AUSTIN, Texas — A popular food and beverage corporation is preparing to take over an Austin-based food brand.
On Tuesday, PepsiCo announced a $1.2 billion agreement to purchase Siete Foods, a Mexican-American brand that sells chips, tortillas, sauces and more.
The deal is expected to be officially approved in the first part of next year, with limited specifics available at this time.
"PepsiCo believes in the spirit and authenticity of the Siete brand, and we're excited to carry on the legacy created by the Garza family," PepsiCo chairman and CEO Ramon Laguarta said.
"We look forward to expanding our multicultural portfolio with these incredible products and even more consumers discovering and enjoying Siete."
The history of Siete Foods
Siete, or Garza Food Ventures LLC, was created ten years ago in South Texas by co-founder Veronica Garza.
As a teenager, Garza was diagnosed with multiple autoimmune diseases, including lupus. In order to combat her health struggles, she worked alongside her mother to produce unique recipes, eventually crafting an almond flour-based tortilla.
"I wanted to eat tacos on something other than a piece of lettuce," Garza told KVUE last year. "I want to make enchiladas. I want to, you know, be able to enjoy all of these foods."
Ten years later, the thriving business offers a wide variety of healthy products, including grain-free Fuego potato chips, Cassava flour tortillas and Tangy Traditional sauce.
"It's really important for us that people are able to eat and enjoy Mexican-American food without feeling like they're compromising," Garza said.
Roughly four years ago, the Siete Juntos Fund, or the Together Fund, was created to provide $200,000 for new and expanding Latino companies.
Siete's manufacturing site is currently in Austin, though it's uncertain if this will change.
"We hope this next chapter for Siete serves as inspiration for other Latino businesses, showing that it's possible to build a thriving brand that honors our heritage and celebrates our culture," co-founder and CEO Miguel Garza said.
Siete sells its products not just in Texas, but throughout parts of the United States.
