US-based Siete Family Foods has secured US$90m by way of a minority investment in the firm led by Stripes Group.
The Austin, Texas-based company, which specialises in better-for-you Mexican-American food products, said the money will be used to support its continued growth, particularly in staffing, new product development and distribution.
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The percentage stake sold to Stripes and other investors has not been disclosed
Siete employs 40 full-time staff members and plans to nearly double that again in 2019. Its products, including grain-free chips, grain-free tortillas, hot sauces, cashew queso and an expanding line-up of heritage-inspired products, can be found in more than 4,400 stores across the country.
The company was founded in 2014 by siblings Veronica and Miguel Garza and their mother Aida Garza.
After being diagnosed with multiple auto-immune disorders, Veronica Garza adopted a grain-free, low-inflammation diet in order to alleviate and manage her symptoms. She began experimenting with grain-free recipes for her family of seven (siete in Spanish), developing the almond flour tortilla, Siete’s first product. The company is still family-owned and operated by all seven members of the Garza family.
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By GlobalDataMiguel Garza, Siete Family Foods’ chief executive officer, said: “We are passionate about making food that brings people together. This investment is going to provide us the resources to keep expanding, while remaining true to our core values as a family and company.”
Stripes Group partner Karen Kenworthy said: “Siete’s celebration of family and Mexican-American heritage has created a truly organic brand ethos that connects to a broad audience.”
