Siete Foods Corn Flakes
Courtesy: Siete Foods
Pepsi It said on Tuesday it would acquire Mexican American food company Siete Foods for $1.2 billion, its first food acquisition in about five years.
Like many food companies, PepsiCo has been trying to change its product portfolio in recent years to include healthier options, often through acquisitions. Recent additions include Bare Snacks, Health Warrior and PopCorners.
Soon, Siete will be included. Founder Veronica Garza started the company in 2014, when she started selling grain-free tortillas. Since then, its product portfolio has grown to include nachos, tortilla shells, salsas and dressings, often designed to accommodate different dietary restrictions. retailers like Target, hook up, Whole Foods and CVS Carrying the company’s products.
“We look forward to expanding our multicultural portfolio with these incredible products so more consumers can discover and enjoy Siete,” PepsiCo CEO Ramon Laguarta said in a statement.
Subject to regulatory approval, the transaction is expected to close in the first half of 2025.
Deals have increased this year at packaged food companies, which are turning to acquisitions to drive sales as consumers buy fewer products. In August, Mars, the parent company of M&M, announced that it would acquire the parent company of Pringles Potato Chips Kelanova The deal is worth nearly $36 billion. In March this year, Campbell’s Soup Completed $2.7 billion acquisition of Rao’s pasta sauce maker Sovos Brand.
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