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- Siete Family Foods
Siete Family Foods Acquisition, Valuation, Funding & Investors
Siete Family Foods was acquired by PepsiCo for $1.2B in October 2024, a 2.4x multiple on $500M of revenue.
Siete Family Foods revenue at acquisition
$500M
Last twelve months · Oct 2024
Siete Family Foods revenue multiple at acquisition
2.4x
EV/Revenue · Oct 2024
Siete Family Foods EBITDA multiple at acquisition
12.0x
EV/EBITDA · Oct 2024
About Siete Family Foods
Siete Family Foods is an Austin-based producer of grain-free Mexican-inspired foods using cassava flour, almond flour, and plantain. Products include tortillas, chips, salsas, and seasonings free of wheat, rice, and corn, distributed in Whole Foods, Target, and Walmart across the U.S. The company reported $100 million in retail sales in 2022.
Founded
2014
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Product sales
Revenue
$500M (Oct 2024)
Valuation
$1.2B (acquired Oct 2024)
Sectors
Siete Family Foods Acquisition
Siete Family Foods was acquired by PepsiCo for $1.2B on 1 October 2024.
The acquisition price implies a 2.4x revenue and 12.0x EBITDA multiple on $500M of revenue.
Before the acquisition Siete Family Foods had raised $90M across 1 funding round.
Siete Family Foods, operating as Garza Food Ventures LLC and founded in 2014 by the Garza family in Austin, Texas, produces authentic Mexican-American foods including grain-free tortillas, chips, salsas, seasonings, sauces, cookies, and snacks using simple, better-for-you ingredients like almond flour, with products available in over 37,000 grocery, club, and organic stores across the U.S. The company projected $500 million in annual revenue by end of 2024 and previously raised $90 million from Stripes in 2018 while adding actress Eva Longoria as an investor. PepsiCo, a global food and beverage giant headquartered in Purchase, N.Y., with over $91 billion in 2023 net revenue from brands like Lay's, Doritos, Gatorade, and Quaker, announced a definitive agreement on October 1, 2024, to acquire Siete for $1.2 billion, with the deal closing on January 17, 2025. The acquisition expands PepsiCo's multicultural and better-for-you portfolio, complementing prior purchases like PopCorners, Bare, Stacy's Pita Chips, and Sabra by adding heritage-inspired products for meal occasions and cultural experiences, while preserving Siete's authenticity and family legacy. PepsiCo CEO Ramon Laguarta and North America CEO Steven Williams emphasized shared passion for nutritious, simple foods and commitment to scaling distribution via PepsiCo's supply chain, projecting $50 million in annual cost savings from optimized procurement and logistics. Siete CEO Miguel Garza highlighted the partnership's potential to inspire Latino businesses and broaden access to inclusive products honoring Mexican-American heritage. Strategic benefits include accelerating Siete's growth into more stores like Target and Kroger, capturing health-focused trends toward organic and lower-sodium options, enhancing PepsiCo's ESG credentials through Siete's sustainable sourcing, and driving earnings accretion via synergies in the premium snacks market.
| Acquirer | Date | Type | Price | EV/Revenue | EV/EBITDA |
|---|---|---|---|---|---|
| 1 Oct 2024 | Strategic M&A | $1.2B | 2.4x | 12.0x |
Siete Family Foods Funding History
Siete Family Foods has raised a total of $90M across 1 funding round.
Siete Family Foods funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Feb 2019 | Undisclosed stage | Stripes (lead); AF Ventures | $90M | Siete Family Foods is a Mexican-American family-owned brand founded by Veronica and Miguel Garza, specializing in grain-free tortillas, chips fried in avocado oil, and plant-based and dairy-free dips. The company was started out of necessity when co-founder Veronica Garza needed to eliminate grains from her diet due to a health condition. The company bootstrapped from its 2014 launch through organic growth before accepting outside capital. In February 2019, Siete Family Foods raised $90 million from Stripes Group, marking the company's first institutional investment. At the time of the funding round, Siete's products were already distributed across more than 4,000 supermarkets nationwide, demonstrating significant market traction without relying on external funding. The company had released 14 new product offerings in the year prior to the funding announcement and was planning to use the capital primarily for staffing, innovation, sales, and marketing to scale to its goal of becoming a billion-dollar company. Stripes Group, which had previously helped scale companies like GrubHub/Seamless, Blue Apron, and Califia Farms, was expected to be Siete's first and last institutional investor according to CEO Miguel Garza. |
Who has invested in Siete Family Foods?
2 investors have backed Siete Family Foods across its funding rounds, including Stripes and AF Ventures.
Lead investors include Stripes.
Siete Family Foods Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
This data is available for Pro users. Sign up to see all 2 Siete Family Foods investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialSiete Family Foods Competitors
Siete Family Foods competitors include listed companies like Betagro, Grupo Kuo, Lassonde and Herbalife, and private ones like Prosur and CJ America.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $1.2B | - | ||
| Private | - | - | $1.2B | - | ||
| Publicly listed | $3.7B | $417M | $1.2B | 0.5x | ||
| Publicly listed | $2B | $226M | $1.2B | 0.5x | ||
| Publicly listed | $2.1B | $246M | $1.2B | 0.8x | ||
| Publicly listed | $5B | $602M | $1.2B | 0.6x |
Siete Family Foods Public Comps
Siete Family Foods is no longer listed, but its public comps include Betagro, Grupo Kuo, Lassonde, Herbalife, Mezzan Holding, Fever-Tree, Kri-Kri Milk Industry, Dole, Italmobiliare and AIR Global.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $3.7B | $417M | 0.5x | 0.5x | 4.5x | 5.0x | |||
| $2B | $226M | 0.7x | 0.5x | 6.7x | 4.5x | |||
| $2.1B | $246M | 0.7x | 0.8x | 6.4x | 6.1x | |||
| $5B | $602M | 0.6x | 0.6x | 5.1x | 4.6x | |||
| $966M | $114M | 1.5x | 1.5x | 13.1x | 9.7x | |||
| $436M | $43M | 2.6x | 2.2x | 26.9x | 18.0x | |||
| $379M | $56M | 3.2x | 2.7x | 21.9x | 16.8x | |||
| $9.2B | $334M | 0.3x | 0.3x | 7.6x | 6.4x | |||
This data is available for Pro users. Sign up to see all Siete Family Foods competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Siete Family Foods
| When was Siete Family Foods founded? | Siete Family Foods was founded in 2014. |
| Where is Siete Family Foods headquartered? | Siete Family Foods is headquartered in Austin, TX, United States. |
| Is Siete Family Foods publicly listed? | No, Siete Family Foods was acquired by PepsiCo in October 2024. |
| Who acquired Siete Family Foods? | Siete Family Foods was acquired by PepsiCo in October 2024. |
| How much was Siete Family Foods acquired for? | Siete Family Foods was acquired for $1.2B in October 2024, a 2.4x revenue multiple. |
| How much funding has Siete Family Foods raised? | Siete Family Foods has raised $90M across 1 funding round. |
| What was Siete Family Foods' last funding round? | Siete Family Foods' last funding round was a $90M undisclosed-stage round in February 2019, led by Stripes. |
| Who are Siete Family Foods' investors? | Siete Family Foods' investors include AF Ventures and Stripes. |
| Which companies are comparable to Siete Family Foods? | Companies comparable to Siete Family Foods include Prosur, CJ America, Betagro, Grupo Kuo, Lassonde and Herbalife. |
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