NEWS IN BRIEF
Novamex acquires Tio Gazpacho, accelerating distribution and availability
Novamex owns most brands (such as Steaz) and distribution rights to the remaining brands in the US through partnerships, and long-term distribution contracts, with a focus on tapping into the Mexican-American consumer audience.
Since Austin Allan founded and launched Tio Gazpacho in 2014, the brand has garnered multiple rounds of investment including a $1.25m Series A funding round led by General Mill’s venture arm, 301 Inc. in 2016, and undisclosed sum in a Series B funding supported by existing investors.
The company’s five flavors of portable chilled soup are now sold in the Northeast, West Coast and Chicago Markets and online at Amazon.com.
When FoodNavigator-USA last spoke to Allan in July, he shared that the appetite for products like Tio Gazpacho (i.e. an on-the-go, savory products made from whole vegetables without any filler ingredients) continues to grow.
“Consumers are fitting it into their days either as a light lunch, a part of a meal, a snack, and all of the above,” Allan previously told FoodNavigator-USA.
Allan who spent four years living abroad in Spain, has incorporated culinary exploration, into its product lineup of five gazpacho flavors created in collaboration with Michelin-starred chef and restaurateur José Andrés who helped create flavors such as 'gazpacho maiz' made from corn, roasted poblano, and lime and 'gazpacho roscado' containing watermelon, cilantro, and cayenne pepper.
"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," Luis Fernandez, chief executive officer of Novamex, said.
"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," added Matt Merson, VP and general manager, of Tio.
"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."
