Golden State Foods, a giant supplier to fast-food chains based in Irvine, is selling a majority stake in the long-established family-owned company to Lindsay Goldberg, a New York-based private equity investment firm.
None of the companies disclosed the value of this investment.
Forbes estimated GSF’s revenue in 2022 at $5.1 billion. Privately held Lindsay Goldberg, founded by Alan Goldberg and Robert Lindsay, says it manages assets valued at $17 billion.
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In an August 8 press release, Lindsay Goldberg said GSF will continue to be managed and operated from Irvine. CEO and President Brian Dick will also continue in his role and serve on the GSF board. The current management team will also remain in place.
The transaction, which was unanimously approved by GSF’s Board of Directors, is subject to regulatory approval.
In May 2023, the CEO of the family-owned company, Mark S. Wetterau, died of ongoing health problems. He was 65 years old. The company’s new CEO is Brian Dick.
“Since GSF’s founding, our focus has remained the same – making the best products and providing the best service,” Dick said in a statement. “Lindsay Goldberg shares our core values and is committed to helping us achieve our long-term goals while maintaining our customer-centric approach.”
The Wetterau family company in St. Louis has been in existence since 1869. Wetterau Associates bought GSF in 1998 together with investor Ron Burkle from The Yucaipa Cos. By 2004, the Wetterau company had acquired 100% of the shares in GSF.
“We have great respect for GSF and its talented, dedicated employees and look forward to our partnership with the entire GSF family,” said Lindsay Goldberg partners Eric Fry and Peter Nurnberg.
GSF employs more than 6,000 people in the United States. Privately held, GSF, based on Von Karman Avenue in Irvine, is one of the largest food distributors supplying McDonald’s. The company’s Quality Custom Distribution business supplies Starbucks nationwide. Other GSF customers include Chick-fil-A, KFC and Irvine-based Taco Bell.
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