Forward Announces Partnership with Xochitl
21 Mayo 2024 - 8:15AM
Business Wire
Investment Firm Enters Into 50/50 Partnership
With Carlos Salinas, Xochitl’s Founder
Forward Consumer Partners (“Forward” or the “Firm”), a private
investment firm focused on branded consumer businesses, today
announced that it has acquired a 50% ownership stake in Xochitl,
LLC (“Xochitl” or the “Company”), an enduring brand specializing in
authentic, premium tortilla chips and salsas. Carlos Salinas,
Xochitl’s Founder, CEO, and Chairman Emeritus, will retain a 50%
interest in the Company going forward.
Xochitl (pronounced “so-cheel”) began its journey in 1995 with a
salsa recipe passed down in the Salinas family for nearly a
century. As Mr. Salinas was exposing consumers to his distinctive
salsa, he struggled to find a chip that was thin enough, crispy
enough, and delicious enough to properly showcase this product.
Over five years of testing, Xochitl created its flagship tortilla
chip using simple, high-quality ingredients, lightly fried, and
packaged in an iconic craft paper bag. Xochitl has perfected its
craft over three decades and has grown steadily to become America’s
largest independent brand of corn tortilla chips. Today, Xochitl’s
chips are proudly produced in-house with 100% Non-GMO Project
Verified ingredients, organic and non-hydrogenated oils, and sea
salt from ancient seabeds.
“As I looked for the right partner for our next chapter, it was
essential to find a team with the experience, ambition, and
character to match the mission we’ve honored for three decades,”
said Mr. Salinas. “Forward brings the vision and execution to help
achieve our aspirations, and I couldn’t be more excited to embark
on this journey together.”
Xochitl marks the second acquisition from Forward’s $425 million
Fund I, which was oversubscribed and closed at its hard cap in
December 2023. Matt Leeds, Forward’s Founder and Managing Partner,
has become Chairman of Xochitl. He remarked: “There is so much to
love about Carlos’ story and the brand he has created. We see
immense opportunity to build on the authenticity, heritage, and
quality that define Xochitl, and we’re honored to help enhance the
foundation that will support the Company for its next three decades
and beyond.”
Concurrent with closing, Xochitl is pleased to announce that
Carl Lee (former CEO of Snyder’s Lance; former executive at
Frito-Lay and Nabisco) and Maura Mottolese (CEO of Firehook Bakery;
former CEO of Cholula and Tate’s Bake Shop) have joined Xochitl’s
Board of Directors to help shape the Company’s strategy going
forward.
Xochitl was advised by UBS and Norton Rose Fulbright. Forward
was advised by Piper Sandler and Kirkland & Ellis.
About Xochitl
Founded in 1995, Xochitl is a craft, heritage brand of premium
tortilla chips and salsas. The Company’s mission has always been to
provide the finest products and flavors made from authentic ancient
recipes. As America’s leading independent brand of corn tortilla
chips, Xochitl is beloved for its small-batch offerings which
deliver unmatched thinness and crispiness. Xochitl produces all its
chips in-house and is proudly Non-GMO Project Verified. For more
information, please visit xochitlsnacks.com.
About Forward Consumer Partners
Forward is a private investment firm focused on powerful brands
that make beloved products. The Firm was created to help build
enduring consumer businesses, providing each portfolio company with
the partnership, resources, experience, and ambition to make
progress toward its potential. Forward currently manages $425
million of committed capital through its debut fund, which closed
in December 2023. The Firm’s portfolio includes Firehook Bakery,
Xochitl, Via Carota Craft Cocktails, and more. For more
information, please visit forwardconsumer.com.
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