Lindsay Goldberg, a family and founder-focused private equity firm, has reached an agreement to acquire a majority stake in Golden State Foods. The founding Wetterau family will retain an unquantified but “significant” stake.

The joint announcement said the acquisition “will provide GSF with additional resources and capabilities to advance its mission, provide unmatched solutions and services to its customers and drive growth across all of its global business activities.”

Following the completion of the transaction, GSF will continue to be managed and operated from its headquarters in Irvine, California. Brian Dick will continue to serve as President/CEO and a member of GSF’s Board of Directors, and the current management team will remain in place.

The GSF Board of Directors has unanimously approved the transaction. It is subject to regulatory approval and other customary closing conditions. Financial terms were not disclosed.

Founded in 1947, GSF is a $5 billion processor (our estimate) that primarily serves the foodservice market. The company produces liquids, proteins, fruits and vegetables, dairy and beverages, and provides other services. The company employs more than 6,000 people in 50 locations and serves 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 goals while maintaining our customer-centric approach,” said Dick. Conrad Wetterau, GSF Board Chairman, added, “The Wetterau families look forward to entering into a strategic partnership with Lindsay Goldberg going forward and continuing to make meaningful contributions to the future of GSF, with Stephen Wetterau and I representing our families by continuing to serve as active board members of GSF.”

Two of the partners at Lindsay Goldberg cited their firm’s “long history of experience in the food supply chain for quick service restaurants and limited service restaurants.”