PepsiCo has announced that it has entered into a definitive agreement to acquire Bare Foods (doing business as Bare Snacks), a US-based maker of baked fruit and vegetable snacks.
The transaction will expand the company's snacking portfolio and 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, whilst also reducing added sugars, salt, and saturated fat. Bare Snacks fits perfectly within that vision.
"The Bare Snacks leadership team has done an outstanding job building a top-tier organisation and a strong brand with authentic roots, and I could not be more excited to welcome the snack company to the PepsiCo family," said Indra Nooyi, Chairman and Chief Executive Officer of PepsiCo.
Bare Snacks was founded in 2001 by a family-owned organic apple farm in Washington, that began selling packaged baked apple chips in local farmers' markets. Under its current leadership team, it has expanded steadily to become a producer of apple, banana and coconut snacks.
It has recently expanded into vegetable chips and offers a broad assortment of baked crunchy fruit and vegetable chips. Bare products are made from simple ingredients that are baked, not fried.
"We are glad to work with the PepsiCo team to further our mission of bringing simplicity to snacking.
"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.
Upon closing, the snack company will continue to operate independently from its headquarters in San Francisco with its leadership reporting into Frito-Lay North America, a division of PepsiCo.
"Bare premium baked fruit and vegetable chips are an exciting expansion of Frito-Lay's better-for-you snack offerings.
"Whilst we will continue to offer the current Bare Snacks product line, we look forward to working with the Bare Snacks team to deliver new, innovative options, and ultimately expanded distribution, to meet the ever-growing consumer demands for authentic and nutritious snacks," said Vivek Sankaran, President and Chief Operating Officer for Frito-Lay North America.