Alimentos Polar International, a subsidiary of Empresas Polar, has acquired Ricos Products Co., the San Antonio-based originator of concession nachos and a leading supplier of nacho cheese sauce, tortilla chips, and popcorn to stadiums, theaters, and retailers across more than 80 countries. Terms were not disclosed.
The Strategic Fit
Founded in 1909, Ricos is a fifth-generation, family-owned operation with more than a century of penetration in high-volume concession channels — stadiums, arenas, and movie theaters — where its cheese sauce has become a category standard. The deal hands Empresas Polar, a Caracas-founded food and beverage conglomerate with brands including Harina P.A.N. and Cerveza Polar, a direct foothold in U.S. foodservice and concession supply at scale. Ricos' management team and San Antonio headquarters remain intact, preserving continuity with its operator and retail customer base.
Tony Liberto, family member and Chief Executive Officer of Ricos, cited strategic alignment between the two family-built companies. "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. "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."
U.S. Footprint and Growth Rationale
The acquisition extends Empresas Polar's more than 15-year build-out of U.S. manufacturing. The company entered domestic production in 2010 with a Florida facility making beer and malt beverages, then added an International Grains and Cereals plant in Greenville, Texas, in 2014 to support P.A.N. brand growth. Its current U.S. portfolio spans precooked corn flour, frozen foods, mayonnaise, milk modifiers, and malt beverages — categories concentrated in retail and ethnic foodservice. Ricos represents its clearest move yet into mainstream commercial foodservice and concessions.
For the broader concession-supply segment, the deal signals continued consolidation interest from international food and beverage players with U.S. production infrastructure and distribution ambitions. Concession-format snack supply — anchored by cheese sauce, chips, and popcorn — benefits from high-volume captive venues and relatively stable daypart demand tied to live events and cinema attendance. Ricos' 80-country distribution network also gives Empresas Polar an accelerated path for international foodservice expansion beyond its existing Latin American and European markets.
What Operators Should Watch
For stadium, arena, and cinema foodservice operators currently sourcing from Ricos, the ownership change carries minimal near-term disruption risk: existing management stays, and both companies have emphasized brand continuity and investment. The longer-term story is whether Empresas Polar's capital and international logistics capabilities translate into a wider product line, improved supply reliability, or competitive pricing pressure in the concession channel — dynamics that procurement teams in large-venue foodservice will track closely.
BofA Securities advised Ricos on the transaction; Norton Rose Fulbright served as its legal counsel. Balandra Capital advised Empresas Polar, with Skadden acting as legal advisor. The deal is consistent with an ongoing wave of strategic M&A in the foodservice supply sector, where global food groups are acquiring category-defining U.S. brands to build distribution scale.
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.
