Empresas Polar has bought Ricos Products Co., the San Antonio company that created concession-stand nachos, adding a fifth-generation family brand to its expanding U.S. food business.
The Venezuelan food and beverage group completed the purchase through its subsidiary, Alimentos Polar International Inc., according to an announcement from Empresas Polar. Neither side disclosed financial terms.
Notably, the buyer plans no shake-up. Ricos will keep its operations, its management team, and its San Antonio headquarters.
For grocers and foodservice operators, Ricos Products is a familiar name. The snack maker sells nacho cheese sauce, tortilla chips, popcorn and other items in more than 80 countries. Its products reach branded retail shelves, movie theaters, stadiums, and other food channels.
Ricos Products Keeps Its Leaders And San Antonio Roots
Tony Liberto, Ricos CEO and a member of the founding family, described the sale as a new chapter for a business his relatives have run for more than a century. He said his family found “the right steward” in Empresas Polar, pointing to the buyer’s shared heritage as a family-built food company.
Liberto added that Polar’s long-term commitment will help Ricos speed up growth and innovation, widen its reach and keep delivering high-quality products. He also thanked the company’s business partners, customers and employees.
Meanwhile, Lorenzo Mendoza, president and CEO of Empresas Polar, called Ricos “a true American original.” He pledged to protect the brand’s people, its local roots and the product traditions customers trust. At the same time, Mendoza said Polar will invest in the snack maker’s growth and bring its products to more consumers worldwide.
BofA Securities served as Rico’s exclusive financial advisor, with Norton Rose Fulbright as legal counsel. On the buyer’s side, Balandra Capital provided financial advice, while Skadden handled legal work.
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From Arlington Stadium to More Than 80 Countries
The Liberto family business has operated in San Antonio since 1909, according to the San Antonio Report. Its defining moment, however, came decades later.
In 1976, Frank Liberto, Tony’s father, introduced concession nachos at Arlington Stadium, then home of the Texas Rangers, Smithsonian magazine reported. His version paired tortilla chips with a shelf-stable cheese sauce and jalapeños, so stands could serve fans quickly.
The idea paid off fast. That first season, Arlington Stadium sold about $800,000 worth of Ricos nachos, according to Smithsonian. The following year, the snack reached Texas Stadium, then home of the Dallas Cowboys.
Today, nearly every Major League Baseball park sells nachos, and most use Ricos cheese sauce, Texas Monthly reported. Mendoza nodded to that history in the announcement, noting that Ricos “began with a simple idea at a Texas ballpark.”
Empresas Polar Deepens Its U.S. Push
For Empresas Polar, the deal extends a U.S. strategy that spans more than 15 years. In 2010, the company bought its first U.S. production facility in Florida to make beer and malt beverages for North America and the Caribbean. Four years later, it opened its International Grains and Cereals plant in Greenville, Texas, to support its P.A.N. brand.
Today, Polar competes in several U.S. categories, including precooked corn flour, mixes, frozen foods, mayonnaise, milk modifiers and malt beverages. According to the company, that U.S. growth helped it spot new portfolio options and paved the way for Ricos.
Polar dates back to 1941 in Caracas, and the Mendoza family’s third generation leads it today. Its brands include Harina P.A.N., Cerveza Polar and Maltín Polar. Bloomberg Línea describes the group as the world’s largest producer of precooked corn flour.
The Ricos’ purchase also follows another recent expansion. In 2025, Polar acquired two pasta and corn flour plants in Barranquilla, Colombia, Forbes Colombia reported.
A Concession Classic Gains A Multinational Parent
For supermarket and foodservice buyers, the deal pairs a category pioneer with a broad international network. Ricos already ships to more than 80 countries. Now, it joins a parent with operations in Venezuela, Colombia, the United States, Spain, and other markets.
Still, neither company has detailed plans for new products, retail expansion or pricing. Instead, Polar’s choice to retain the current leadership signals continuity for retail and concession customers in the near term.