PepsiCo to acquire remaining 50% interest of Sabra and Obela, terms undisclosed

PepsiCo (PEP) announced its agreement to acquire the remaining 50% interest in Sabra and PepsiCo-Strauss Fresh Dips & Spreads International, or Obela, and become the sole owner of these companies, which make Sabra and Obela products. Sabra and Obela are currently 50/50 joint ventures that had been formed between PepsiCo and Strauss Group to manufacture, distribute, and sell refrigerated dips and spreads. The Sabra joint venture is based in New York and operates in the U.S. and Canada. The Obela joint venture is based in Geneva and operates in Australia, New Zealand and Mexico. PepsiCo has focused on the fresh dips category for over 15 years, forming Sabra and Obela as 50/50 joint ventures with the Strauss Group in 2008 and 2012, respectively. Sabra has nearly $400M in retail sales in the U.S. The transactions are subject to customary closing conditions and are expected to close by the end of 2024. Additional terms of the acquisitions were not disclosed.