PepsiCo Completes Acquisition of Siete Foods

PURCHASE, N.Y. and AUSTIN, Texas — PepsiCo, Inc. announced that it has closed the acquisition of Garza Food Ventures LLC, dba Siete Foods, for $1.2 billion. 

The growing Siete brand is the latest in a line of PepsiCo acquisitions that include PopCorners, Bare, Stacy's Pita Chips, and most recently, Sabra. PepsiCo will further expand Siete’s portfolio of products.

"We're committed to transforming our portfolio to include more positive choices that meet consumer demand for convenient and delicious products," said Steven Williams, CEO of PepsiCo North America. "We love the Siete brand for the same reason so many loyal consumers do and are dedicated to preserving its special attributes while making the brand more widely available and accessible on a broader scale." 

Siete started with a single almond flour tortilla sold in an Austin co-op. Today, the Siete Foods portfolio spans a variety of products, including grain free tortillas, enchilada sauces, taco seasonings, botana sauces, Mexican cookies, vegan beans, grain free puffs, tortilla chips, potato chips and salsas at more than 40,000 retailers.  

"Today marks a defining moment in Siete's journey and an exciting chapter of growth and expansion for our brand," said Miguel Garza, CEO and co-founder of Siete Foods. "When our family founded Siete 10 years ago, it was with a heartfelt mission: to share the beauty of our Mexican-American heritage and Latino culture with the world, creating foods that everyone can enjoy, love and feel connected to. The overwhelming support and passion we've seen — from the love for our products to the celebration of this milestone for Latino entrepreneurship — have profoundly inspired us. As we join PepsiCo, my family and I are committed to honoring, amplifying and continuing to build the Siete brand and welcoming even more people to join us at the table." 

Centerview Partners LLC acted as lead financial advisor to PepsiCo. Citi also served as financial advisor. Gibson Dunn & Crutcher LLP is acting as legal advisor to PepsiCo. Lazard acted as financial advisor to Siete, and Weil, Gotshal & Manges LLP, as well as Armbrust & Brown, PLLC, acted as legal advisors to Siete.