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               Anytime you order nachos at a sporting event, there’s a good chance they came from a molten-cheese empire in San Antonio, Texas. by Zachary Crockett.
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                Issue #224
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                Sunday, September 18, 2022
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            <h2 style="font-size: 30px; font-family: 'Oswald', 'Roboto', helvetica, sans-serif; font-weight: bold; line-height: 120%; margin-bottom: 6px; margin-top: 25px;">
             <strong>
              The family that built a ballpark nachos monopoly
             </strong>
            </h2>
            <p style="font-family: Helvetica, sans-serif; font-size: 18px; line-height: 120%; padding-bottom: 10px; font-style: italic; color: #737373; margin: 0;">
             Anytime you order nachos at a sporting event, there’s a good chance they came from a molten-cheese empire in San Antonio, Texas.
            </p>
            <p style="font-family: Helvetica, sans-serif; font-size: 13px; line-height: 120%; padding-bottom: 24px; margin: 0;">
             <strong>
              BY
              <a style="color: #121212; text-decoration: underline !important; text-transform: uppercase;">
               Mark Dent
              </a>
             </strong>
            </p>
           </td>
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           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             At a Texas Rangers baseball game, the voice of a concession stand employee cuts through the din of the upper deck concourse.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “Another ballpark nacho,” she yells.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             A co-worker grabs a plastic receptacle, opens a metal vat containing a molten substance, and hands the container to the cashier. The treat arrives in all its gooey glory: crunchy tortilla chips, drizzled in golden-orange cheese sauce — jalapeño slices to top it off.
            </p>
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            <img alt="Rangers game" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Frangers_game.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
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             The Texas Rangers sell nachos for $8.50 at Globe Life Field. (Mark Dent/The Hustle)
            </p>
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          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Ballpark nachos are a concession stand staple. At Rangers games alone, 600k orders were sold last year, or
             <strong>
              1 for every 3.5 fans
             </strong>
             . For all of Major League Baseball, that statistic would translate to
             <strong>
              ~13m orders
             </strong>
             .
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             And for every order, there’s one key figure to thank: San Antonio businessman
             <strong>
              Frank Liberto
             </strong>
             .
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Decades ago, he added a twist to a popular Mexican appetizer and originated the concept of the ballpark nacho. If you’ve purchased nachos at a sporting event or a movie theater, odds are you’ve bought chips, cheese sauce, or jalapeños from the Liberto family’s longtime business.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              The invention of the original nacho
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             On a late afternoon around 1940, women from a military base in Eagle Pass, Texas, walked into a restaurant in the Mexican border city of Piedras Negras and proceeded to down four rounds of tequila-based cocktails.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Needless to say, they started to feel hungry.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The restaurant’s cook was gone, but the maître’d sprung into action.
             <strong>
              Ignacio Anaya
             </strong>
             scoured the kitchen, finding some shredded yellow cheese to sprinkle on a tortilla, adding jalapeños for an extra kick. Anaya popped the concoction into the oven, sliced it into pieces, and served it.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Anaya’s nickname, like many people named Ignacio, was “Nacho.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Anaya went on to open a restaurant, where he served the dish, aptly named Nacho’s Especial. At one point, a lawyer friend recommended Anaya patent his invention,
             <a style="color: #192733; text-decoration: underline !important;">
              a difficult proposition
             </a>
             .
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “I thought it would be too much trouble,” Anaya
             <a style="color: #192733; text-decoration: underline !important;">
              told the
              <em>
               San Antonio Express and News
              </em>
             </a>
             in 1969, “but, of course, then I didn’t know how popular they were going to become.”
