Golden State acquires Wellington-based Groenz
Golden State acquires Wellington-based Groenz, adding sauces, condiments
Feb. 5 (BusinessDesk) – Golden State Foods, the biggest US supplier of ingredients to fast-food giant McDonald’s, has bought Wellington-based Groenz Group, adding sauces and condiments to a range that includes the original Big Mac sauce.
No price or financials were disclosed in the statement from Irvine, California-based Golden State, which services more than 25,000 fast-food outlets around the world for some 50 companies. A PR consultant handling the release said the private companies didn’t want to release details of the transaction. Golden State was ranked the 73rd biggest private company in America by Forbes, with annual revenue of US$4.8 billion last year.
Groenz’s brands include French Maid and Kiwi Style, and it has a business called In-House Systems which supplies ingredients in bulk to food manufacturers.
Its shareholders include members of the founder Maarten Groen’s family. Managing director Fred Groen is a former world barefoot waterskiing world champion according to the company website, which describes the firm as “a multi-million dollar sauce and condiment manufacturing company.”
Golden State’s website says the company “pioneered the one-stop-shopping concept that forms the basis for McDonald's highly touted distribution system." It is a “value-driven company” that believes “in God and the dignity of all people.”
It also runs the GSF Foundation, a non-profit organisation to help children and families in need.