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PepsiCo, Inc. announced that it has entered into a definitive agreement to acquire Garza Food Ventures LLC, dba Siete Foods (“Siete”) for $1.2 billion.
The acquisition will complement PepsiCo‘s portfolio with the addition of an authentic Mexican-American brand while also growing its better-for-you food offerings. Siete products will bring a rich, new aspect to the PepsiCo multicultural portfolio with delicious food that plays an essential role in meal occasions and culinary experiences.
Siete Foods
Founded in 2014, Siete produces authentic heritage-inspired tortillas, salsas, seasonings, sauces, cookies, snacks and more. These products, deeply rooted in Mexican-American culture, can be found in grocery stores, club stores, and organic food retailers primarily across the U.S.
Ramon Laguarta, Chairman and CEO of PepsiCo, said, “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.”
He added, “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.”
Miguel Garza, CEO and Co-Founder of Siete Foods, said, “Siete was created ten years ago to make heritage-inspired, Mexican-American food more widely available. Now we’re excited to embrace a new era with PepsiCo and bring our inclusive, better-for-you products to more people.”
“We hope this next chapter for Siete serves as inspiration for other Latino businesses, showing that it’s possible to build a thriving brand that honours our heritage and celebrates our culture.”
The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the first half of 2025. Additional terms of the acquisition were not disclosed.
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 is acting as financial advisor to Siete and Weil, Gotshal & Manges LLP, as well as Armbrust & Brown, PLLC are acting as legal advisors to Siete.
About Siete Family Foods
Siete Foods is on a mission to inspire inclusivity around the table by sharing delicious heritage-inspired Mexican-American foods for various 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, and Salsas, available across 40,000 retailers, as well as online at sietefoods.com. Join the family @sietefoods on Facebook and Instagram.
