Lindsay Goldberg (LG), a family-owned private equity firm, has entered into an agreement to acquire a controlling interest of Golden State Foods (GSF) alongside the Wetterau family, which will maintain a significant ownership interest. Terms of the deal were not disclosed.
Irvine, California-headquartered GSF, founded in 1947 as a small meat company serving restaurants in the Los Angeles area, today ranks as one of the largest suppliers of products to the foodservice and retail sectors in North America and around the world, serving over 125,000 restaurants in 40 countries. Among its customers are McDonald’s, Starbucks, Chick-fil-A, KFC and Taco Bell.
The core business of GSF includes the production and distribution of billions of hamburger patties and other cooked meat products, as well as distribution of produce, dairy and beverage items. The company employs more than 6,000 people across 50 locations.
“From the beginning, our focus has been the same – make the best products and provide the best service. We have operated true to our vision and strategic objectives over the past nearly eight decades by maintaining the highest standards, pursuing mutual success with our customers and investing in our most valuable asset, our people,” said GSF President and CEo Brian Dick. “Lindsay Goldberg shares our core values and is committed to helping us achieve our longterm objectives, while maintaining our customer-focused approach.”
Conrad Wetterau, chairman of the GSF board of directors, commented: “The Wetterau families look forward to strategically partnering with Lindsay Goldberg going forward and continuing to meaningfully engage in the future of GSF with Stephen Wetterau and myself representing our families by continuing to serve as active GSF board members. We appreciate the leadership and partnership of the GSF management team in our ongoing endeavors, as we focus on pursuing longterm mutual success with our valued customers.”
Eric Fry and Peter Nurnberg, partners at Lindsay Goldberg, said in a joint statement: “Our relationship-driven business building approach and longstanding experience in the quick and limited service restaurant food supply chain make us uniquely positioned to partner with the Wetterau family and GSF management team. We have tremendous respect for GSF and its talented, dedicated associates and look forward to our partnership with the entire GSF family.”
Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Since 2001, it has raised $20 billion of equity capital and has invested in over 60 platform companies and over 300 follow-on opportunities.
