PEPSICO COMPLETES ACQUISITION OF SIETE FOODS

Acquisition Overview - PepsiCo has closed the acquisition of Siete Foods for $1.2 billion, expanding its food portfolio to include more nutritious and simple ingredient options [1] - The acquisition aligns with PepsiCo's strategy to transform its portfolio to meet consumer demand for convenient, delicious, and healthier products [1][3] Strategic Rationale - Siete Foods offers a range of authentic, better-for-you products including Grain Free Tortillas, Enchilada Sauces, Taco Seasonings, and more, available at over 40,000 retailers [3][8] - The acquisition supports PepsiCo's vision to be the global leader in beverages and convenient foods by integrating sustainability and human capital into its growth strategy [6] Company Background - PepsiCo generated over $91 billion in net revenue in 2023, with a portfolio that includes iconic brands like Lay's, Doritos, Gatorade, and Pepsi-Cola [5] - Siete Foods, founded in 2014, focuses on sharing Mexican-American heritage through its products, which cater to various dietary needs and preferences [7][8] Leadership and Vision - Steven Williams, CEO of PepsiCo North America, emphasized the company's commitment to preserving Siete's special attributes while making the brand more widely available [3] - Miguel Garza, CEO and Co-Founder of Siete Foods, highlighted the brand's mission to inspire inclusivity and celebrate Latino culture through its products [4] Advisory Roles - Centerview Partners LLC and Citi acted as financial advisors to PepsiCo, while Gibson Dunn & Crutcher LLP served as legal advisor [4] - Lazard acted as financial advisor to Siete, with Weil, Gotshal & Manges LLP and Armbrust & Brown, PLLC serving as legal advisors [4]