PepsiCo Acquires Siete Foods for $1.2 Billion, Expanding Healthy Snack Portfolio

PepsiCo announced it is acquiring Mexican-American food company Siete Foods for $1.2 billion, marking its first food acquisition in five years. Siete Foods, founded in 2014 by Veronica Garza, started with grain-free tortillas and has since expanded to include tortilla chips, taco shells, salsas, and seasonings, catering to consumers with dietary restrictions. Siete’s products are sold in major retailers like Target, Kroger, and Whole Foods.

PepsiCo CEO Ramon Laguarta expressed excitement about expanding Pepsi’s multicultural portfolio with Siete’s offerings, saying, “We look forward to even more consumers discovering and enjoying Siete.” The acquisition is expected to close in the first half of 2025, pending regulatory approval.

This deal follows an uptick in acquisitions within the packaged food industry as companies look to boost sales in a shifting market. In August, Mars announced a nearly $36 billion deal to acquire Kellanova, the parent company of Pringles. Earlier this year, Campbell Soup completed its $2.7 billion acquisition of Sovos Brand, the maker of Rao’s pasta sauce.