Irvine-based Golden State Foods, one of the world’s largest suppliers to fast-food restaurants, today announced that Lindsay Goldberg, a private equity firm, has entered into an agreement to acquire a controlling interest in the company alongside the Wetterau family. Details on the investment amount weren’t disclosed.
Stephen Wetterau and Conrad Wetterau will continue to serve on the board of directors, the company said.
“The Wetterau families look forward to strategically partnering with Lindsay Goldberg going forward and continuing to meaningfully engage in the future of GSF,” Chairman Conrad Wetterau said in a statement.
Following the close of the transaction, GSF will remain managed and operated from its headquarters in Irvine while Brian Dick will continue to serve as President and Chief Executive Officer and as a member of the GSF Board of Directors, and the current management team will remain in place.
Golden State Foods, established in 1947, currently service 200+ leading brands with 125,000 restaurants and stores in more than 50 countries from its 50 worldwide locations. The company employs approximately 6,000 and generated about $5 billion in sales in 2023. Lindsay Goldberg has raised $20 billion of equity capital and has invested in over 60 platform companies and over 300 follow-on opportunities.
See the Aug. 19 print issue of the Business Journal for more details.
