Business Wire | November 01, 2021
ONTARIO, Calif.- GS Foods Group, Inc. (“GS Foods” or the “Company”), a leading specialized food distributor owned by affiliates of Highview Capital, LLC (“Highview”) and A&M Capital Partners (“AMCP”), today announced its acquisition of Thurston Foods, Inc. (“Thurston Foods”) – a full-service food distributor based in Wallingford, Connecticut.
With more than 50 years of industry experience, GS Foods encompasses a family of specialized foodservice companies that provide trusted food distribution and product solutions nationwide. GS Foods’ acquisition of Thurston Foods will be the Company’s largest to date, significantly expanding their footprint across the Northeastern region to provide more customers with top-notch products in end markets including education, foodservice and retail.
“The acquisition of Thurston Foods is another important step in GS Foods’ continued expansion as we work to reach more customers nationwide with leading product offerings and our unique expertise,” said Sean Leer, CEO, GS Foods. “We are pleased to welcome a like-minded company and incorporate trusted industry leadership to GS Foods, who we know shares our commitment to customers and dedication to providing the best service possible.”
Established in 1947, Thurston Foods is a family-owned full-service distributor inventorying over 7,500 items to serve diverse segments of the foodservice industry including schools, hospitals, health care facilities, restaurants and more. Thurston Foods’ current service areas include Connecticut, Massachusetts, Rhode Island, New York, New Jersey, Maine, Vermont and New Hampshire. Going forward, Thurston Foods’ leadership team will collaborate closely with GS Foods as the two companies expect a seamless transition and continued operational excellence for Thurston Foods’ existing customers and surrounding community.
“Thurston Foods has experienced tremendous growth since the company opened its doors nearly 75 years ago and has earned its position as one of the Northeast’s leading distributors,” said Peter Malone, CEO, Thurston Foods. “With deep investments in our local community, we take our role as a good corporate neighbor very seriously and work to ensure our customers receive the products they need. We believe our partnership with GS Foods is the next chapter in fulfilling this promise as we continue to serve valued customers across the Northeast. We look forward to integrating with GS Foods to create new opportunities for our dedicated team members and our foodservice partners nationwide.”
“We believe that GS Foods’ investment in Thurston Foods is a key milestone for the Company and a historic marking in its continued expansion of product offerings, capabilities and establishing a truly national footprint,” said Steve Russell, Managing Director and Sr. Portfolio Manager, Highview. “Thurston Foods’ deep commitment to its partners in the foodservice industry and wide ranged capabilities makes them an excellent addition to GS Foods’ portfolio. We look forward to seeing how this new merger will continue to increase opportunities for GS Foods.”
GS Foods is focused on continuing to grow its business and finding ways to better serve its 8,500 customers throughout the United States. The acquisition of Thurston Foods follows other recent acquisitions including C&C Produce, Classic Delight, School Lunch Products, Inc., Fresno Produce and Hayes Distributing, as well as the opening of new distribution centers in Missouri, Pennsylvania, Texas, Colorado and Oregon.
About GS Foods Group
GS Foods Group (“GS Foods”) is a family of specialized foodservice distribution companies. GS Foods uses its sophisticated network of facilities to provide trusted food distribution and product solutions to specialized foodservice segments, including education, corrections, non-profit, business & industry and healthcare. GS Foods’ independent subsidiaries, Good Source Solutions, Inc. and Gold Star Foods, Inc., collectively serve over 8,500 customers nationwide. GS Foods is owned by affiliates of Highview Capital, LLC and A&M Capital Partners.
About Highview Capital, LLC
Highview Capital, LLC is an opportunistic private equity investment vehicle headquartered in Los Angeles, CA with approximately $500 million in assets under management providing transformational equity. Highview leverages its creative vision and expertise to partner with management teams of leading middle-market businesses undergoing periods of transformation, including growth, expansion or performance improvement. For more information, visit www.highviewcapital.com.
About A&M Capital Partners
A&M Capital Partners is Alvarez & Marsal Capital’s flagship investment strategy focused on middle-market control transactions in North America with total assets under management of approximately $1.8 billion. AMCP partners with founders, corporates and management teams, providing the capital and strategic assistance that we believe is required to take businesses to the next level of success. AMCP invests in businesses across a wide range of sectors including Business Services, Industrials, Manufacturing, Food & Beverage, Healthcare, Consumer & Retail, Government Services, Financial Services and Energy Services. More broadly, Alvarez & Marsal Capital is a multi-strategy private equity investment firm with over $3 billion in total assets under management across four investment strategies, which maintains a strategic association with Alvarez & Marsal, one of the largest operationally-focused advisory firms in the world.