Novamex announced the acquisition of Tio Gazpacho, a drinkable soup company with flavors inspired by Spain.
Novamex is a leading importer and marketer of Mexican soft drinks and groceries in the U.S., and is rapidly becoming a platform for the growth and development of natural and organic beverages.
“We’re thrilled to welcome the Tio brand to the Novamex family,” said Luis Fernandez, chief executive officer of Novamex. “Consistent with our Be Super Good and Stay Unique manifesto, we believe Tio’s fresh, flavorful, and portable products serve today’s consumer in a differentiated way.”
Tio Gazpacho was founded in 2014 by Austin Allan after he spent four years living abroad in Spain. Enamored with the country’s way of life and love of chilled soup, Austin knew that gazpacho could be a great way to bring a little bit of Spain to the U.S. while creating a product as delicious as it is healthy.
After partnering with Michelin-starred chef and restaurateur José Andrés, Tio has expanded its line to five unique flavors of portable chilled soup that are now sold in the Northeast, West Coast and Chicago Markets and online at Amazon.com.
Tio Gazpacho had previously raised funds from 301 INC, General Mills’ business development and venture capital arm, CircleUp Growth Fund and other investors.
“As one of Tio’s early investors, Novamex embraced the vision and promise of the brand, understanding what today’s consumers are looking for, and how Tio delivers on that promise,” said Matt Merson, VP and General Manager, of Tio Gazpacho. “Now Novamex’s full ownership and support will allow us to accelerate the distribution and availability of Tio, while optimizing the full synergistic structure of our new parent company”.
Novamex markets a variety of Mexican food and beverage brands including Jarritos, Sidral Mundet, Sangria Señorial; each brand being a leader in its category in Mexico and widely recognized by Mexican-American consumers in the US.
Jim Tonkin, who served as chairman of Tio’s board added, “I wish to thank all those who supported Tio with their investment capital and energy, including 301 INC who were indispensable in getting us to the point we are in today. With the brand now stewarded by Luis and his team of talented executives at Novamex, Tio’s future is in great hands.”
Novamex was established in 1987 with its founder’s vision to offer its products to families in the United States. Novamex’s success is due to a wide knowledge of its consumers’ preferences and a philosophy of investing in brands for the long-term through a fully integrated marketing strategy for its ever-evolving consumer.