EL PASO, TEXAS — Novamex, an importer and marketer of Mexican soft drinks and grocery products in the United States, has acquired Tio Gazpacho for an undisclosed sum. The ready-to-drink soup start-up previously raised funds from 301 INC, the business development and venture capital arm of General Mills, Inc.
“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.”
Launched in 2014, Tio Gazpacho was inspired by founder Austin Allan’s four years living abroad in Spain. Mr. Allan partnered with chef and restaurateur José Andrés to develop a line of five flavors of portable, chilled soup sold in Northeast, West coast and Chicago markets and online.
“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, vice-president 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.”
Brands marketed in the United States by El Paso-based Novamex include Jarritos, Sidral Mundet and Sangria Señorial. The company was founded in 1986 and has a portfolio of more than 160 products.
“With the brand now stewarded by Luis and his team of talented executives at Novamex, Tio’s future is in great hands,” said Jim Tonkin, who served as chairman of Tio Gazpacho’s board.