PepsiCo, Inc., the leading snacks and beverages corporation, revealed on Friday its plans to acquire the remaining 50% stake in both Sabra Dipping Company, LLC and PepsiCo-Strauss Fresh Dips & Spreads International GmbH, commonly referred to as Obela. The financial details surrounding this transaction remain undisclosed.
The completion of these acquisitions is anticipated by the end of 2024, contingent upon standard regulatory approvals and closing conditions.
This strategic move will see PepsiCo assume full ownership of the entities responsible for producing the Sabra and Obela product lines.
PepsiCo originally established Sabra and Obela through 50/50 joint ventures with Strauss Group in 2008 and 2012, respectively, with the aim to produce and distribute refrigerated dips and spreads.
The Sabra joint venture operates out of New York, catering to the U.S. and Canadian markets. In contrast, the Obela joint venture is headquartered in Geneva, serving Australia, New Zealand, and Mexico.
Currently, Sabra stands as a leading hummus brand in the U.S., boasting nearly $400 million in retail sales.
Steven Williams, CEO of PepsiCo Foods North America, commented, "As we refine our food product lines to offer consumers more diverse options for various occasions, our objective is to fulfill the surging demand for healthier choices and convenient snacks. Expanding our presence in the nutritious, simple foods segment, specifically with refrigerated dips and spreads, in the U.S. and Canada, has long been one of our aspirations."