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Golden State Deal Offers Glimpse at Big Private Co.
By SHERRI CRUZ
A team led by the chief executive of Irvine-based Golden State Foods Corp. is acquiring the rest of the food distributor in a rare leveraged buyout.
The pending deal, financed by Golden State borrowing, offers a look into one of the area’s largest privately held companies. With yearly sales of $2 billion, Golden State is OC’s second largest private company after Newport Beach life insurer Pacific life insurance Co.
Mark Wetterau, Golden State’s chief executive, is leading the bid to buy out the majority of the company from billionaire Ron Burkle, founder and managing partner of Los Angeles investment firm Yucaipa Cos.
Officials from both companies declined to comment on the deal, which is expected to close this month.
The deal stands to be among the larger buyouts in OC and perhaps the county’s only leveraged buyout this year, said Murray Rudin, who heads the Irvine office of Los Angeles-based private equity investor Riordan, Lewis
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