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Ignacio Anaya" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fignacio_anaya.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Ignacio Anaya has long been credited as the inventor of nachos. (Photo: Nachos Mexican Grille; News headline: San Antonio Express and News via
             <a style="color: #192733; text-decoration: none !important;">
              Newspapers.com
             </a>
             )
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Nachos became a mainstay dish at Tex-Mex restaurants and even the governor’s mansion, where Texas first lady Nellie Connally whipped up nachos for her sons’ parties in the late 1960s.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Simple as the dish was, it carried near-mystical qualities. A 1949 Texas cookbook
             <a style="color: #192733; text-decoration: underline !important;">
              told
             </a>
             the story of a man carrying a dish of Nacho’s Especial, noting he would soon “forget his troubles, for nachos make one romantic.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             And soon, nachos hooked Frank Liberto.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              Peanuts, punch, and the idea of a lifetime
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Liberto was
             <a style="color: #192733; text-decoration: underline !important;">
              a self-described
             </a>
             “bald peanut-peddler” who ran a family food business, the
             <strong>
              Liberto Specialty Company
             </strong>
             . (Today it’s called
             <strong>
              Ricos
             </strong>
             .) His grandfather, Rosario, immigrated from Sicily in the early 1900s, settling in San Antonio and opening a downtown food store in 1909.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The store imported Italian coffee and olives, but the company’s most successful venture was peanuts, sold at circuses and local festivals. At the Battle of Flowers Parade in 1921, Rosario hung a sign outside his cart that read “400,000 pounds sold.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The company passed on to Rosario’s son Enrico and then to Enrico’s son, Frank Liberto. Liberto made popcorn and snow-cone syrups and turned the company into a one-stop shop operation at stadiums and movie theaters by adding janitorial services, seeking any edge for the business.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Rico's punch" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fpunch.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Before nachos, one of the top-selling items sold by Ricos was snow-cone syrup. (Courtesy Ricos)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             While eating at a Mexican restaurant one night in the mid-1970s, he pondered whether nachos, transformed into a concession-stand snack, could be his next big advantage.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The idea posed a challenge for two major reasons:
            </p>
            <ol style="font-size: 16px;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Nachos weren’t quite a delicacy, but they cost more than a hot dog.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Although they were simple to assemble, nachos took ~15 minutes to cook in the oven, an impossibly long time for people waiting at a concession stand.
             </li>
            </ol>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Undeterred, Liberto notified a top client, the Major League Baseball team the Texas Rangers, based at the city-owned Arlington Stadium. He and city employees Tony Ayala and Jerry Jones started melting cheese as an experiment. It became clear that nachos would work if pre-melted cheese could be heated on the spot.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Liberto decided to push forward. He told the family to get in the car. They were going on a “vacation.”
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              Finding the right cheese
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The Liberto family drove southwest from San Antonio into Mexico. Hours later, after a paved highway turned into a dirt road, they arrived somewhere outside Monterrey.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             There was no hotel, no resort, recalled his son
             <strong>
              Tony Liberto
             </strong>
             in an interview with
             <em>
              The Hustle
             </em>
             , just fields of neatly ordered crops belonging to the company La Costeña.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Frank Liberto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FFrank_Liberto.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Frank Liberto revolutionized his family business with the introduction of ballpark nachos. (Courtesy of Ricos)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Frank Liberto had come straight to the
             <strong>
              jalapeño
             </strong>
             source.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             La Costeña, which had just started building a US client base, agreed to a deal, and Liberto found his fresh peppers.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Back in San Antonio, securing tortilla
             <strong>
              chips
             </strong>
             was easier. Liberto asked a connection at Jimenez Food Products to make a chip “with backbone.” Jimenez perfected a design that Liberto believed would withstand a drenching of cheese sauce.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The
             <strong>
              cheese
             </strong>
             was the most important component.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Liberto knew restaurants were using cheese sauce in recipes, but he needed it to be served alone — and on a large scale. He contacted the Midwest dairy company Dean Foods.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Liberto and Dean Foods tested recipes for a year, coming up with an exclusive condensed product that required added water and jalapeño juice for the ideal viscosity. (It was not real cheese;
             <a style="color: #192733; text-decoration: underline !important;">
              nacho cheese sauce never is
             </a>
             .)
