Add-on Acquisition • Beverages

PepsiCo Acquires poppi

On March 17, 2025, PepsiCo acquired beverage company poppi for 2.0B USD

Acquisition Context

This is PepsiCo’s 11th transaction in the Beverages sector.
This is PepsiCo’s 6th largest (disclosed) transaction.
This is PepsiCo’s 19th transaction in the United States.
This is PepsiCo’s 3rd transaction in Texas.

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M&A Deal Summary
Date	March 17, 2025
Target	poppi
Sector	Beverages
Buyer(s)	PepsiCo
Deal Type	Add-on Acquisition
Deal Value	2.0B USD
Advisor(s)	Goldman Sachs (Financial) Cooley (Legal)

Target Company

poppi

Austin, Texas, United States

poppi is a prebiotic soda brand that combines prebiotics and fruit juice to create a deliciously refreshing, mouthwatering low-calorie soda with no more than 5 grams of sugar per serving. The company's brand-first approach, cultural cache, and rapid growth have nurtured an incredibly loyal community, including celebrity fans. It is available in 14 delicious flavors Strawberry Lemon, Raspberry Rose, Orange, Ginger Lime, Watermelon, Cherry Limeade, Grape, Wild Berry, Classic Cola, Root Beer, Doc Pop, Lemon Lime, Orange Cream and Cherry Cola. poppi is based in Austin, Texas.

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Buyer Overview 1

Buyer

PepsiCo

Purchase, New York, United States

Category	Company
Founded	1898
Sector	Beverages
Employees	319,000
Revenue	91.9B USD (2024)

DESCRIPTION

PepsiCo office in Columbia, Maryland.

PepsiCo is a global food and beverage company. PepsiCo's brands include Frito-Lay, Gatorade, Pepsi-Cola, Quaker and Tropicana. Through its operations, authorized bottlers, contract manufacturers and other third parties, PepsiCo makes, markets, distributes and sells a wide variety of beverages, foods and snacks. PepsiCo was founded in 1898 and is based in Purchase, New York.

Deal Context for Buyer	#
Overall	28 of 28
Sector: Beverages	11 of 11
Type: Add-on Acquisition	20 of 20
State: Texas	3 of 3
Country: United States	19 of 19
Year: 2025	1 of 1
Size (of disclosed)	6 of 9

PREVIOUS DEAL

DATE	TARGET	DEAL TYPE	VALUE
2024-10-01	Siete Foods Austin, Texas, United States Siete Foods is a food brand, that makes grain-free products based in Austin, Texas.	Buy	$1.2B

DATE

TARGET

DEAL TYPE

VALUE

2024-10-01

Siete Foods

Austin, Texas, United States

Siete Foods is a food brand, that makes grain-free products based in Austin, Texas.

Buy

$1.2B

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