Lindsay Goldberg, which calls itself a family- and founder-focused private equity firm, has an agreement to acquire a controlling interest in Golden State Foods. The founding Wetterau family will maintain an unquantified but “significant” ownership stake.
The joint announcement said the buy-in “will provide [GSF] with additional resources and capabilities to advance its mission to provide unmatched solutions and service to its customers and pursue growth throughout its global business operations.”
Following the close of the transaction, GSF will remain managed and operated from its headquarters in Irvine, Calif. Brian Dick will continue to serve as president/CEO and as a member of the GSF board of directors, and the current management team will remain in place.
The transaction was unanimously approved by GSF’s directors and is subject to regulatory approvals and other customary closing conditions. No financial details were released.
GSF, established in 1947, is a $5 billion (our estimate) processor serving mostly the foodservice market. It makes liquid, protein, produce, dairy and beverage products and other services. The company employs more than 6,000 across 50 locations and supports approximately 125,000 restaurants around the world on five continents.
“Lindsay Goldberg shares our core values and is committed to helping us achieve our long-term objectives, while maintaining our customer-focused approach,” said Dick. Conrad Wetterau, chairman of GSF’s board of directors, added, “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.”
Two of the partners at Lindsay Goldberg noted their own firm’s “longstanding experience in the quick and limited service restaurant food supply chain.”
