PepsiCo has completed the acquisition of foodservice snacking specialist Pipers Crisps after receiving the green light from the UK’s Competition and Markets Authority.

The CMA announced on 30 January that it cleared the Walkers owner’s acquisition of Pipers after launching an initial enquiry in December.

PepsiCo has announced the competition of the deal today following regulatory approval.

The US consumer giant won the race for the premium crisps brand in November after a process handled by corporate finance boutique Spayne Lindsay.

PepsiCo said the brand compliments its existing savoury snacks portfolio and will continue to focus on the out of home channel, including pubs, restaurants, cafes, hotels and farm shops, both in the UK and internationally.

The deal signifies PepsiCo’s entry into the premium hand-cooked crisps space, but it is thought the Walkers owner will eschew the brutal promotional retail environment to concentrate on growing its presence in foodservice.

Ian Ellington, General Manager, PepsiCo UK: “I am delighted to welcome Pipers into the PepsiCo family. The brand has a strong proposition which superbly complements our existing food and drink portfolio.”

James McKinney, MD of Pipers said: “This marks an exciting new chapter for us all and we look forward to working together to accelerate the growth of the Pipers brand.”

The value of the deal was undisclosed, but was reportedly around £20m at a multiple of two times sales.

Industry sources told The Grocer in November that the deal was recognition that PepsiCo was “underweight in foodservice”.

“It doesn’t have the right product for it and Pipers has a premium and hand-cooked Kettle-like product that will enable it to compete,” the source explained.