LINDSAY GOLDBERG TO ACQUIRE A CONTROLLING INTEREST IN GOLDEN STATE FOODS

Investment Recognizes GSF's 77 Years of Successful Value Creation, Provides Company with Access to Additional Resources to Best Serve Customers

IRVINE, Calif., Aug. 8, 2024 /PRNewswire/ -- Golden State Foods ("GSF" or the "Company"), one of the largest diversified suppliers to the foodservice and retail industries, today announced that Lindsay Goldberg, a family and founder-focused private equity firm, has entered into an agreement to acquire a controlling interest in the Company alongside the Wetterau family, who will maintain a significant ownership interest. The acquisition recognizes GSF's outstanding 75-plus year track record of successful value creation and builds on GSF's strong momentum. The investment by Lindsay Goldberg will provide the Company with additional resources and capabilities to advance its mission to provide unmatched solutions and service to its customers and pursue growth throughout its global business operations.

GSF, established in 1947, has set the gold standard in the global food services industry with its values-based culture, delivering superior performance, safety, quality, innovation and customer service in both manufacturing and distribution. The Company's core businesses include the processing and distribution of liquid products, protein products, produce products, dairy and beverage products, and other services, providing a variety of networked solutions for the total supply chain spectrum. GSF, which employs more than 6,000 associates across 50 locations, supports approximately 125,000 restaurants around the world on five continents.

GSF President and Chief Executive Officer Brian Dick commented, "From GSF's beginning, our focus has been the same – make the best products and provide the best service. 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."

Conrad Wetterau, Chairman of the GSF Board of Directors, said, "The Wetterau families look forward to strategically partnering with Lindsay Goldberg 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."

Eric Fry and Peter Nurnberg, Partners at Lindsay Goldberg, said, "Lindsay Goldberg's relationship-driven business building approach and longstanding experience in the quick and limited service restaurant food supply chain make us uniquely positioned to partner with the Wetterau family and GSF management team. We have tremendous respect for GSF and its talented, dedicated associates and look forward to our partnership with the entire GSF family."

Russell Triedman, a Managing Partner of Lindsay Goldberg, added, "Golden State Foods is a leader among its peers, having distinguished itself by consistently delivering the highest quality products and services to its customers, and we look forward to partnering with the Wetterau family, the GSF management team and all GSF associates to continue to serve these customers."

Leadership and Headquarters
Following the close of the transaction, GSF will remain managed and operated from its headquarters in Irvine, California. 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.

The transaction was unanimously approved by GSF's Board of Directors and is subject to regulatory approvals and other customary closing conditions.

Advisors
Rothschild & Co acted as exclusive financial advisor to GSF on the transaction. Harris Williams and Stifel acted as exclusive financial advisors to Lindsay Goldberg on the transaction.

About Golden State Foods
Golden State Foods (GSF), one of the largest diversified suppliers to the foodservice and retail industries, feeds one billion people every day! Headquartered in Irvine, California, the multi-national company is values-based with proven performance in superior quality, innovation, and customer service. Established in 1947, GSF and its family of companies currently service 200+ leading brands (125,000+ restaurants/stores in more than 50 countries) from its 50 worldwide locations. Its core businesses include: manufacturing of liquid products, protein, produce, dairy/aseptic, and custom distribution services. The company employs approximately 6,000 associates. Golden State Foods also operates a national non-profit organization, the GSF Foundation.

About Lindsay Goldberg
Lindsay Goldberg is a private investment firm that focuses on partnering with families, founders and management teams seeking to actively build their businesses. Since 2001, Lindsay Goldberg has raised $20 billion of equity capital and has invested in over 60 platform companies and over 300 follow-on opportunities. The firm focuses on three industries that typically demonstrate resilience across economic cycles, including industrials, services, and healthcare. Lindsay Goldberg takes a relationship-driven approach and is supported by its global network of affiliate partners. For more information about Lindsay Goldberg, please visit www.lindsaygoldbergllc.com.

Media Contacts

GSF
Scott Bisang / Nick Lamplough / Paige Macpherson
Collected Strategies
212-379-2072

Lindsay Goldberg
[email protected]

SOURCE Golden State Foods