PepsiCo Inc. has entered a definitive agreement to acquire Garza Food Ventures LLC, doing business as Siete Foods, 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, the Purchase, New York-based food and beverage company said.
Siete was founded in 2014 and produces authentic heritage-inspired tortillas, salsas, seasonings, sauces, cookies, snacks and more, PepsiCo said. Its products are found in grocery stores, club stores and organic food retailers across the United States.
“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,” said Ramon Laguarta, chairman and CEO of PepsiCo. “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.”
The transaction is subject to customary closing conditions and is expected to close in the first half of 2025.
“Siete was created 10 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,” said Miguel Garza, CEO and co-founder of Siete Foods. “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 honors our heritage and celebrates our culture.”
PepsiCo generated more than $91 billion in net revenue in 2023, the company said, driven by a beverage and convenient foods portfolio that includes Lay’s, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream.
Siete Foods was founded in Austin, Texas, and its products span meals and macro snacks categories, including grain-free tortillas, enchilada sauces, taco seasonings, Mexican cookies, grain-free puffs, salsas and more. Its products are available across 40,000 retailers.
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