PepsiCo to Acquire Austin-Based Siete Foods for $1.2 Billion

PepsiCo Inc. has signed a definitive agreement to acquire Siete Foods, an Austin-based company renowned for its gluten-free products, for $1.2 billion. Siete Foods, legally known as Garza Food Ventures LLC, was established in 2014 by siblings Veronica and Miguel Garza. The company rapidly gained popularity for its grain-free, gluten-free, and dairy-free food selections. The company's signature products, including tortillas, chips, potato chips, cookies, and seasonings, are available on 40,000 retail shelves throughout North America. These shelves include significant outlets such as Costco, H-E-B, and Whole Foods..

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The transaction is anticipated to be finalized in the first half of 2025, contingent upon the receipt of customary regulatory approvals. It remains uncertain whether the acquisition will lead to a relocation of Siete's headquarters or substantial operational modifications. Nevertheless, Miguel Garza, the CEO of Siete, suggested that the company may expand under PepsiCo's stewardship.

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Garza stated in a statement that Siete was established ten years ago to increase the accessibility of Mexican-American cuisine that is inspired by heritage. "We are enthusiastic about collaborating with PepsiCo to expand the reach of our inclusive, health-promoting products." We aspire for this subsequent chapter to serve as an example for other Latino enterprises.

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Siete Foods has recently expanded its operations by subleasing more than 50,000 square feet of space in Southeast Austin. Eva Longoria, an actress and businesswoman, became an investor and strategic advisor for Siete earlier this year, enhancing the company's potential for expansion.

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By leveraging PepsiCo's support, Siete intends to broaden its presence in the healthier food market while respecting its cultural heritage.

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