PepsiCo is set to acquire full ownership of Sabra Dipping Company and Obela, taking over the remaining 50 per cent stakes in both businesses from Strauss Group.
This move makes PepsiCo the sole owner of the popular Sabra and Obela refrigerated dips and spreads brands, which have been joint ventures with Strauss since 2008 and 2012, respectively.
Sabra, headquartered in New York, serves the U.S. and Canadian markets, while Obela, based in Geneva, operates in Australia, New Zealand, and Mexico. Sabra has become a household name in North America, particularly for its hummus products, which generate nearly $400 million in annual retail sales.
PepsiCo’s Chief Executive Officer of Foods North America, Steven Williams, highlighted the strategic importance of this acquisition.
“As we evolve our food portfolio and bring people more choices for more occasions, our aim is to meet the growing demand for positive choices and on-the-go options. Nutritious, simple foods like refrigerated dips and spreads represent a space we have long desired to expand in the U.S. and Canada.”
Williams also expressed gratitude for the partnership with Strauss Group, which has spanned over 15 years, and looked forward to the future of the Sabra and Obela brands under PepsiCo’s sole ownership.
This acquisition aligns with PepsiCo’s broader strategy of transforming its portfolio to include more nutritious and consumer-friendly options. The company aims to innovate further in the fresh dips category, catering to the rising demand for health-conscious and convenient food choices.
The transactions are subject to standard closing conditions and are expected to finalise by the end of 2024. Financial terms of the deal have not been disclosed.
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Source: https://www.c-store.com.au/
