Truelink Acquires Lyons Magnus from Paine Schwartz

Truelink Capital has completed its acquisition of Lyons Magnus from Paine Schwartz Partners, a transaction that represents the second platform investment from Truelink's $2.0 billion Fund II, which closed in March 2026. The Los Angeles-based private equity firm, founded in 2022 by Todd Golditch and Luke Myers (both former managing directors at Platinum Equity), raised Fund II above its $1.5 billion target and more than double its inaugural $950 million Fund I, closing the oversubscribed vehicle in under three months.

Lyons Magnus, based in Fresno, California, is a specialty ingredients and beverage formulator serving B2B customers in the coffeehouse, quick-service restaurant, foodservice, and healthcare sectors. The company manufactures a comprehensive portfolio including syrups and sauces, beverage bases and concentrates, smoothie and refresher bases, and specialty healthcare nutrition products. Its integrated capabilities span product formulation and pilot production through full-scale commercialization, enabling customers to develop new products from concept to market through a single supplier. The company operates four manufacturing facilities and two distribution centers, providing national reach and capacity to support large customers and capitalize on growing foodservice beverage and nutrition demand.

The company's history extends to 1852, and was acquired by the Smittcamp family in 1971, which relocated operations from San Francisco to Fresno. Paine Schwartz invested in Lyons Magnus in November 2017 and executed a platform-building strategy through three significant add-on acquisitions: TRU Aseptics, Phillips Syrups & Sauces, and the operations and brands of Hormel Health Labs, which became Lyons Health Labs. CEO Jim Davis, who leads the company, expressed enthusiasm for the transition, stating that Truelink shares the company's commitment to innovation and operational excellence.

The acquisition reflects strong tailwinds in the specialty food ingredients sector. According to Grand View Research, the U.S. market generated approximately $14.5 billion in revenue in 2025 and is projected to reach $20.4 billion by 2033, representing a compound annual growth rate near 4.2%. Beverages represent the largest demand segment, propelled by consumer preference for functional and better-for-you drinks alongside the shift toward away-from-home and clean-label consumption. Todd Golditch, a co-founder and managing partner at Truelink, emphasized that Lyons holds a market-leading position and is well-positioned to benefit from increasing beverage innovation in the away-from-home category and growing healthcare and nutrition solutions demand. Truelink's strategic intent centers on driving organic growth and executing strategic M&A add-ons to build on Lyons' foundation. Stifel served as financial advisor to Truelink Capital, while Evercore and William Blair advised Lyons Magnus and Paine Schwartz.