On October 1, 2024, PepsiCo said that it would pay $1.2 billion to purchase Garza Food Ventures, dubbed Siete Foods. The acquisition is set to bolster PepsiCo's better-for-you food offerings while expanding its multicultural portfolio. Siete Foods, a Mexican-American brand, offers a variety of heritage-inspired products, including tortillas, salsas, and snacks. Founded in 2014, Siete Foods has grown to distribute its products across 40,000 retailers in the U.S., catering to a broad spectrum of dietary preferences. The transaction, expected to close in the first half of 2025, is subject to regulatory approval and customary conditions.
PepsiCo, which operates in over 200 countries and territories, generated more than $91 billion in net revenue in 2023 through its portfolio of food and beverage brands such as Lay's, Doritos, and Pepsi-Cola. This acquisition aligns with PepsiCo's strategic transformation initiative, pep+, which focuses on sustainability and positive impact. Siete Foods, co-founded by the Garza family in Austin, Texas, aims to bring inclusive, better-for-you Mexican-American foods to a wider audience. Siete’s CEO, Miguel Garza, expressed excitement for this next chapter, seeing it as a significant milestone for Latino businesses.
