PepsiCo Announces Definitive Agreement to Acquire BFY Brands Expanding Better-For-You Portfolio and Production Capabilities
PURCHASE, N.Y., Dec. 2, 2019 /PRNewswire/ -- PepsiCo, Inc. (NASDAQ: PEP) today announced it has entered into a definitive agreement to acquire BFY Brands, the maker of PopCorners snacks. Upon closing, BFY Brands will report into PepsiCo's Frito-Lay North America division.
The addition of BFY Brands will expand Frito-Lay's snacking portfolio and further deliver on its Winning with Purpose vision to offer consumers more positive nutritious options.
"BFY Brands offers distinctive products that deliver the great taste and ingredients consumers are looking for," said Steven Williams, CEO, PepsiCo Foods North America. "Their production capabilities will support the growth of our existing, more-nutritious snack brands."
The PopCorners line of snacks is available in grocery stores nationwide and includes Flex Protein Crisps and Flourish Veggie Crisps.
The transaction is subject to customary conditions and approvals, including regulatory approvals.
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $64 billion in net revenue in 2018, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including 22 brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. "Winning with Purpose" reflects our ambition to win sustainably in the marketplace and embed purpose into all aspects of the business. For more information, visit www.pepsico.com.
PepsiCo Cautionary Statement
Statements in this release that are "forward-looking statements" are based on currently available information, operating plans and projections about future events and trends. Terminology such as "believe," "expect," "intend," "estimate," "project," "anticipate," "will," or similar statements or variations of such terms are intended to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from those predicted in any such forward-looking statement. Such risks and uncertainties include, but are not limited to: changes in demand for PepsiCo's products, as a result of changes in consumer preferences or otherwise; changes in laws related to the use or disposal of plastics or other packaging of PepsiCo's products; changes in, or failure to comply with, applicable laws and regulations; imposition or proposed imposition of new or increased taxes aimed at PepsiCo's products; imposition of labeling or warning requirements on PepsiCo's products; PepsiCo's ability to compete effectively; political conditions, civil unrest or other developments and risks in the markets where PepsiCo's products are made, manufactured, distributed or sold; the ability to protect information systems against, or effectively respond to, a cybersecurity incident or other disruption; damage to PepsiCo's reputation or brand image; failure to successfully complete, integrate or manage acquisitions and joint ventures into PepsiCo's existing operations or to complete or effectively manage divestitures or refranchisings; loss of, or a significant reduction in sales to, any key customer; disruption to the retail landscape, including rapid growth in hard discounters and the e-Commerce channel; and other factors that may adversely affect the price of PepsiCo's publicly traded securities and financial performance.
For additional information on these and other factors that could cause PepsiCo's actual results to materially differ from those set forth herein, please see PepsiCo's filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. PepsiCo undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
About BFY Brands
BFY Brands is a global, diversified, better-for-you snack company, directly addressing the growing consumer trends toward healthier living and eating. The company's primary product, PopCorners®, is a high growth, better-for-you popped corn snack with a strong track record in the club and grocery segments within the U.S. and Canada and a presence in over 40 countries and territories worldwide. BFY is also a contract manufacturer of better-for-you popped snacks. BFY employs approximately 750 people, primarily at its manufacturing facilities in Middletown, NY, and Liberty, NY. For more information, please visit www.popcorners.com.
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SOURCE PepsiCo, Inc.