PepsiCo, Inc. has announced that it will acquire Garza Food Ventures LLC, known as Siete Foods, for $1.2 billion.
This acquisition will enhance PepsiCo’s product portfolio by adding an authentic, Mexican-American brand and expanding its range of better-for-you food options. Siete products will bring a new dimension to PepsiCo’s multicultural offerings, enriching meal occasions and culinary experiences.
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Established in 2014, Siete specializes in heritage-inspired tortillas, salsas, seasonings, sauces, cookies, snacks, and more. Its products are available in various grocery stores, club stores, and organic food retailers throughout the US.
“The Garza family has created a truly unique brand. Their dedication to creating and sharing food is evident in every Siete product, aligning perfectly with PepsiCo’s values,” said Ramon Laguarta, chairman and CEO of PepsiCo. “PepsiCo sees the authenticity and passion behind the Siete brand, and we are thrilled to continue the Garza family’s legacy. We are excited to expand our multicultural offerings with these exceptional products and introduce more consumers to the delights of Siete.”
The completion of the transaction is subject to customary closing conditions, including regulatory approval, and is anticipated to finalize in the first half of 2025. Specific terms of the acquisition have not been disclosed.
Centerview Partners LLC served as the primary financial advisor to PepsiCo, with Citi also providing financial advisory services. Gibson Dunn & Crutcher LLP is serving as PepsiCo’s legal advisor. Lazard is acting as financial advisor to Siete, while Weil, Gotshal & Manges LLP, and Armbrust & Brown, PLLC are serving as legal advisors to Siete.
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Emil Kovács graduated from the Journalism program at Eötvös Loránd University in Hungary. During his journalism studies, he focused on data journalism, investigative reporting, and multimedia storytelling. He gained experience by writing for the university’s student newspaper, where he gained attention for his articles on social issues. After graduation, Emil began working as a reporter at a European news agency, where he conducts in-depth analyses of international news and current events.
