Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


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.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Post-Post: Brian Roche To Step Down As NZ Post CEO

Brian Roche will step down as chief executive of New Zealand Post in April 2017, having led the state-owned postal service's drive to adjust to shrinking mail volumes with a combination of cost cuts, asset sales, modernisation and expansion of new businesses. More>>

ALSO:

Company Results: Air NZ Rides The Tourism Boom With Record Full-Year Earnings

Air New Zealand has ridden the tourism boom and staved off increased competition to deliver the best full-year earnings in its 76-year history. More>>

ALSO:

New PGP: Sheep Milk Industry Gets $12.6M Crown Funding

The Sheep - Horizon Three programme aims to develop "a market driven, end-to-end value chain generating annual revenues of between $200 million and $700 million by 2030," according to a joint statement. More>>

ALSO:

Half Full: Fonterra Raises Forecast Milk Price

Fonterra Co-operative Group Limited today increased its 2016/17 forecast Farmgate Milk Price by 50 cents to $4.75 per kgMS. When combined with the forecast earnings per share range for the 2017 financial year of 50 to 60 cents, the total payout available to farmers in the current season is forecast to be $5.25 to $5.35 before retentions. More>>

ALSO:

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news