Siete Meals Tortilla Chips
Courtesy: Siete Meals
PepsiCo stated Tuesday it’s shopping for Mexican-American meals firm Siete Meals for $1.2 billion, marking the corporate’s first meals acquisition in about 5 years.
Like many meals corporations, Pepsi has been attempting to vary its portfolio to incorporate more healthy choices lately, often by acquisitions. Latest additions embrace Naked Snacks, Well being Warrior and PopCorners.
This may quickly embrace Siete. Founder Veronica Garza began the corporate in 2014 when she began promoting grain-free tortillas. Since then, its portfolio has grown to incorporate tortilla chips, taco shells, salsas and condiments, typically designed to accommodate numerous dietary restrictions. Retailers like goal, hooks, Complete meals and CVS carry firm merchandise.
“We sit up for increasing our multicultural portfolio with these wonderful merchandise and to much more customers discovering and having fun with Siete,” Pepsi CEO Ramon Laguarta stated in an announcement.
The deal is anticipated to shut within the first half of 2025, assuming regulatory approval.
Dealmaking has picked up this 12 months for packaged-food corporations, that are concentrating on acquisitions to spice up gross sales progress as customers purchase much less of their merchandise. In August, M&M proprietor Mars introduced it will purchase the Pringles guardian Kelanova in a deal valued at almost $36 billion. This March, Campbell’s Soup accomplished its $2.7 billion acquisition of Rao’s pasta sauce maker Sovos Model.