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Ricos cheese sauce cans" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FCondensed_Ricos_cheese_sauce_cans.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Condensed Ricos cheese sauce available for wholesale in San Antonio. (Mark Dent/The Hustle)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Liberto now had everything he needed for nachos, except for the support of the Texas Rangers.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The team was interested but feared the new item would cut into popcorn sales. Fans were paying ~12x the wholesale cost per box, making it the highest-margin food at the ballpark.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             So Liberto cut a deal: He would sell the nachos at a cart in the concourse separate from the concession stand. And he would make jalapeños mandatory. That way customers would crave soda and beer.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Ballpark nachos were on.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              An immediate sensation
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             For the first season in 1976, Tony Liberto helped build several red-and-white striped carts and shipped them up to Arlington Stadium.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Workers heated the cheese with electric roasters and ladled it onto the tortilla chips, sprinkling jalapeños on top. A dish of nachos sold at the stadium for $1.25, or ~$6.60 today, with a profit margin of
             <strong>
              ~80%
             </strong>
             .
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="nacho cart" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fnacho_cart.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Frank Liberto’s wife, Patricia Liberto, and daughter, Denise Pfeiffer, pose behind one of the family’s homemade carts used during the first season at Arlington Stadium. (Courtesy of Ricos)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Lines formed instantly. Liberto captured the images with an old video camera to show the team’s brass they had a new sensation on their hands.
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              In 1979, according to a 1980 story in
              <em>
               Box Office
              </em>
              , the Rangers sold
              <strong>
               531k
              </strong>
              orders of nachos, compared to 92k orders of popcorn.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              The team’s total attendance was 1.3m that year, meaning
              <strong>
               one of every 2.4 fans
              </strong>
              ate nachos. One of every 14 fans ordered popcorn.
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The ballpark nachos lacked the romantic quality of Nacho’s Especiales, but Liberto was right about their profit-making ability.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             As he once described to a reporter for
             <em>
              Amusement Business
             </em>
             , nachos didn’t cut into other food sales but generated “found money, money that otherwise would have left the stadium.”
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Skeptics were converted quickly. At Mile High Stadium, home of the Denver Broncos, sales increased from one order per 40 fans for the first game nachos were available to one every 14 fans by the third game.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The hype from sporting events, including an on-air shout out from iconic broadcaster Howard Cosell, led to another deal: a contract with the United Artists global movie-theater chain. In the 1980s,
             <strong>
              ~80%
             </strong>
             of US movie theaters were selling Ricos nachos, according to Tony Liberto.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The decade brought immense success for Ricos, as it branched into Sam’s Club, attracted Coca-Cola for a co-advertising campaign, and distributed enough products to supply
             <strong>
              ~200k
             </strong>
             orders of nachos per day, available in roller rinks, bowling alleys, and just about everywhere.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Coca-Cola and Ricos ad" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FCoca-Cola_Ricos_ad.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Coca-Cola paired with Ricos for an advertising campaign in the 1980s. (Courtesy of Ricos)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The secret to the success of Ricos was as much about Frank Liberto’s wheeling and dealing and thirst for seeking an edge as it was the taste of the cheese:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Liberto researched the ideal efficiency for a nacho stand, settling on a model staffed by five people: a chip scooper in the middle flanked by two employees ladling cheese and peppers and two cashiers on the end. The stand could serve
              <strong>
               1.6k orders
              </strong>
              per hour.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              He maintained strong ties to his clients from the perk of condensed cheese. By adding the water and the jalapeño juice — readily available if the client had purchased Ricos jalapeños — the client could make a couple dozen free servings of the sauce.
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Plus, nachos were a niche industry.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             “Very niche,” Tony Liberto told
             <em>
              The Hustle
             </em>
             . “Not a lot of people were thinking about how [to] build a business around selling movie-theater concessions. But Dad did. And he did it well.”
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Tony Liberto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FTony%2520Liberto.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Tony Liberto, president and CEO of Ricos, has been working for the company since he was a kid, around the time his father introduced ballpark nachos. (Mark Dent/The Hustle)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             One of Frank Liberto’s biggest would-be competitors came from the inside. In 1983, he heard that an employee of one of his suppliers was plotting to steal a 250-page client list.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Liberto did some of his own detective work and then looped in the police, who set up a sting operation. On a San Antonio street corner, they arrested a 29-year-old man on the charge of attempting to steal nacho-related trade secrets.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Nobody was going to mess with the Ricos nacho empire.
