PepsiCo, Inc. today announced it has entered into a definitive agreement to acquire Bare Foods Co. (doing business as Bare Snacks), a U.S.-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, while also reducing added sugars, salt, and saturated fat. Bare Snacks fits perfectly within that vision,” said Indra Nooyi, chairman and chief executive officer of PepsiCo. “The Bare Snacks leadership team has done an outstanding job building a top-tier organization and a strong brand with authentic roots, and I couldn’t be more excited to welcome Bare Snacks to the PepsiCo family.”
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 the leader in apple, banana and coconut snacks. It has recently expanded into vegetable chips and offers the industry’s broadest assortment of baked crunchy fruit and vegetable chips. Bare products are made from simple ingredients that are baked, not fried. They are Non GMO Project verified, feature clean labels and are sold online and in natural and conventional retail channels across the United States.
“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, 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.
“Bare premium baked fruit and vegetable chips are an exciting expansion of Frito-Lay’s better-for-you snack offerings,” said Vivek Sankaran, president and chief operating officer for Frito-Lay North America. “While 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.”
Carlsberg has announced the departure of its chief financial officer (CFO), Heine Dalsgaard, after six years in the position. In a statement, Carlsberg said that Dalsgaard was resigning from the post to take up the role of CFO at a private equity-backed company in a different industry.
Kellogg will split into three independent companies to focus on the snack business, Reuters reported Tuesday. The snacking portfolio will comprise the main business, while the North America cereal unit and the plant-based business will be spun off. The company is also considering a sale of the plant-based business.
The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide. Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.