CHICAGO -- An iconic brand with roots in the Tampa Bay area is going to be owned by a French company.
PepsiCo is selling its Tropicana brand, along with other juice brands, to French private equity firm PAI for $3.3 billion dollars.
Pepsi will keep a 39% minority interest in a new joint venture with PAI, in exchange for U-S distribution rights.
PAI's managing partner says there's growth potential in Tropicana and the other brands through investment, expansion and upscaling.
Tropicana was founded in Bradenton in 1947 by Italian immigrant Anthony Rossi, who sold it to Beatrice in 1978. It still has production facilities there.
The company's name is on the Tampa Bay Rays' home stadium, Tropicana Field.
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