Siete Foods to be Acquired by PepsiCo for $1.2 Billion

• PepsiCo is buying Mexican-American food company Siete Foods for $1.2 billion.
• Siete's tortilla chips and other products are designed to meet dietary restrictions.
• Packaged food companies are turning to deal-making to drive sales growth.

On Tuesday, it was announced that the company was acquiring Siete Foods, a Mexican-American food company, for $1.2 billion. This marks the company's first food acquisition in approximately five years.

In recent years, Pepsi has been acquiring healthier food options to expand its portfolio, with recent additions including Bare Snacks, Health Warrior, and PopCorners.

Veronica Garza founded Siete in 2014, initially selling grain-free tortillas. The company's product line has since expanded to include tortilla chips, taco shells, salsas, and seasonings catering to various dietary needs. Whole Foods and other retailers carry Siete's products.

Pepsi CEO Ramon Laguarta stated that he is excited to increase the diversity of his product line with these exceptional items and attract more customers to Siete.

Assuming regulatory approval, the deal is anticipated to close in the first half of 2025.

Packaged food companies are experiencing a surge in deal-making this year as they acquire other companies to boost sales growth. In August, Mars announced its acquisition of Pringles parent for nearly $36 billion. This March, saw its $2.7 billion acquisition of Rao's pasta sauce maker, Sovos Brand.