PepsiCo targets online snacks growth in China with definitive agreement to acquire Be & Cheery
PepsiCo, Inc. (NASDAQ: PEP) (“PepsiCo”) has announced that it has entered into a definitive agreement to acquire Hangzhou Haomusi Food Co., Ltd. (“Be & Cheery”), one of the largest online snacks companies in China, from Haoxiangni Health Food Co., Ltd. (002582.SZ) (“Haoxiangni”) for US $705 million. PepsiCo has been operating in China for nearly 40 years and this transaction marks an important step in the company’s goal to become China’s leading consumer-centric food and beverage company.
Based in Hangzhou, Be & Cheery has many product offerings across nuts, dried fruits, meat snacks, baked goods and confectionery, and predominantly sells online through the major e-commerce platforms in China. The company’s strong data-led innovation capability and flexible manufacturing and sourcing enables it to quickly adjust its product portfolio to respond to changing consumer trends.