation that puts sustainability and human capital at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for the planet and people.
About Siete Family Foods
Siete Foods is a Mexican-American food brand on a mission to inspire inclusivity around the table by sharing delicious heritage-inspired foods for a variety of dietary needs and preferences. Founded in 2014 in Austin, TX, Siete brought all seven (siete) members of the Garza family together on their journey to health. Siete's products span meals and macro snacks categories, including Grain Free Tortillas, Enchilada Sauces, Taco Seasonings, Botana Sauces, Mexican Cookies, Vegan Beans, Grain Free Puffs, Tortilla Chips, Potato Chips, and Salsas.
For more information visit.