Deal Will Expand PepsiCo's Food Portfolio to
Include More Options for Consumers Looking for Positive
Choices and Simple Ingredients
PURCHASE, N.Y. and AUSTIN, Texas, Jan. 17,
2025 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP)
("PepsiCo") today announced that it has closed the acquisition of
Garza Food Ventures LLC, dba Siete Foods ("Siete"), for
$1.2 billion.
Over the past two decades, PepsiCo has transformed its portfolio
to include great-tasting convenient foods and drinks that are
nutritious, enjoyable, and fit consumers' lifestyles. The company
continues to expand positive choices for consumers by reducing
salt, sugar, and saturated fat from loved brands without
compromising taste and transforming its portfolio through
continuous innovation and strategic acquisition to include more
positive nutrition.
The growing Siete brand is the latest in a line of PepsiCo
acquisitions that include PopCorners, Bare, Stacy's Pita Chips, and
most recently, Sabra. With Siete, PepsiCo will further expand its
portfolio of products with nutritious, simple foods and ingredients
and bring this popular, growing brand to new fans in even more
places.
"We're committed to transforming our portfolio to include more
positive choices that meet consumer demand for convenient and
delicious products," said 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 started with a single almond flour tortilla sold in an
Austin co-op. Today, the Siete
Foods portfolio spans a variety of authentic, better-for-you
products, including Grain Free Tortillas, Enchilada Sauces, Taco
Seasonings, Botana Sauces, Mexican Cookies, Vegan Beans, Grain Free
Puffs, Tortilla Chips, Potato Chips, and Salsas at more than 40,000
retailers.
"Today marks a defining moment in Siete's journey and an
exciting chapter of growth and expansion for our brand," said
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."
Centerview Partners LLC acted as lead financial advisor to
PepsiCo. Citi also served as financial advisor. Gibson Dunn &
Crutcher LLP is acting as legal advisor to PepsiCo. Lazard acted as
financial advisor to Siete and Weil, Gotshal & Manges LLP, as
well as Armbrust & Brown, PLLC, acted as legal advisors to
Siete.
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. For more
information, visit www.PepsiCo.com.
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, available across more than 40,000 retailers, as well as
online at sietefoods.com. Join the family @sietefoods on
Facebook and Instagram.
PepsiCo Cautionary Statement
Statements in this communication that are "forward-looking
statements" are based on currently available information, operating
plans and projections about future events and trends. Terminology
such as "believe," "expect," "future," "intend," "may," "plan,"
"position," "potential," "should," "will" or similar statements or
variations of such words and other similar expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain such terms. Forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from those predicted in
such forward-looking statements. Such risks and uncertainties
include, but are not limited to: the risks associated with the
deadly conflict in Ukraine; future demand for PepsiCo's products;
damage to PepsiCo's reputation or brand image; product recalls or
other issues or concerns with respect to product quality and
safety; PepsiCo's ability to compete effectively; PepsiCo's ability
to attract, develop and maintain a highly skilled and diverse
workforce or effectively manage changes in our workforce; water
scarcity; changes in the retail landscape or in sales to any key
customer; disruption of PepsiCo's manufacturing operations or
supply chain, including continued increased commodity, packaging,
transportation, labor and other input costs; political, social or
geopolitical conditions in the markets where PepsiCo's products are
made, manufactured, distributed or sold; PepsiCo's ability to grow
its business in developing and emerging markets; changes in
economic conditions in the countries in which PepsiCo operates;
future cyber incidents and other disruptions to our information
systems; failure to successfully complete or manage strategic
transactions; PepsiCo's reliance on third-party service providers
and enterprise-wide systems; climate change or measures to address
climate change and other sustainability matters; strikes or work
stoppages; failure to realize benefits from PepsiCo's productivity
initiatives; deterioration in estimates and underlying assumptions
regarding future performance of our business or investments that
can result in impairment charges; fluctuations or other changes in
exchange rates; any downgrade or potential downgrade of PepsiCo's
credit ratings; imposition or proposed imposition of new or
increased taxes aimed at PepsiCo's products; imposition of
limitations on the marketing or sale of PepsiCo's products; changes
in laws and regulations related to the use or disposal of plastics
or other packaging materials; failure to comply with personal data
protection and privacy laws; increase in income tax rates, changes
in income tax laws or disagreements with tax authorities; failure
to adequately protect PepsiCo's intellectual property rights or
infringement on intellectual property rights of others; failure to
comply with applicable laws and regulations; and potential
liabilities and costs from litigation, claims, legal or regulatory
proceedings, inquiries or investigations.
For additional information on these and other factors that could
cause PepsiCo's actual results to materially differ from those set
forth herein, please see PepsiCo's filings with the SEC, including
its most recent annual report on Form 10-K and subsequent reports
on Forms 10-Q and 8-K. Investors are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date they are made. We undertake no obligation to update
any forward-looking statement, whether as a result of new
information, future events or otherwise.
Media Contact:
pepsicomediarelations@pepsico.com
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SOURCE PepsiCo, Inc.
