Golden State Foods, the US-based contract manufacturer, has attracted investment from local private-equity firm Lindsay Goldberg.
Family-owned Lindsay Goldberg, headquartered in New York, has taken a “controlling interest” in the diversified retail and foodservice supplier for an undisclosed sum.
The owners of Golden State Foods (GSF), the Wetterau family, will retain “significant ownership” in the Irvine, California-based business, according to a statement.
Brian Dick, who took the helm last summer with a promotion from COO, will also remain in place as president and CEO of GSF, along with the rest of the management team.
“Lindsay Goldberg shares our core values and is committed to helping us achieve our long-term objectives, while maintaining our customer-focused approach,” Dick said.
“From GSF’s 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.”
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Set up in 1947, GSF produces products across shelf-stable foods, dairy, meat and drinks. The portfolio includes salad dressings and condiments, dipping sauces and ketchup, along with ice cream, protein shakes, coffee creamers and tea. It also manufactures beef burgers and ham patties, counting fast-food giant McDonald’s as a long-term customer.
GSF employs more than 6,000 people in 50 locations, supplying around 125,000 restaurants and retail stores around the world.
Conrad Wetterau, GSF’s chairman, said: “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 endeavours, as we focus on pursuing long-term mutual success with our valued customers.”
Lindsay Goldberg has $17bn of committed capital investments, according to its website. In the food space, investments include Aspire Bakeries and peer FSB Global Holdings, along with meat and fish supplier Keystone Foods Holdings.
Eric Fry and Peter Nurnberg, partners at the private-equity firm, said: “Lindsay Goldberg’s 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.”
