PepsiCo Inc has completed its USD1.2bn acquisition of Siete Foods, a fast-growing Texas-based producer of grain-free tortillas and other Latino-inspired food products.
The deal marks the latest addition to PepsiCo’s expanding portfolio of “better-for-you” products, aligning with the food and beverage giant’s strategy to cater to consumer demand for healthier, simpler ingredients. Siete joins a roster of recent acquisitions, including PopCorners, Stacy’s Pita Chips, and Bare Snacks.
“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 Foods, founded in 2014 by Miguel Garza and his family, began with almond flour tortillas sold in a local Austin co-op. The company has since grown into a nationally recognized brand, offering a diverse range of products such as grain-free tortilla chips, enchilada sauces, taco seasonings, and Mexican cookies, available in over 40,000 retail outlets across the U.S.
Financial advisors for the deal included Centerview Partners for PepsiCo and Lazard for Siete. Legal advisory roles were handled by Gibson Dunn & Crutcher LLP for PepsiCo, and Weil, Gotshal & Manges LLP alongside Armbrust & Brown, PLLC for Siete.
Find out more at: https://www.pepsico.com/