PepsiCo has announced that it has entered into a definitive agreement to acquire Bare Foods Co., which produces baked fruit and vegetable snack products under the name Bare Snacks.
The group said that the transaction will enable the company to further deliver on its 'Performance with Purpose vision to offer consumers more positive nutrition options'.
"For nearly a dozen years, PepsiCo has been committed to Performance with Purpose, our vision of making more nutritious products, while also reducing added sugars, salt, and saturated fat," said Indra Nooyi, chairman and chief executive officer of PepsiCo. "Bare Snacks fits perfectly within that vision."
The company was founded in 2001 in Washington, by the owners of a family-owned organic apple farm, and claims to be the leader in apple, banana and coconut snacks. It also recently expanded into the vegetable chips market.
"The Bare Snacks leadership team has done an outstanding job building a top-tier organisation and a strong brand with authentic roots, and I couldn't be more excited to welcome Bare Snacks to the PepsiCo family," Nooyi added.
Once the deal is completed, Bare Snacks will continue to operate independently from its headquarters in San Francisco with its leadership reporting into Frito-Lay North America, a division of PepsiCo.
"With a shared passion for crunchy, better-for-you snacks, PepsiCo is the right partner to help bring our simply baked fruit and vegetable snacks to even more consumers across the world and continue to grow our brand," said Santosh Padki, CEO of Bare Foods.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: European Supermarket Magazine.