NEW: PepsiCo says it has agreed to sell Tropicana, Naked and other North American juice brands to a French private equity firm.
The sale "reflects the uncertain role of fruit juice in the consumer’s routine long term and the ongoing concern about sugar,” said one beverage analyst.Daniel Acker / Bloomberg via Getty Images filePepsiCo announced Tuesday it has agreed to sell Tropicana, Naked and other North American juice brands to a French private equity firm.
“This joint venture with PAI enables us to realize significant upfront value, whilst providing the focus and resources necessary to drive additional long-term growth for these beloved brands,” Pepsi CEO Ramon Laguarta said in a statement.PAI will also have the irrevocable option to buy certain Pepsi juice businesses in Europe.
In 2020, the brands involved in the deal generated about $3 billion in revenue for Pepsi but trailed the company’s overall operating margin. Pepsi reported net sales of $70.37 billion in 2020.
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