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PepsiCo PEP.O is in advanced talks to acquire tortilla maker Siete Foods for more than $1 billion, The Wall Street Journal reported Monday, citing people familiar with the matter.
Texas-based Siete Foods is owned and operated by the Garza family of seven members.
A deal for Siete Foods could be announced soon, unless negotiations break down, according to the report.
The company’s sales process has been competitive, with the company attracting interest from private equity firms and other food companies, some of the people familiar with the matter told The Wall Street Journal.
PepsiCo declined to comment.
The deal comes as the U.S. packaged food industry sees a deal-breaker as companies seek to expand their businesses at a time when inflation-plagued consumers are cutting back on spending and turning to premium brands. distributors.
Demand for PepsiCo’s snacks and sodas, mainly in the United States, its largest market, has suffered from a series of price hikes and competition from private label brands.
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