PepsiCo Completes $1.2B Siete Foods Acquisition
PURCHASE, N.Y. — PepsiCo Inc. continues to transform its snacking portfolio through innovation and strategic acquisitions to include more positive nutrition.
In its latest move, the food and beverage giant closed the acquisition of Garza Food Ventures LLC dba Siete Foods for $1.2 billion. The transaction was announced in the fall of 2024.
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 Dipping Co. LLC. 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, the company stated.
"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 in 2014 with a single almond flour tortilla sold in an Austin, Texas, 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. Siete products are available 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 cofounder 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, while legal advisors included Weil, Gotshal & Manges LLP, as well as Armbrust & Brown PLLC.
Headquartered in Purchase, 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.