Mubasher: PepsiCo, the international food and beverage company, has signed an agreement to acquire Hangzhou Haomusi Food Co. (Be & Cheery), one of the largest snack brands in China, from Haoxiangni Health Food at a total value of $705 million.
This acquisition marks an important step for PepsiCo, which has been offering its services in China for 40 years, as it will help the company achieve its objective to become China’s leading consumer-centric food and beverage company, according to a recent press release.
Be & Cheery offers products from nuts, dried fruits, meat snacks, baked goods to confectionery, mainly via the major e-commerce platforms in China to respond to consumer trends.
Commenting on the acquisition, the CEO of PepsiCo Greater China, Ram Krishnan, said: “Be & Cheery adds direct-to-consumer capability, positioning us to capitalise on continued growth in e-commerce, and a local brand that is able to stretch across a broad portfolio of products, through both online and offline channels.”
Meanwhile, the chairman of Haoxiangni, Jubin Shi, “Haoxiangni will focus on developing red dates and local specialty agricultural products in the future. We aim to expand our value chain and supply chain, in the purpose of supporting rural revitalization and achieving win-win outcomes for all.”