PepsiCo, Inc. has announced the acquisition of Garza Food Ventures LLC, dba Siete Foods, for USD1.2bn.

Over the last two decades, PepsiCo has expanded its range to include great-tasting, convenient meals and drinks that are nutritional, enjoyable, and fit into consumers’ lifestyles. The company continues to provide consumers with more positive nutrition options by decreasing salt, sugar, and saturated fat in beloved brands without sacrificing taste, as well as altering its portfolio through continual innovation and strategic acquisition.

The expanding Siete brand is the latest in a string of PepsiCo purchases, which includes PopCorners, Bare, Stacy’s Pita Chips, and most recently, Sabra. PepsiCo will use Siete to expand its portfolio of goods with nutritious, simple meals and ingredients, bringing this popular, expanding brand to new fans in even more regions.

“[…] PepsiCo officially welcomes Siete Family Foods into the PepsiCo family! Siete Foods, a family company with a passion for bringing authentic, Mexican-American flavors to the world, is a natural fit within our portfolio. Over the past two decades, PepsiCo has been on a journey to make it easier for consumers to choose the great-tasting convenient foods and drinks they want that are nutritious, enjoyable, and fit their lifestyle. Through Siete, we will transform our portfolio to provide more choices that meet consumer demand for convenient, delicious foods with simple ingredients. PepsiCo is dedicated to honoring what makes Siete so special – its unique brand, high-quality ingredients, and inclusive values. With our support, Siete will reach even more tables, sharing its flavors with more people than ever. We all look forward to this new chapter ahead!” Steven Williams, CEO of PepsiCo North America, wrote on LinkedIn.

Siete began by selling one almond flour tortilla at a co-op in Austin. More than 40,000 stores already carry a wide range of genuine, healthier items from Siete Foods, such as Grain Free Tortillas, Enchilada Sauces, Taco Seasonings, Botana Sauces, Mexican Cookies, Vegan Beans, Grain Free Puffs, Tortilla Chips, Potato Chips, and Salsas.

“Today marks a defining moment in Siete’s journey and an exciting chapter of growth and expansion for our brand. When our family founded Siete 10 years ago, it was with a heartfelt mission: to share the beauty of our Mexican-American heritage and Latino culture with the world, creating foods that everyone can enjoy, love, and feel connected to. The overwhelming support and passion we’ve seen – from the love for our products to celebrating this milestone for Latino entrepreneurship – have profoundly inspired us. As we join PepsiCo, my family and I are committed to honoring, amplifying, and continuing to build the Siete brand and welcoming even more people to join us at the table,” Miguel Garza, CEO and Co-Founder of Siete Foods, added.

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

“It’s official! PepsiCo has acquired Siete Foods, a family company that brings authentic, Mexican-American flavors to the world. We’re proud to introduce Siete Family Foods into our portfolio as we work to keep meeting the needs of consumers looking for more convenient and delicious foods with simple ingredients. Siete is a unique brand, and we’re committed to protecting the spirit and authenticity that make it so beloved by consumers. With PepsiCo’s support, Siete will have an even greater reach, bringing more flavors – and more smiles – to new tables around the world. We’re thrilled to welcome the Siete family to our team and look forward to the exciting journey ahead!” Ramon Laguarta, Chairman and CEO at PepsiCo declared via LinkedIn.