PepsiCo Inc unveiled a $3.3 billion sale of its Tropicana and other juice brands in North America to French private equity firm PAI Partners on Tuesday, as it looks to simplify its product range and move away from high-sugar drinks.
The company, which bought the orange juice maker in 1998 for roughly $3.3 billion and U.S.-based Naked Juice for $150 million, will keep a 39% stake in the new JV and have exclusive U.S. distribution rights for the brands. The sale will give PepsiCo funds to develop its portfolio of health-focussed snacks and zero-calorie beverages, CEO Ramon Laguarta said.
