Golden State Foods Announces Joint Venture Acquisition With Groenz Group Ltd.

IRVINE, Calif., Feb. 4, 2013 /PRNewswire/ -- Golden State Foods (GSF), one of the largest diversified food processors and distributors in the U.S., announced today that it acquired majority ownership of Groenz Group Limited, manufacturer of sauces, dressings, condiments and powders for the quick service restaurant (QSR) and food service industries in New Zealand, Australia and the Pacific Islands, in a joint venture agreement.

"This opportunity with Groenz is a continuation of our strategy to support our customers in their local markets," said Mark Wetterau, chairman and CEO of Golden State Foods. "Groenz brings a tremendous reputation for service and product innovation, which will greatly enhance our product offerings and service to our customers, and we look forward to working with them."

Groenz, a family-owned business for more than 35 years, services a variety of QSR and food service industry leaders, with an array of products and packaging. It also produces three main brands: French Maid, Kiwi Style and In-House Systems, sold through its food service channel. Groenz offers a large selection of condiments ranging from mustards and gravies to marinades and Hollandaise Sauce in a large array of pack sizes. The facilities include a multi-faceted location, which houses manufacturing, new product development and test kitchen, sales, marketing and administration offices along with a separate warehouse. Groenz employs dozens of people in technical, manufacturing, and administration roles as well as a sales team across New Zealand and Australia.

"The Groen family is very happy to have forged this partnership with Golden State Foods. From very small beginnings in the 1970s, the company has grown to a point where we needed a substantial trade partner to further expand, and we found that partner with GSF," said Fred Groen, managing director, Groenz Limited. "Not only did the business synergies line up but the social and moral ones, as well."

Groen added, "With this new formed partnership, Groenz will have the enhanced resources, market reach and product offerings to fully reach its potential and continue its commitment to the New Zealand economy as a whole."

About Golden State Foods
Golden State Foods (www.goldenstatefoods.com) is one of the largest diversified suppliers to the quick service restaurant industry.  Established in 1947, the company is value-based with proven performance in superior quality, innovation and customer service throughout the QSR industry. With approximately 4,300 employees worldwide, GSF services more than 25,000 stores on six continents from its 34 facilities. Its core businesses include processing of liquid products, meat, produce, bakery and other services as well as full-line distribution to the quick service restaurant industry. The company also runs a national non-profit organization, the GSF Foundation, for kids.

About Groenz Group Limited
Groenz Group Limited (www.groenz.co.nz) is headquartered in Seaview, Wellington, New Zealand and is driven by a belief in creating truly authentic flavors. It has maintained a reputation in the business for being able to invent and create great tasting products for a wide portfolio of brand and customers across QSR and customers' house brands/private label as well as its own French Maid, Kiwi Style and In-House Systems ranges. With a multi-packaging capability for packing sauces, condiments and powders, Groenz can finish its products in a number of pack forms and sizes to suit a comprehensive range of dry and wet food presentations. Its R&D department continues to explore new pack solutions for the food service and associated trades.

Media Contact:
Jennifer Agnew
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323-762-2417

SOURCE Golden State Foods