IRVING, TEXAS — Tortilla chips and salsa maker Xochitl, Dallas, is joining private investment firm Forward Consumer Partners.
Forward Consumer Partners said it acquired a 50% ownership stake in the company. Carlos Salinas, founder, chief executive officer, and chairman emeritus of Xochitl, will retain a 50% interest in the company.
Xochitl is Forward Consumer Partners’ second acquisition under its $425 million Fund I, which closed in December 2023, according to the company.
Xochitl was founded in 1995 as a salsa recipe that was passed down in the Salinas family. Salinas then took his family’s salsa recipe and shared it with consumers but could not find the perfect tortilla chip to pair it with. After numerous development tests, the company created its original white corn tortilla chip.
The company makes its white corn chips in-house that are labeled USDA certified organic and are oven-baked and quick fried.
Chip flavors include sprouted corn chips, picositos con limon, organic blue, the dipper, no salt, organic white and salted corn chips.
Xochitl’s salsas feature a blend of fire roasted Habanero peppers, roasted onions and herbs. Salsa flavors include chipotle, asada verde, habanero and stone ground.
“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. “Forward brings the vision and execution to help achieve our aspirations, and I couldn’t be more excited to embark on this journey together.”
With the acquisition Matt Leeds, founder and managing partner of Forward Consumer Partners, will become chairman of Xochitl.
“There is so much to love about Carlos’ story and the brand he has created,” Leeds said. “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.”Enjoying this content? Learn about more disruptive startups on the Food Entrepreneur page.
