PepsiCo is reportedly on the hunt to acquire Siete Foods

PepsiCo (NASDAQ:PEP) is reportedly in advanced talks to acquire food company Siete Foods for more than $1 billion. Sources told The Wall Street Journal that a deal could be announced soon, although other bidders are in the mix.

Siete Foods was founded in 2014 by Veronica Garza and her family in Austin, Texas. The company specializes in grain-free and dairy-free Mexican-American foods. Siete Foods offers various products, including tortillas, tortilla chips, and seasonings, made from alternative ingredients like almond flour and cassava. By 2022, it became one of the fastest-growing Latino food brands in the U.S., projecting sales of $250 million. The company’s distribution has expanded recently to include Target (TGT) and Kroger (KR) grocery stores.

PepsiCo (PEP) is lined up to report earnings on October 8.