            </p>
            <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; padding-top: 8px; margin: 0px;">
             <strong>
              How Ricos survives today
             </strong>
            </h4>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Nachos have come a long way since Frank Liberto cornered the industry in the 1980s.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The global market size for the snack, including the fancier versions evolved from Anaya’s creation as well as humble ballpark nachos, is now estimated at
             <a style="color: #192733; text-decoration: underline !important;">
              ~$2B
             </a>
             .
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Massive conglomerates that charge bargain-basement prices, like Frito-Lay, have cut into the Ricos share.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             And just to get into a US stadium, concession vendors typically must pay for an expensive sponsorship. (The Ricos motto displayed on a video board at Rangers games is: “How to Nacho.”)
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             At many stadiums and theaters Ricos has negotiated a partial relationship. Teams like the Rangers, for instance, use Tostitos for chips and Ricos for the jalapeños and cheese sauce. Others use Gehl Food &amp; Beverage for the cheese sauce and Ricos for the jalapeños.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             But Ricos is still thriving:
            </p>
            <ul style="font-size: 16px; line-height: 20px; padding-bottom: 10px; padding-left: 12px; margin: 0;">
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              <strong>
               ~100 US stadiums
              </strong>
              , including the Green Bay Packers’ Lambeau Field and the University of Alabama’s Bryant-Denny Stadium, sell products from Ricos
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Ricos products can be found in ~60% of US movie theaters, according to the company.
             </li>
             <li style="font-size: 16px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
              Sales for the company, which employs ~100 people, totaled
              <a style="color: #192733; text-decoration: underline !important;">
               ~$128m in 2019
              </a>
              , up from
              <a style="color: #192733; text-decoration: underline !important;">
               ~$80m in 2012
              </a>
              .
             </li>
            </ul>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             The company now makes its own tortilla chips at a factory in Arlington, Texas. The cheese sauce recipe, sold both in the original condensed version or ready-to-eat through an
             <a style="color: #192733; text-decoration: underline !important;">
              aseptic manufacturing process
             </a>
             , comes from a partnership with Treehouse, which absorbed Dean Foods.
            </p>
           </td>
          </tr>
          <tr>
           <td align="center" style="text-align: center;">
            <img alt="Ricos products" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ftortilla_chips.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCJ9:1oZsjf:T1F_fjN_s7YIKSUhcu1YQbpJSX7ZTvK7EI5UmCht6G4" style="width: 100%; max-width: 600px; height: auto; padding-top: 10px;" width="600"/>
            <p align="left" style="font-family: 'Roboto', helvetica, sans-serif; color: #192733; font-size: 12px; font-style: italic; padding-bottom: 10px; text-align: left; line-height: 20px; margin: 0px;">
             Ricos uses masa harina to make tortilla chips sturdy enough to handle the cheese sauce. (Mark Dent/The Hustle)
            </p>
           </td>
          </tr>
          <tr>
           <td class="h2020 ignore-defaults" style="padding: 0px 10px;">
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Ricos has recently tried to increase sales in grocery stores. Tony Liberto wants everyone to recognize the brand that’s been serving them nachos at baseball games and movie theaters for decades.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             At their headquarters in San Antonio, a low-slung brick building near a popular breakfast taco joint in the city’s Southtown neighborhood, he shows a visitor family artifacts collected over the last 100 years.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             There’s an old cart from the first season in Arlington. A photograph of the original Liberto store in downtown San Antonio. A statue of a stuffed nacho mascot.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             Next door, Ricos showcases its lively present-day business: a wholesale shop filled with economy-sized bags of chips and canisters of jalapeños and cheese sauce.
            </p>
            <p style="font-size: 16px; line-height: 140%; margin: 5px 0px 10px;">
             On a Friday morning, several concessionaires milled about, stocking up on supplies for many more orders of ballpark nachos.
            </p>
           </td>
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                Do you think most people turn to their loved ones for product recommendations?
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                Or that everyone who’s anyone is digging into Web3?
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                The data corralled from a thousand folks
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                That’s half. And don’t miss
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