PepsiCo agrees to buy Mexican-American food brand Siete Foods for $1.2B

Oct. 1 (UPI) -- The makers of Pepsi Cola agreed to pay $1.2 billion to obtain Garza Food Ventures dba Siete Family Foods, PepsiCo announced Tuesday.

"This acquisition will complement PepsiCo's portfolio with the addition of an authentic, Mexican-American brand while also growing its better-for-you food offerings," PepsiCo officials said Tuesday in a press release.

The merger adds the Mexican-American food brand that produces relatively healthful foods sold in stores throughout the country and was co-founded in 2014 by Veronica Garza in South Texas.

Garza was diagnosed with several debilitating autoimmune conditions and sought more healthful foods for her and her family of seven, which is "siete" in Spanish.

"As a Mexican-American family from South Texas, the tacos and fajitas that we used to enjoy just didn't taste the same on a lettuce leaf," Garza said. "So I began making grain-free tortillas for my family, and they loved them."

Garza said her grandmother liked the grain-free tortillas more than the traditional tortillas she had made for decades, and the family formed Garza Food Ventures dba Siete Family Foods.

"The Garza family has built a very special brand," PepsiCo chairman and Chief Executive Officer Ramon Laguarta said. "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."

PepsiCo provides food and beverage products in 200 nations and territories that generated more than $91 billion in net revenues in2023.

Its best-known products include Pepsi-Cola, Doritos, Lay's and Quaker.