CHICAGO--(BUSINESS WIRE)--Tropicana Brands Group (the “Company”) announced today that it has appointed Glen Walter as Chief Executive Officer, effective March 2, 2022. The Company, a recently formed joint venture between PAI Partners and PepsiCo, markets, innovates, manufactures and distributes premium juice products across North America and Europe.
The joint venture was formed following PAI’s acquisition of Tropicana, Naked, KeVita, Izze and other select juice brands. The acquisition, which closed at the end of January, gives PAI a controlling stake. The Company will continue to be headquartered in Chicago.
“We are excited to welcome Glen as CEO of Tropicana Brands Group,” said Frédéric Stévenin, a Managing Partner at PAI. “He is joining an already exceptional leadership team following a rigorous selection process. Tropicana Brands Group is a great addition to our portfolio, as we believe there is strong potential for innovation in the growing, fresh, natural category, and look forward to overseeing this growth alongside PepsiCo.”
Mr. Walter joins Tropicana from Mondelez International, where he was Executive Vice President, and President, North America from 2017-2022, delivering four consecutive years of sustainable, profitable growth. He brings to the Company a 30-year track record of high performance, executional excellence, and growth mindset leadership across functions in the global food & beverage industry.
“I am thrilled to be leading Tropicana Brands Group at this pivotal time working alongside the existing team that has built great momentum for these storied and iconic brands,” Walter said. “I look forward to hitting the ground running, and developing and executing our growth plans with our retail partners, customers, and suppliers.”
“We are excited to partner with PAI on this joint venture,” said Ramon Laguarta, Chairman and CEO of PepsiCo. “PAI brings a consistently strong track record of value creation in the global food & beverage industry, and Glen’s background is a perfect fit for the Company as it embarks on its next chapter. We are proud to provide continued support to these iconic, internationally recognized brands, and are confident that Glen will be a tremendous steward of them.”
About Tropicana Brands Group
Tropicana Brands Group brings together an exciting, global portfolio of some of the world’s most iconic juice brands including Tropicana, Naked, KeVita, Izze, Dole, Copella, and Punica. Established in 2022 as a joint venture between PAI Partners and PepsiCo, the company aims to promote new growth for its business, opportunities for its people and accelerate a vision to quench the world’s thirst for more delight and nourishment. With a global footprint of more than 2,000 associates that spans North America and Europe, we are proud of our industry-leading capabilities in areas that include innovation, R&D, manufacturing, distribution, sales, marketing and nutrition expertise.
About PAI Partners
PAI Partners is a pre-eminent private equity firm, investing in market-leading companies across the globe. It has significant experience in the food and beverage space and is currently invested in Tropicana Brands Group, the world’s leading manufacturer of premium juice brands, Froneri, the world’s #2 ice cream manufacturer, and Ecotone, a leader in healthy and sustainable food. It manages over €17 billion of dedicated buyout funds and, since 1994, has completed 89 investments in 11 countries, representing over €65 billion in transaction value. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential - and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.
About PepsiCo
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $70 billion in net revenue in 2020, driven by a complementary food and beverage portfolio that includes Frito-Lay, Gatorade, Pepsi-Cola, Quaker, Tropicana and Soda Stream. PepsiCo’s product portfolio includes a wide range of enjoyable foods and beverages, including 23 brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Convenient Foods and Beverages by Winning with Purpose. “Winning with Purpose” reflects our ambition to win sustainability in the marketplace and embed purpose into all aspects of our business strategy and brands. For more information, visit www.pepsico.com.
