Landmark Fresno company sold for reported $1 billion. It makes syrups, sauces

Truelink Capital, a Los Angeles-based private equity firm with over $4 billion in assets under management, has acquired Fresno-based Lyons Magnus in a transaction valued at approximately $1 billion. The deal, announced on Monday, represents a significant consolidation event in the specialty food ingredients and food service space, according to reporting by The Wall Street Journal and regional business sources.

Lyons Magnus, founded in 1852, is a formulator and manufacturer of specialty ingredients and nutrition solutions serving food service and healthcare markets. The company's product portfolio spans syrups, sauces, beverage bases, concentrates, and healthcare nutrition products. Its operational footprint includes four manufacturing facilities and two self-operated distribution hubs, positioning the company as a vertically integrated player in its category.

The acquisition transfers Lyons Magnus from Paine Schwartz Partners, a New York-based private equity firm that purchased the company from the Smittcamp family in 2017. Paine Schwartz has established a significant presence in Central Valley agriculture and food production, with prior acquisitions including Wawona Packing Company (2017) and Gerawan Farming (2019), which were subsequently combined into Prima Wawona.

Truelink Capital's Todd Golditch, Co-Founder and Managing Partner, characterized Lyons Magnus as "a well-established business with a market-leading position in the attractive and growing specialty ingredients category." The firm identified two primary growth vectors: increasing beverage innovation in away-from-home consumption channels and expanding demand for healthcare and nutrition solutions. Truelink stated its strategic intent includes both organic commercial growth initiatives and execution of strategic add-on acquisitions to build scale. CEO Jim Davis will continue to lead Lyons Magnus operations under Truelink ownership.