Investors often compare vetting a founder to dating, and completing a deal to getting married. But Stripes Group’s latest investment is more akin to marrying into a tight-knit family. The private equity firm recently invested $90 million in Siete Family Foods, the grain-free tortilla and chip maker based in Austin that is run by nine members of the Garza family.
In this case, Siete wasn’t looking for capital, but 31-year-old CEO Miguel Garza says the family was struck by Stripes Group’s understanding of their vision. “I always lead with this ‘family first, family second, business third’ principle because it’s very important in a family-owned business that operates like a startup,” he says. “Because we sell tortilla chips, it is easy to think of us as a snack company. I told them that we want to build a Mexican food brand.” One, he adds, that he wants to build into a billion-dollar business.
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