PepsiCo has bolstered its snack portfolio with the acquisition of Siete Foods, a Texas-based maker of Mexican-American food products, for $1.2bn.
The group noted that the acquisition from Garza Food Ventures marks a strategic move to enhance its offerings in the better-for-you food segment. The deal is expected to close in the first half of 2025, subject to regulatory approval.
Founded in 2014, Siete produces authentic tortillas, salsas, seasonings, sauces, cookies, and snacks. Its products can be found in grocery stores and organic food retailers across the US.
“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 the US food and drink giant.
“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, added: “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 honors our heritage and celebrates our culture.”
Analysts noted that acquisition aligns with broader industry trends where major food manufacturers are looking to acquire smaller, innovative brands that resonate with diverse consumer bases and new consumption trends.
