The company that put nacho cheese sauce on the concession-stand map now has a new owner. Empresas Polar, the family-owned Venezuelan food and beverage conglomerate founded in 1941, has acquired Ricos Products Co., the fifth-generation San Antonio brand widely credited as the originator of concession nachos. The deal, struck through Polar's U.S. subsidiary Alimentos Polar International, Inc., adds one of foodservice's most recognizable stadium and theater snack brands to a portfolio that already spans precooked corn flour, malt beverages, frozen foods, and mayonnaise across multiple markets.
Terms were not disclosed. Ricos will remain headquartered in San Antonio, and its existing management team will stay in place — a structure that signals continuity for the chain restaurants, movie theaters, stadiums, and retail accounts that rely on the brand.
Why the Deal Matters
For foodservice and concession operators, the ownership change carries practical implications. Empresas Polar brings more than 15 years of U.S. manufacturing experience — including a grain and cereals plant in Greenville, Texas, opened in 2014 to support its P.A.N. brand — and the financial capacity to accelerate what has historically been a lean, family-run operation. Ricos sells cheese sauce, tortilla chips, popcorn, and related products in more than 80 countries, with distribution spanning branded retail, cinemas, stadiums, and broader foodservice channels. The combination positions Ricos for broader international reach under a parent company already operating in Venezuela, Colombia, the United States, Spain, and other markets.
Tony Liberto, family member and Chief Executive Officer of Ricos, framed the deal as a path to faster growth without sacrificing the brand's century-old identity. "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," Liberto said. Lorenzo Mendoza, President and CEO of Empresas Polar, pointed to shared heritage as the deciding factor: "As a family-owned company ourselves, we understand the importance of preserving that legacy."
Concession Snacks in Consolidation
The acquisition reflects a broader consolidation trend in the concession and snack food segment, where suppliers to stadiums, arenas, and entertainment venues have drawn renewed interest from strategic acquirers following the post-pandemic rebound in live events and theatrical attendance. Cheese sauce and nacho kits occupy a high-velocity, high-margin niche in venue foodservice — one that proved durable even as broader consumer packaged goods categories faced volume pressure.
For operators sourcing from Ricos, the near-term message is stability: same team, same San Antonio base, same product lines. Longer term, Empresas Polar's stated ambition to bring Ricos products to more consumers worldwide suggests the brand could expand its foodservice distribution footprint beyond its current 80-country reach. BofA Securities and Norton Rose Fulbright advised Ricos; Balandra Capital and Skadden advised Empresas Polar.
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.
