PepsiCo will buy tortilla-chip maker Siete Foods for $1.2 billion, the Frito-Lay owner said Tuesday, beefing up its portfolio amid a shift among cost-conscious consumers to private label brands.
Texas-based Siete Foods, founded in 2014 by Veronica Garza, also makes products such as enchilada sauce and Mexican wedding cookies.
The transaction is expected to close in the first half of 2025.
Deal-making in the packaged food industry has been robust as companies look to strengthen their portfolios to attract picky consumers grappling with still-high food prices.