PepsiCo Agrees to Buy Bulgaria's Leading Nuts and Seeds Company

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PepsiCo Agrees to Buy Bulgaria's Leading Nuts and Seeds Company

PepsiCo announced today that it has reached a definitive agreement to purchase Penelopa, Bulgaria's leading producer and seller of branded nuts and seeds.

Penelopa, founded 10 years ago by current owner Yanko Lolov, sells peanuts, sunflower seeds and other savory snacks throughout Bulgaria, principally through its dedicated national direct distribution system. The company operates one plant, located in Sliven, and employs nearly 200 people.

"Penelopa is an outstanding company that will dramatically increase our presence in Bulgaria, a consumer market enjoying robust economic growth, as well as in the broader Balkans region," said Michael White, PepsiCo vice chairman and chief executive officer of PepsiCo International. "Furthermore Penelopa's line of high quality nuts and seeds is very consistent with our global focus on addressing consumers' growing interest in health and wellness."

Currently PepsiCo savory snacks under the Lay's, Ruffles, Cheetos and Doritos brands are imported into Bulgaria from Romania, Greece and Turkey. A variety of PepsiCo beverage brands also are available in Bulgaria, including: Pepsi, Pepsi Light, Pepsi Twist, Pepsi X, 7UP, Mirinda, Evervess, Mountain Dew and Gatorade.

Terms of the agreement were not disclosed.

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