A committed, innovative founder group developing high-quality products in a fast-growing market segment, and a lead co-investor with the resources and sector experience needed to help accelerate and optimize potential. In this video, Adams Street Partner Craig Waslin explains why we believe these were essential elements in the recipe for a successful co-investment outcome.
Transcript
For a long time, the snack aisle in American supermarkets put taste and pack size first. But as consumer awareness of healthy foods and dietary restrictions grew, a new category began to emerge.
It’s that premium, better-for-you snacking segment that third generation Mexican-Americans Miguel and Veronica Garza stepped into with Siete Foods.
Veronica developed a grain-free tortilla recipe after she was diagnosed with several autoimmune disorders, and in 2014, she started selling the product door-to-door with her brother Miguel in Austin, Texas.
The tortillas gained a loyal following, with every batch selling out, and the next year things got really exciting when Whole Foods picked up the product. Sales began to take off dramatically at that point for Siete, whose name references the seven of the members of the Garza family who were actively involved in the business.
In 2017, Stripes reached out to the Garzas after identifying Siete through a thematic effort focused on premium, natural food products.
Stripes’ experience partnering with founder-led companies, its expertise in scaling branded consumer goods, and its hands-on approach to digital strategy, marketing, team development, and product innovation resonated with Veronica, Miguel, and the Garza family.
After a two-year dialogue, Siete invited Stripes to lead its first institutional investment round.
The transaction took the form of a significant minority investment, and Stripes asked Adams Street to participate as a co-investor because of our longstanding institutional relationship with the firm.
When Stripes and Adams Street invested in the business, Siete had 19 SKUs—all natural, grain free and paleo—across four categories: tortillas, tortilla chips, dips and sauces, with the products sold through conventional and natural grocery stores.
Stripes and the Garza family strategically invested in processes and resources to properly support Siete’s rapid expansion.
Stripes helped to add an experienced Chief Financial Officer to enhance growth planning and oversight, and the company continued to build the capacity—including sales and marketing support—necessary to expand distribution and support new product development.
Siete launched innovative grain-free products along with different formats to support consumer and retailer demand.
The company continued its expansion, both via new retailers and within whitespace of existing retailers across natural, club and conventional retail channels.
Over the course of Stripes’ involvement as an investor and partner to Siete, the company continued its rapid expansion, making it an increasingly attractive acquisition target.
In late 2024, PepsiCo identified Siete as a strategic acquisition opportunity and pathway to expand its global consumer portfolio.
Pepsi closed the transaction in 2025 at a valuation of $1.2 billion, resulting in a strong investment outcome for the founders, Stripes and Adams Street.
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