News
PepsiCo agrees to $1.2bn acquisition of tortilla chip business
The Mexican-American manufacturer is based in Texas and has a portfolio of products that includes tortilla chips, sauces, seasonings and other snacking options.
Founded in 2014 by the Garza family, Siete products are available in more than 40,000 retail locations across the US.
The transaction remains dependent on regulatory approval and is expected to close in the first half of 2025. Further details surrounding the deal have not yet been released.
PepsiCo believes that the addition of Siete’s range of products will complement its existing snacking brands, which include Walkers and Doritos in the UK and Lay’s and Cheetos internationally.
PepsiCo expanding 'multicultural portfolio'
Commenting on the acquisition, PepsiCo CEO and chair Ramon Laguarta said that the Garza family had built a “very special brand” in Siete.
“Their passion for making and sharing food shines through in every Siete product, and that's a passion we share at PepsiCo,” Laguarta continued.
“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.”
Meanwhile, Siete CEO and co-founder Miguel Garza said that the family was excited to embrace the next step on its journey under the ownership of PepsiCo and bring its “inclusive, better-for-you products to more people”.
“Siete was created ten years ago to make heritage-inspired, Mexican-American food more widely available,” Garza added.
“We hope this next chapter for Siete serves as inspiration for other Latino businesses, showing that it's possible to build a thriving brand that honours our heritage and celebrates our culture.”
In other news, PepsiCo announced earlier this year that it had invested £13m into its Doritos factory in Coventry.
Coventry has been the home of Doritos since the brand launched in the UK in 1994, with the project involving the replacement of an exiting line and the addition of a new one.
