Alimentos Polar International, Inc., the U.S. subsidiary of Empresas Polar, has acquired Ricos Products Co., the San Antonio company credited with originating the concession nacho and now one of the most widely distributed cheese-sauce and snack brands in the world. Financial terms were not disclosed.
The Strategic Fit
The deal gives Caracas-founded Empresas Polar — a family-owned food and beverage operator with more than eight decades of history and brands including Harina P.A.N. and Cerveza Polar — a direct foothold in the North American snack-food and concession channel. Ricos, founded in 1909 and now in its fifth generation of Liberto family ownership, markets nacho cheese sauce, tortilla chips, popcorn, and related products across retail, theaters, stadiums, and foodservice venues in more than 80 countries. The acquisition adds a branded concession platform to Empresas Polar's existing U.S. portfolio, which spans precooked corn flour, frozen foods, mayonnaise, milk modifiers, and malt beverages.
Ricos' operations, management team, and San Antonio headquarters will remain intact, a structure consistent with Empresas Polar's prior U.S. bolt-on approach. The company entered the American market in 2010 by acquiring a Florida production facility for beer and malt beverages, then expanded in 2014 with an International Grains and Cereals plant in Greenville, Texas, to support its P.A.N. brand.
What the Buyers Said
"Ricos is a true American original, and we have tremendous respect for what the Liberto family has built over five generations," said Lorenzo Mendoza, President and CEO of Empresas Polar. He characterized the acquisition as an opportunity to invest in Ricos' growth while preserving the brand's San Antonio identity and product quality — and to extend its reach to additional consumers globally.
Tony Liberto, family member and Chief Executive Officer of Ricos, framed the transaction as a succession decision rather than a purely financial one. "In Empresas Polar we found the right steward for Ricos: a company that shares our heritage as a family-built food company and our passion for the Ricos brand," Liberto said, adding that the partnership is intended to accelerate growth and product innovation.
Industry Context
The concession and stadium-food segment has attracted sustained acquisition interest as venue operators and distributors seek branded, shelf-stable cheese and snack solutions with proven consumer recognition. Ricos occupies a near-category-defining position in that channel, having introduced the nacho format at a Texas ballpark more than a century ago. For Empresas Polar, the deal deepens a deliberate U.S. expansion strategy that has moved from commodity-adjacent grain processing into higher-margin branded consumer products. The addition of a concession-food platform also diversifies the company's exposure beyond the Latin American diaspora consumer base that has historically anchored P.A.N. and Polar malt-beverage sales in North America.
BofA Securities served as exclusive financial adviser and Norton Rose Fulbright as legal adviser to Ricos. Balandra Capital advised Empresas Polar on the financial side, with Skadden handling legal counsel. The transaction closed October 30, 2026.
For more on dealmaking in the snack and concession space, see our coverage of recent food and beverage M&A activity and the growth of stadium foodservice.
Written by Michael Politz, Author of Guide to Restaurant Success: The Proven Process for Starting Any Restaurant Business From Scratch to Success (ISBN: 978-1-119-66896-1), Founder of Food & Beverage Magazine, the leading online magazine and resource in the industry. Designer of the Bluetooth logo and recognized in Entrepreneur Magazine's "Top 40 Under 40" for founding American Wholesale Floral, Politz is also the Co-founder of the Proof Awards and the CPG Awards and a partner in numerous consumer brands across the food and beverage sector.
