Irving-based Xochitl—known for its thin, crispy tortilla chips and assortment of salsas—has sold a 50% stake to Forward Consumer Partners, a Greenwich, Connecticut-based private investment firm focused on branded consumer businesses.
Xochitl (pronounced “SO-cheel”) specializes in authentic, premium tortilla chips and salsas. The company said Carlos Salinas, Xochitl’s founder, CEO, and chairman emeritus, will retain a 50% interest in Xochitl going forward.
“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,” Salinas said in a statement. “Forward brings the vision and execution to help achieve our aspirations, and I couldn’t be more excited to embark on this journey together.”
Salsa recipe passed down for nearly a century, but it needed a better chip
[Photo: Xochitl]
Xochitl was founded in 1995 with a salsa recipe passed down in the Salinas family for nearly a century, the company said.
As Salinas was offering samples of his distinctive salsa, the company said he struggled to find a chip that was thin enough, crispy enough, and delicious enough to properly showcase his product.
Xochitl said that over five years of testing, it created its flagship tortilla chip using simple, high-quality ingredients, lightly fried and packaged in an iconic craft paper bag. Xochitl has grown steadily to become America’s largest independent brand of corn tortilla chips, the company said.
Xochitl is the second acquisition from Forward’s $425 million Fund I, which was oversubscribed and closed at its hard cap in December.
Matt Leeds, Forward’s founder and managing partner, has become chairman of Xochitl.
“There is so much to love about Carlos’ story and the brand he has created,” Leeds said in a statement. “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 announced 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.
Get on the list.
Dallas Innovates, every day.
Sign up to keep your eye on what’s new and next in Dallas-Fort Worth, every day.
R E A D N E X T
-
A 50/50 Women on Boards event on Oct. 17 at SMU connects female leaders with insights on gaining board seats. A panel, coaches, and eight honorees are on the agenda to advance women in corporate pipelines and board diversity.
-
Rent-A-Center Inc., the Plano-based rent-to-own company, is introducing an innovative strategy as part of its 50th-anniversary celebration. A 50-day campaign called "50 Days, 50 Drops," aims to expand its brand by offering luxury products for rent from brands never-before-seen at RAC. This move is a departure from RAC's traditional offerings. The pioneering company is known for its tech-driven and flexible leasing solutions for household goods and electronics. The introduction of luxury items to its portfolio could attract new customers and engage existing ones, while setting a new standard in the rent-to-own industry. Starting today, RAC says, hot items and offers…
-
"From more advanced driver assistance systems to smarter electric vehicle powertrain systems, TI is working alongside automakers to reimagine how reliable and intelligent technology can enable safer vehicles," said Fern Yoon, director of automotive systems at TI. The new tech will be demonstrated Thursday at the 2024 CES conference in Las Vegas.
-
Mill City 50, a 50-home affordable housing community planned for a neighborhood in Southern Dallas, is slated to have its first 10 homes hit the market in early 2024. It will be the result of the project leadership of Brown-Key, whose company is a joint venture between Matthews Southwest and Dallas nonprofit Urban Specialists Inc.
![Barbara Bush, co-founder and board chair of the nonprofit Global Health Corps, right, in conversation with Shena Ashley, vice president of Capital One community impact and investment and president at the Capital One Insight Center. [Photo: Capital One Reimagine Communities Summit 2024]](http://s24806.pcdn.co/wp-content/uploads/2024/06/CO.BarbaraBushPhoto3RCS.2024-crop.jpg)
