Irvine-based Golden State Foods sells majority stake to private equity firm
The longtime family-run company is the primary distributor of food to McDonald's restaurants across the nation.
Irvine-based Golden State Foods, a behemoth distributor to fast-food chains, is selling a controlling interest in the longtime family-run business to Lindsay Goldberg, a private equity investment firm based in New York.
Neither company disclosed how much that stake was worth.
Forbes estimated GSF revenue in 2022 was $5.1 billion. The privately held Lindsay Goldberg, founded by Alan Goldberg and Robert Lindsay, says it has assets under management worth $17 billion.
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In a press release dated Aug. 8, Lindsay Goldberg said GSF would remain managed and operated from Irvine. CEO and President Brian Dick also will continue in his role and as a member of the GSF Board of Directors. The current management team also remains in place.
The transaction, unanimously approved by GSF’s board, is subject to regulatory approvals.
In May 2023, the family-owned company’s chief executive, Mark S. Wetterau, died of ongoing health issues. He was 65. The company’s new CEO is Brian Dick.
“From GSF’s beginning, our focus has been the same – make the best products and provide the best service,” Dick said in a statement. “Lindsay Goldberg shares our core values and is committed to helping us achieve our long-term objectives, while maintaining our customer-focused approach.”
The Wetterau family business in St. Louis dates to 1869. Wetterau Associates bought GSF in 1998 with investor Ron Burkle at The Yucaipa Cos. The Wetterau-owned firm would take 100% ownership of GSF by 2004.
“We have tremendous respect for GSF and its talented, dedicated associates and look forward to our partnership with the entire GSF family,” Lindsay Goldberg partners Eric Fry and Peter Nurnberg said.
GSF has more than 6,000 employees across the U.S. With its offices on Von Karman Avenue in Irvine, the privately-held GSF is one of the largest food distributors serving McDonald’s. The company’s Quality Custom Distribution serves Starbucks nationwide. Other GSF clients include Chick-fil-A, KFC and Irvine-based Taco Bell.