A born and raised Austin firm goes massive time. PepsiCo introduced Tuesday that it’ll buy Siete Meals for $1.2 billion.
In an announcement Tuesday, PepsiCo stated the acquisition will complement the model’s portfolio with the addition of an “genuine, Mexican-American model,” whereas additionally rising the corporate’s roster of more healthy meals choices.
“The Garza household has constructed a really particular model. Their ardour for making and sharing meals shines via in each Siete product, and that is a ardour we share at PepsiCo,” stated Ramon Laguarta, chairman and CEO of PepsiCo. “PepsiCo believes within the spirit and authenticity of the Siete model, and we’re excited to hold on the legacy created by the Garza household. We look ahead to increasing our multicultural portfolio with these unbelievable merchandise and much more shoppers discovering and having fun with Siete. ”
Miguel Garza, Siete Meals CEO and co-founder, stated the model is happy for the change and for a way his household’s model will match throughout the choices PepsiCo already has.
“We hope this subsequent chapter for Siete serves as inspiration for different Latino companies, exhibiting that it is potential to construct a thriving model that honors our heritage and celebrates our tradition,” he stated.
Who’s Austin’s Siete Meals?
Siete Meals, which has been on a sizzling streak lately, was based in Austin in 2014 by Veronica Garza, a College of Texas graduate. The thought for the corporate happened after Garza was identified with autoimmune ailments whereas in highschool and faculty.
In response, Garza and her household altered typical Mexican recipes to accommodate her well being wants. In keeping with the model’s web site, the altered recipes had been so profitable the household determined to create Siete Meals and take the brand new merchandise to the lots.
Since then, the model has steadily grown in reputation and could be present in abundance in fashionable grocery shops throughout the nation.
What are the main points of the acquisition
Centerview Companions LLC acted as lead monetary advisor to PepsiCo. Citi additionally served as monetary advisor. Gibson Dunn & Crutcher LLP is appearing as authorized advisor to PepsiCo. Lazard is appearing as monetary advisor to Siete and Weil, Gotshal & Manges LLP. Armbrust & Brown PLLC can also be appearing as authorized advisor to Siete.
Beck Andrew Salgado covers trending matters within the Austin enterprise ecosystem for the American-Statesman, To share further ideas or insights with salgado, e mail Bsalgado@gannett.com.
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