If you’ve ever wanted a PepsiCo account, this might be the on ramp
Steve’s breakdown: Bare Foods is now part of Frito-Lay and will be launching all kinds of new products which will be requiring advertising. Right now they use a “Health Lifestyle” design firm that I think will be replaced.
SAN FRANCISCO, CA: PepsiCo said it is buying Bare Foods Co, a producer of fruit and vegetable-based snacks.
Purchase, New York-based PepsiCo did not make the financial terms of the agreement public.
The acquisition of Bare Foods furthers PepsiCo’s recent commitment to investing in healthier snacking options. The food and beverage giant earlier developed Simply Tostitos organic tortilla chips and Simply Organic Doritos, reported The New York Times.
PepsiCo’s decision to expand into healthy snacking options falls under an initiative it calls “Performance with Purpose.”
“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. Bare Snacks fits perfectly within that vision,” said Indra Nooyi, chairman and CEO of PepsiCo in her statement announcing the decision.
Bare Foods was founded in 2001 by a family-owned farm in Washington state that decided to sell baked apple chips at local farmers’ markets. The company has since expanded into banana and coconut chips, as well as its most recent endeavor of selling baked vegetable chips.
“We are thrilled to work with the PepsiCo team to further our mission of bringing simplicity to snacking,” said Santosh Padki, CEO of Bare Foods. “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.”
Upon closing of the agreement, Bare Foods will continue to operate from its headquarters in San Francisco, with their leadership reporting to Frito-Lay headquarters, a division of PepsiCo.
PepsiCo Inc. (NASDAQ: PEP) has a full food and beverage portfolio, including 22 brands like Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana that together generate over $1 billion in annual estimated sales.