PepsiCo announced that it has entered into a definitive agreement to acquire Garza Food Ventures LLC, dba Siete Foods (“Siete”) for $1.2 billion.
The acquisition will complement PepsiCo’s portfolio by adding an authentic Mexican-American brand and growing its better-for-you food offerings.
“The Garza family has built a very special brand. Their passion for making and sharing food shines through in every Siete product, and that’s a passion we share at PepsiCo,” said Ramon Laguarta, Chairman and CEO of PepsiCo.
The company said in a press release that Siete products will bring a rich, new aspect to the PepsiCo multicultural portfolio, with delicious food that plays an important role in meal occasions and culinary experiences.
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Founded in 2014 in Austin, TX, Siete brought all seven (siete) members of the Garza family together on their journey to health.
“Siete was created ten years ago to make heritage-inspired, Mexican-American food more widely available. Now we’re excited to embrace a new era with PepsiCo and bring our inclusive, better-for-you products to more people,” said Miguel Garza, CEO and Co-Founder of Siete Foods.
Eva Longoria’s Magic Touch
The remarkable growth and exceptional quality of Siete Foods’ products have not only caught the attention of consumers but also that of Hollywood star and successful entrepreneur Eva Longoria. Last April, Siete Foods made a significant announcement: Longoria, with her connection to the brand, decided to join the company as an investor and strategic advisor.
In an interview with Forbes, the Hollywood star stated that she aims to help Siete Foods “build a billion-dollar food empire that celebrates our culture and is made by Mexican-Americans with a desire to make Mexican-American foods more available.”
With the acquisition of PepsiCo, Siete Foods achieved billion-dollar status.
Siete’s products span meals and macro snacks categories, including Grain-Free Tortillas, Enchilada Sauces, Taco Seasonings, botana sauces, Mexican Cookies, Vegan Beans, Grain-Free Puffs, and Salsas. They are available at 40,000 retailers and online.
“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 honors our heritage and celebrates our culture,” Garza noted.
The company expects to close the transaction in the first half of 2025.
“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,” concluded Laguarta.