PepsiCo acquired a 50 per cent stake in Sabra Dipping Company (Sabra) and PepsiCo-Strauss Fresh Dips & Spreads International (Obela), making it the sole owner of both companies

The transactions are expected to close by the end of this year and the additional terms of the acquisitions were not disclosed. 

Sabra and Obela are 50/50 joint ventures between PepsiCo and Strauss Group. Sabra is a well-known brand in North America, leading the hummus category, and Obela operates in Australia, New Zealand, and Mexico. 

PepsiCo said the transaction would allow it to continue restructuring its portfolio and innovations to offer more products that match the growing demand of consumers in North America. 

“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,” said Steven Williams, CEO, PepsiCo Foods North America.

“Nutritious, simple foods like refrigerated dips and spreads represent a space we have long desired to expand in the US and Canada.” 

Meanwhile, PepsiCo to acquire Siete Foods for $1.7 billion.