PepsiCo to purchase better-for-you Siete Foods

PepsiCo Inc. has entered into a definitive agreement to acquire Garza Food Ventures LLC, dba Siete Foods for $1.2 billion, the beverage and snack company announced today.

The acquisition of an authentic, Mexican-American brand will complement PepsiCo's portfolio and expand its better-for-you food offerings. 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.

Siete, based in Austin, Texas, is named for the seven members of the Garza family. Veronica Garza, one of the four children, was diagnosed with the autoimmune disease lupus as a teenager. She eliminated grains and gluten from her diet, which led to her making grain-free tortillas that were popular with her family and friends, Miguel Garza told New Hope Network in 2018. Miguel Garza, the youngest son, urged his sister and his mother to start the business that became Siete Family Foods.

In 2020, the brand’s tortilla chip was named Tortilla Product of the Year from Mindful Awards, an independent platform that honors conscious companies and products.

Siete has since expanded its offerings to include authentic heritage-inspired tortillas, salsas, seasonings, sauces, cookies, snacks and more. Siete's products are available at grocery stores, club stores and organic food retailers across the country. Siete’s chips, puffs and cookies are Non-GMO Project Verified and Certified Gluten Free. Most of its salsas and sauces are, as well.

"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. "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."

"Siete was created 10 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. "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."

The transaction is subject to customary closing conditions, including regulatory approval, and is expected to close in the first half of 2025. Additional terms of the acquisition were not disclosed.

Source: PepsiCo. Victoria Camron contributed to this report.