PAI Partners, a private equity firm, completed the acquisition of a majority stake in the juice brands, including Tropicana, Naked and others, from PepsiCo, a food, snack, and beverage company, for $3.3bn. "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. In addition, it will free us to concentrate on our current portfolio of diverse offerings, including growing our portfolio of healthier snacks, zero-calorie beverages, and products like SodaStream which are focused on being better for people and the planet," Ramon Laguarta, PepsiCo Chairman and CEO.