San Antonio-based Ricos Products Co., a family-owned food company credited with creating the original shelf-stable cheese sauce for concession nachos, has a new owner.
Empresas Polar, a family-owned Venezuelan food and beverage company founded in 1941, has purchased Ricos and plans to maintain its San Antonio headquarters and current management team, officials with the South American firm revealed Friday.
The companies didn’t disclose the terms of the acquisition, which was carried out through Empresas Polar’s subsidiary Alimentos Polar International Inc.
“Today marks an exciting new chapter in the Ricos story. Our family is very proud to have run a successful five-generation family business for over a century,” said Ricos CEO Tony Liberto, whose father created the business’ signature nacho cheese sauce in 1976.
The business itself was founded as a grocery in 1909 by Rosario Liberto, an Italian immigrant. Eventually, Liberto shifted his focus to selling peanuts and other snack foods.
Five generations of the Liberto family have now operated Ricos. In addition to its nacho cheese sauce, the company markets chips, popcorn and other products to retailers and concession stands worldwide.
Liberto said Empresas Polar has demonstrated that it’s the right steward for the enterprise his family built.
“Their long-term commitment will allow us to accelerate our growth and innovation, expand our reach and keep delivering high-quality products to our customers,” he added. “Our family would like to thank our loyal business partners, customers and, most importantly, our employees, who have made Ricos what it is today.”
Lorenzo Mendoza, president and CEO of Empresas Polar, said in a statement that his company values Ricos as a “true American original,” adding that he wants to invest in the company’s growth while maintaining its family legacy and San Antonio roots.
“Ricos began with a simple idea at a Texas ballpark and grew into a beloved brand with a following around the world,” added Mendoza. “We look forward to building on that remarkable history, working alongside the Ricos team and the San Antonio community to create new opportunities for growth.”
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