PepsiCo Acquires Eva Longoria-Backed Siete Foods in $1.2 Billion Deal to Boost Frito-Lay’s Tortilla Chip Game

PepsiCo has announced that it will purchase Siete Foods’ parent company, Garza Food Ventures, for $1.2 billion. This deal will help PepsiCo, which owns Frito-Lay, expand its snack options as more consumers turn to private-label brands to save money.

Siete Foods, which is supported by actress Eva Longoria, is famous for its grain-free tortilla chips and taco shells. The company also makes products like enchilada sauce and Mexican wedding cookies. Siete’s products are sold in 40,000 stores across the U.S., including major retailers like Target and Whole Foods.

Founded in 2014 by Veronica Garza, Siete Foods is a family-run business based in Texas, with seven Garza family members involved in its operations. Due to rising prices in packaged foods, many customers are choosing cheaper, store-brand snacks, which has affected brands like Siete.

The food industry has seen a lot of big deals lately. For example, in August, Mars (the company behind Snickers) bought Kellanova, which makes Pringles, in a deal worth nearly $36 billion.

PepsiCo has been working to expand its snack offerings by adding new flavors to its popular brands like Lay’s, Doritos, and Cheetos. However, the company’s North American snack business saw a 4% drop in sales in the last quarter.

The Siete Foods deal is expected to be finalized in the first half of 2025. PepsiCo’s stock rose by almost 1% following the news. The Wall Street Journal was the first to report that PepsiCo was in advanced discussions to acquire Siete Foods.

PepsiCo is expected to release its third-quarter earnings report next week.