What Does Pepsi Own?

PepsiCo (PEP -0.27%) is one of the biggest consumer products companies in the world, but Pepsi's assets go well beyond its namesake soda brand.

The company is diversified across the supermarket aisles with a portfolio that spans both food and beverage brands. Unlike rival Coca-Cola (KO +4.06%), which only owns beverages, Pepsi owns some healthy brands in addition to sodas and snacks.

Like its peers in the beverage industry, the company has grown from humble origins more than 100 years ago by launching new brands, expanding its distribution worldwide, and through a large number of acquisitions that have given it ownership of dozens of global and local brands. It also has valuable licensing arrangements with brands like Starbucks (SBUX +1.55%) and Lipton.

Although the business is placed in the consumer staples category, many of its products are discretionary purchases.

2. Frito-Lay (1965): 100% ownership

The deal that gave the modern-day PepsiCo its shape was its 1965 merger with Frito-Lay, the leading snack maker and owner of brands including Fritos, Lay's, Ruffles, and Doritos.

The deal marked Pepsi's first foray into the food industry and came just four years after The Frito Company had merged with H.W. Lay & Company, forming Frito-Lay. At the time of the merger with Pepsi, Frito-Lay had 46 plants in North America and stakes in European businesses, showing it was a sizable company at the time of the deal.

Pepsi also renamed itself from The Pepsi-Cola Company to PepsiCo after the deal, reflecting its diversification.

The Frito-Lay North America division now contributes 27% of Pepsi's total revenue, or $24.8 billion as of 2024.

3. Mug Root Beer (1986): 100% ownership

Pepsi's current root beer brand is Mug, which it acquired in 1986 when it bought the New Century Beverage Company, replacing its existing root beer brand, OnTap Draft. According to PepsiCo, root beer is the second-largest carbonated drink flavor in the U.S. after cola.

4. Tropicana (1998): 39% ownership

In 1998, PepsiCo made its biggest acquisition at the time, taking over the Tropicana juice business from the Seagram Company for $3.3 billion.

The move heightened Pepsi's competition with Coca-Cola, which acquired Minute Maid in 1960 and still owns it.

At the time, Tropicana was the leader in "not from concentrate" juice.

In 2022, Pepsi sold its majority stake in Tropicana and other juices in its portfolio for $3.3 billion, but Pepsi will retain a 39% stake in a newly formed joint venture with private equity firm PAI Partners.

5. Quaker (2001): 100% ownership

In 2001, Pepsi made a significantly larger acquisition than the Tropicana deal, shelling out $13 billion to acquire the Quaker Oats Company.

The Quaker deal brought Pepsi Quaker-branded products like oats and granola bars, but it also gave it a Gatorade, the leading sports drink brand, which was believed to be its primary reason for making the deal. Quaker also owns packaged foods brands like Rice-a-Roni, Pearl Milling Company (formerly known as Aunt Jemima), and Cap'n Crunch.

For Pepsi, the move was a response to a shift in consumer tastes away from sodas that made the company believe it needed to diversify its portfolio.

Quaker Foods North America, which does not include Gatorade, makes up between 2% and 3% of the company's total revenue, with $2.7 billion in revenue in 2024.

7. SodaStream (2018): 100% ownership

In 2018, PepsiCo made a somewhat surprising move, acquiring SodaStream for $3.2 billion. SodaStream is best known for its countertop DIY soda machines and extended Pepsi's exposure into healthier drinks since SodaStream is often used for seltzer water.

The deal represents Pepsi's interest in going further into the water and sparkling water industries, and it launched the Bubly brand around the same time.

8. Muscle Milk (2019): 100% ownership

Pepsi acquired the CytoSport sports nutrition business, the parent of Muscle Milk, from Hormel (HRL +0.50%) in 2019. Terms of the deal were not disclosed. Hormel had acquired CytoSport in 2014 for $450 million to gain the Muscle Milk brand, which is known for ready-to-drink beverages, protein powders, sports bars, and energy chews.

9. Pipers Crisps (2019): 100% ownership

To complement its snack portfolio anchored by Frito-Lay, PepsiCo acquired Pipers Crisps in 2019. Pepsi paid approximately $30 million for the U.K. brand known for its premium chips in the deal.

10. Pioneer Foods (2020): 100% ownership

Pepsi's $1.7 billion purchase of Pioneer Foods might not have gotten much attention in the U.S. because Pioneer is a South African company.

Pioneer Foods is one of South Africa's largest food producers and distributors, known for snack foods and other packaged foods, and exports to 80 countries.

12. Celsius (2022): 8.5% ownership

PepsiCo followed up the Rockstar Energy by forging a strategic partnership with Celsius Holdings, known for its sugar-free energy drinks. As part of that agreement, Pepsi invested $550 million for an 8.5% ownership stake in Celsius.

While Celsius was growing rapidly at the time, the partnership hit a roadblock in 2024 after Pepsi overstocked its inventory of Celsius, leading to revenue growth plunging for the energy drink company.

13. Siete Foods (2025): 100% ownership

Pepsi acquired Siete Foods for $1.2 billion in a deal that closed in Jan. 2025.

Siete Foods makes a wide range of grain-free snacks, including tortilla chips and tortillas made with a wide range of flours such as almond and cassava. It also makes salsa, enchilada sauce and other condiments.

14. Poppi (2025): 100% ownership

Pepsi followed up the Siete acquisition with a deal to purchase Poppi, a maker of prebiotic soda, for $1.65 billion, including $300 million in cash tax benefits.

The combination of those two moves shows Pepsi is eager to stay on top of emerging food trends.

Related investing topics

The bottom line on companies that Pepsi owns

Pepsi has grown to be a diversified packaged foods and beverages giant thanks to a combination of acquisitions, licensing, and developing its own brands.

Much like Coca-Cola, Pepsi's size gives it a competitive advantage since smaller brands find it difficult to match its distribution network and marketing expertise. Its scale also helps Pepsi increase sales for the brands it acquires since it can ramp up distribution and give it more visibility in stores with a marketing push.

So far, that strategy has worked well for Pepsi. It continues to deliver steady growth and reward investors through a rising share price and increasing dividends. It's likely to continue to execute that strategy through acquisitions and expansions.