PepsiCo to Purchase Siete Meals in $1.2 Billion Deal

October 8, 2024

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PepsiCo, Inc. introduced that it has entered right into a definitive settlement to amass Garza Meals Ventures LLC, dba Siete Meals (“Siete”) for $1.2 billion.

The acquisition will complement PepsiCo‘s portfolio with the addition of an genuine Mexican-American model whereas additionally rising its better-for-you meals choices. Siete merchandise will carry a wealthy, new side to the PepsiCo multicultural portfolio with scrumptious meals that performs a necessary position in meal events and culinary experiences.

Siete Meals

Based in 2014, Siete produces genuine heritage-inspired tortillas, salsas, seasonings, sauces, cookies, snacks and extra. These merchandise, deeply rooted in Mexican-American tradition, will be present in grocery shops, membership shops, and natural meals retailers primarily throughout the U.S.

Ramon Laguarta, Chairman and CEO of PepsiCo, stated, “The Garza household has constructed a really particular model. Their ardour for making and sharing meals shines by in each Siete product, and that’s a ardour we share at PepsiCo.”

He added, “PepsiCo believes within the spirit and authenticity of the Siete model, and we’re excited to hold on the legacy created by the Garza household. We stay up for increasing our multicultural portfolio with these unbelievable merchandise and much more customers discovering and having fun with Siete.”

Miguel Garza, CEO and Co-Founding father of Siete Meals, stated, “Siete was created ten years in the past to make heritage-inspired, Mexican-American meals extra broadly accessible. Now we’re excited to embrace a brand new period with PepsiCo and produce our inclusive, better-for-you merchandise to extra individuals.”

“We hope this subsequent chapter for Siete serves as inspiration for different Latino companies, displaying that it’s doable to construct a thriving model that honours our heritage and celebrates our tradition.”

The transaction is topic to customary closing situations, together with regulatory approval, and is predicted to shut in the primary half of 2025. Further phrases of the acquisition weren’t disclosed.

Centerview Companions LLC acted as lead monetary advisor to PepsiCo. Citi additionally served as monetary advisor. Gibson Dunn & Crutcher LLP is performing as authorized advisor to PepsiCo. Lazard is performing as monetary advisor to Siete and Weil, Gotshal & Manges LLP, in addition to Armbrust & Brown, PLLC are performing as authorized advisors to Siete.

About Siete Household Meals

Siete Meals is on a mission to encourage inclusivity across the desk by sharing scrumptious heritage-inspired Mexican-American meals for varied dietary wants and preferences. Based in 2014 in Austin, TX, Siete introduced all seven (siete) members of the Garza household collectively on their journey to well being. Siete’s merchandise span meals and macro snacks classes, together with Grain Free Tortillas, Enchilada Sauces, Taco Seasonings, Botana Sauces, Mexican Cookies, Vegan Beans, Grain Free Puffs, and Salsas, accessible throughout 40,000 retailers, in addition to on-line at sietefoods.com. Be a part of the household @sietefoods on Fb and Instagram.