PURCHASE, NY And AUSTIN, Texas, Oct 1, 2024 /PRNewswire/ — PepsiCo, Inc. (NASDAQ: PEP) (“PepsiCo”) today announced that it has entered into a definitive agreement to acquire Garza Food Ventures LLC, dba Siete Foods (“Siete”) $1.2 billion.

The acquisition will add an authentic Mexican-American brand to PepsiCo's portfolio while expanding its healthier food offerings. Siete products will bring a rich, new aspect to PepsiCo's multicultural portfolio with delicious foods that play an important role in dining occasions and dining experiences.

Founded in 2014, Siete produces authentic, heritage-inspired tortillas, salsas, condiments, sauces, cookies, snacks and more. Siete's products are available in grocery stores, club stores and organic food retailers primarily in the United States

“The Garza family has built a very special brand. “Your passion for preparing and sharing food comes through in every Siete product, and that’s a passion we share at PepsiCo,” said Ramon LaguartaChairman and CEO of PepsiCo. “PepsiCo believes in the spirit and authenticity of the Siete brand and we are excited to continue the legacy created by the Garza family. We look forward to expanding our multicultural portfolio with these incredible products and helping even more consumers discover and enjoy them.”

“Siete was founded ten years ago to make heritage-inspired Mexican-American foods more widely available. Now we’re excited to usher in a new era with PepsiCo and bring our inclusive, healthier products to more people,” said Miguel GarzaCEO and co-founder of Siete Foods. “We hope this next chapter for Siete serves as an inspiration for other Latin American companies and shows that it is 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. Further terms of the acquisition were not disclosed.

Centerview Partners LLC served as lead financial advisor to PepsiCo. Citi also acted as financial advisor. Gibson Dunn & Crutcher LLP is acting as legal counsel to PepsiCo. Lazard is serving as financial advisor to Siete and Weil, Gotshal & Manges LLP and Armbrust & Brown, PLLC are acting as legal advisor to Siete.

About PepsiCo
PepsiCo products are enjoyed by consumers more than a billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than 91 billion dollars Net sales increase in 2023, driven by a complementary beverage and prepared foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that more than generate 1 billion dollars each in estimated annual retail sales.

PepsiCo is guided by our vision to become the global leader in beverages and prepared foods through success with pep+ (PepsiCo Positive). pep+ is our end-to-end strategic transformation that puts sustainability and human capital at the heart of how we create value and growth by operating within the boundaries of our planet and inspiring positive change for the planet and people. For more information, visit www.PepsiCo.com.

About Siete Family Foods
Siete Foods is committed to promoting inclusivity at the table by offering delicious, heritage-inspired Mexican-American foods to suit a variety of dietary needs and preferences. Founded in 2014 Austin, TXSiete brought together all seven (siete) members of the Garza family on their journey to health. Siete's products include meals and macro snacks including grain-free tortillas, enchilada sauces, taco seasonings, botana sauces, Mexican cookies, vegan beans, grain-free puffs and salsas, available at 40,000 retailers and online at sietefoods.com. Join the family@sietefoodson Facebook and Instagram.

Warning from PepsiCo
Statements in this release that are “forward-looking statements” are based on currently available information, operating plans and projections about future events and trends. Terms such as “believe,” “expect,” “future,” “intend,” “may,” “plan,” “position,” “potential,” “should,” “will,” or similar statements or variations thereof words and others Similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those anticipated in such forward-looking statements. These risks and uncertainties include, among others: the risks associated with deadly conflict Ukraine; future demand for PepsiCo products; damage to PepsiCo's reputation or brand image; product recalls or other problems or concerns with product quality and safety; PepsiCo's ability to compete effectively; PepsiCo's ability to attract, develop and retain a highly skilled and diverse workforce or to effectively manage changes in our workforce; water shortages; changes in the retail landscape or sales to key customers; disruption to PepsiCo's manufacturing operations or supply chain, including continued increases in raw material, packaging, transportation, labor and other input costs; political, social or geopolitical conditions in the markets in which PepsiCo's products are manufactured, manufactured, distributed or sold; PepsiCo's ability to expand its business in developing and emerging markets; changes in economic conditions in the countries in which PepsiCo operates; future cyber incidents and other disruptions to our information systems; failure to successfully complete or manage strategic transactions; PepsiCo's reliance on third-party providers and enterprise-wide systems; climate change or measures to address climate change and other sustainability issues; strikes or work stoppages; failure to realize the benefits of PepsiCo's productivity initiatives; deterioration in estimates and underlying assumptions regarding the future performance of our business or investments, which may result in impairment losses; fluctuations or other changes in exchange rates; any downgrade or potential downgrade of PepsiCo's credit rating; imposition or proposed imposition of new or increased taxes on PepsiCo's products; imposing restrictions on the marketing or sales of PepsiCo's products; changes in laws and regulations relating to the use or disposal of plastics or other packaging materials; Failure to comply with personal data protection and privacy laws; increases in income tax rates, changes in income tax laws or disagreements with tax authorities; Failure to adequately protect PepsiCo's intellectual property rights or violation of the intellectual property rights of others; failure to comply with applicable laws and regulations; and potential liabilities and costs arising from litigation, claims, legal or regulatory proceedings, inquiries or investigations.

For more information about these and other factors that could cause PepsiCo's actual results to differ materially from those set forth herein, please see PepsiCo's filings with the SEC, including its most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q and 8-K. Investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date they are made. We undertake no obligation to update any forward-looking statements as a result of new information, future events or otherwise.

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SOURCE PepsiCo, Inc.

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