Wednesday, November 6, 2024
HomeOther NewsPepsiCo to Acquire SIETE Foods in a $1.2 Billion Deal

PepsiCo to Acquire SIETE Foods in a $1.2 Billion Deal

Published on

PepsiCo, Inc. (NASDAQ: PEP) has announced a definitive agreement to acquire Garza Food Ventures LLC, known as Siete Foods, for $1.2 billion. This acquisition will enhance PepsiCo’s portfolio by adding Siete’s authentic Mexican-American products, further expanding its range of better-for-you food offerings.

PepsiCo to Acquire SIETE Foods in a $1.2 Billion Deal

Siete Foods, founded in 2014, specializes in a variety of heritage-inspired products including tortillas, salsas, seasonings, sauces, cookies, and snacks. These products, known for their cultural authenticity, are widely available in grocery, club, and organic food stores across the U.S.

According to Ramon Laguarta, Chairman and CEO of PepsiCo, “The Garza family has created a remarkable brand with deep passion and authenticity. At PepsiCo, we share that same dedication and look forward to building on the legacy they’ve established by introducing Siete to even more consumers.”

Miguel Garza, CEO and Co-Founder of Siete Foods, expressed enthusiasm about the acquisition: “Siete was founded to make Mexican-American, heritage-inspired food more accessible. Partnering with PepsiCo marks an exciting new chapter that will help us share our better-for-you products with a broader audience while continuing to celebrate our culture. We hope to inspire other Latino businesses through this journey.”

The transaction is expected to close in the first half of 2025, pending customary regulatory approvals. Additional details of the deal were not disclosed.

Centerview Partners LLC served as PepsiCo’s lead financial advisor, with Citi also advising on the deal. Legal counsel for PepsiCo was provided by Gibson Dunn & Crutcher LLP. Lazard served as Siete’s financial advisor, while Weil, Gotshal & Manges LLP, and Armbrust & Brown, PLLC provided legal counsel to Siete.

Latest articles

Virgin Music Group Acquires Outdustry to Expand in High-Growth Markets

Virgin Music Group, the world’s leading partner to independent artists, labels and entrepreneurs, announced...

Social Music Remix App Hook Partners with Glassnote Records

Hook, the revolutionary new AI-powered social music app that allows music fans to create,...

Leslie Whittle named Regional Content Director for Q99.7 Atlanta & 104.1 KRBE

Cumulus Media (NASDAQ: CMLS) announces that it has appointed Leslie Whittle as Regional Content...

Audacy Taps Ray Borelli as Senior Vice President of Research and Insights

Audacy has named Ray Borelli Senior Vice President of Research and Insights, effective immediately....

Virgin Music Group Acquires Outdustry

Virgin Music Group, the world’s leading partner to independent artists, labels and entrepreneurs, announced...

Sony Music Publishing Signs Global Deal with Mike Dean; Launches Partnership with M.W.A

Sony Music Publishing today announced the signing of legendary producer Mike Dean and several...

World Series Champion Jack Flaherty Breaks Ground with Custom Erewhon Smoothie Launch

Jack Flaherty, the Los Angeles Dodgers pitcher and 2024 World Series Champion, has become...

The Most Efficient Plugins for WordPress: What You Need and What You Don’t

Using WordPress plugins can significantly enhance your website’s capabilities, adding features and functions that...

Timbaland Becomes Strategic Advisor To Leading AI Music Company Suno !!!

Making yet another major move, four-time GRAMMY® Award-winning multi-platinum artist, creator, entrepreneur, philanthropist, and...

How GOOD Music Built a Legacy of Groundbreaking Talent and Vision

Discover how GOOD Music revolutionized the industry with its roster of groundbreaking artists, innovative sound, and visionary approach to music production and promotion.

More like this

CBS LAUNCHES “CBS SMALL BUSINESS PULSE,” A NEW DIGITAL BRAND AIMED AT HELPING SMALL BUSINESS OWNERS SUCCEED

Features Original Editorial and Curated Content Relevant to Small Business Owners from Across Divisions of...

Marketing Your Business with a Website or Blog

Having an online presence today is not only crucial to your business, it could...

Ivy Exec Named to the Inc. 500 List of Fastest Growing Companies

New York, NY, August 20, 2013 --(PR.com)-- IvyExec.com, a technology enabled executive career...

About Kristen Wiig: the Entrepreneur

Discover Kristen Wiig's entrepreneurial ventures beyond her comedy career. From acting to producing, explore how this SNL alum has diversified her talents in business.

Miami Entrepreneurship Center Set to Kick Off Startup Ecosystem in Downtown Miami

Miami Entrepreneurship Center (MEC261) offers trendy office spaces, at below market prices, for startup companies on month-to-month terms for as little as $595. The center also offers flex membership for $99 per month; that allows members to use their co-working space, Wifi, amenities and access to all MEC261 events. The center is located at the 261 North East 1 Street in the Jane building downtown Miami. Plans for the building include housing a tech incubator, a fashion incubator, a co-working space, and a maker space. All in one location. [...]

Music Industry Vet Chuck Bone’s Creative Brand Marketing Group Inks WBLS Mixmaster Superhero DJ Jon Quick

In an effort to take his brand to the next level, renowned NYC radio/club DJ Jon Quick signed on with the Creative Brand Marketing Group this past Saturday. Creative Brand Marketing Group is based on the motto: relationships will open doors that money can't. Founder and President, Derek "Chuck Bone" Osorio has built a strong resume based on his relationships in the music, event planning and branding industries. He has now partnered with trial attorney, Dana M. Whitfield, Esq to combine their expertise in the entertainment and legal field to include management in their collective networks. [...]

Small Business Loan: The More That You Try to Do By Yourself, The Less You Get Done

Most of the time, it all boils down to money but sometimes it's also about being in control - to a fault As black entrepreneurs, we know that it's easier to do things when we do them ourselves, but is it? The answer is HELL NO. It's actually much harder and it's continuously set you back. It's like having your foot on the gas with your car on a platform with no wheels. We must get used to the fact that we do not know everything and we cannot DO everything. [...]

VAQUA Launched Crowdfunding Campaign to Fund Its New Product "INFINITE," a Refreshing Energy Drink

London, United Kingdom, October 06, 2013 --(PR.com)-- Beverage startup VAQUA launched a...

Entrust Associates Hosts a Lunch and Learn to Introduce the Entrepreneurial Operating System with Brent Sprinkle

Raleigh, NC, June 14, 2013 --(PR.com)-- ntrust Associates business brokers will be hosting...