PepsiCo, Inc. announced that it has entered into a definitive agreement to acquire Garza Food Ventures LLC, dba 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. Siete products will bring a rich, new aspect to the PepsiCo multicultural portfolio with food that plays an important role in meal occasions and culinary experiences.
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Founded in 2014, Siete produces authentic heritage-inspired tortillas, salsas, seasonings, sauces, cookies, snacks and more. Siete's products can be found in grocery stores, club stores, and organic food retailers primarily 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 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, 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.
