IRVINE, CALIF. – Lindsay Goldberg, a family and founder-focused private equity firm, is acquiring Golden State Foods (GSF), Irvine, Calif. Founded in 1947, GSF is a manufacturer, distributor and processor of liquid products, protein products, produce products, dairy and beverage products. Terms of the acquisition were not disclosed. The Wetterau family will maintain significant ownership in GSF, according to the company.
“The Wetterau families look forward to strategically partnering with Lindsay Goldberg,” said Conrad Wetterau, chairman of the GSF board of directors. “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 endeavors, as we focus on pursuing long-term mutual success with our valued customers.”
Golden State Foods said it will remain managed and operated from its Irvine headquarters and Brian Dick will continue to serve as president and chief executive officer and a member of its board of directors. The current management team also will remain in place, according to the company.
“From GSF’s beginning, our focus has been the same — make the best products and provide the best service,” Dick said. “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. Lindsay Goldberg shares our core values and is committed to helping us achieve our long-term objectives, while maintaining our customer-focused approach.”
