|Austin, TX – February 4, 2019 – Siete Family Foods, an Austin-based, better-for-you Mexican-American food brand, has announced that in November 2018 the company successfully raised $90 million in new funding through a minority investment led by Stripes Group. Aspect Consumer Partners acted as the exclusive financial advisor to Siete Family Foods.|
The latest funding will be used to support Siete’s continued growth, particularly in staffing, new product development and distribution. Siete employs 40 full-time staff members and plans to nearly double that in 2019. Siete products, including grain-free chips, grain-free tortillas, hot sauces, cashew queso and an expanding lineup of heritage-inspired products, can be found in more than 4,400 stores across the country. They are also available for purchase online at sietefoods.com.
“We have been close to the Garzas and the Siete story for two years, starting first as loyal customers, fans and friends,” said Stripes Group Partner, Karen Kenworthy. “Siete’s celebration of family and Mexican-American heritage has created a truly organic brand ethos that connects to a broad audience. Siete is special-it’s not often you come across a team driven by such unique values rooted in family, inclusivity, innovation and a broad commitment to bringing the consumer better-for-you alternatives. We’re looking forward to joining Siete on this exciting journey as they build an iconic Mexican-American brand platform for today’s generation.”
“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,” said Miguel Garza, Siete Family Foods co-founder and Chief Executive Officer. “Customers are going to be seeing even more of Siete as we continue to innovate and develop new products in our growing line of better-for-you Mexican-American food.”
Siete was founded in 2014 by siblings Veronica and Miguel Garza and their mother Aida Garza. After being diagnosed with multiple autoimmune disorders, Veronica Garza adopted a grain-free, low inflammation diet in order to alleviate and manage her symptoms. Veronica began experimenting with grain free recipes her entire family of seven (siete) could enjoy, 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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Aspect Consumer Partners, a leading consumer products M&A, strategic and corporate finance advisory firm, acted as exclusive financial advisor to Siete Family Foods in connection with the transaction.
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