Fresno-based food service giant Lyons Magnus was acquired by private equity firm Truelink Capital on Monday. 

The Wall Street Journal reported Sunday that the deal is valued at roughly $1 billion. 

The big picture: Truelink Capital is a private equity firm based in Los Angeles with over $4 billion in assets. 

The firm is acquiring Lyons Magnus from Paine Schwartz Partners, a private equity firm based in New York. 

Paine Schwartz is a familiar firm in Central Valley agriculture. It acquired Wawona Packing in 2017 and Gerawan Farming two years later to form Prima Wawona. The firm purchased Lyone Magnus from the Smittcamp family in 2017. 

Zoom in: Lyons Magnus was founded in 1852 and is a formulator and manufacturer of specialty ingredients, beverage and nutrition solutions. 

The company’s products include syrups, sauces, beverage bases and concentrates and healthcare nutrition products. 

Lyons Magnus has four manufacturing facilities and two self-operated distribution hubs. 

What they’re saying: “Lyons is a well-established business with a market-leading position in the attractive and growing specialty ingredients category,” said Truelink Co-Founder and Managing Partner Todd Golditch. “The company is well positioned to benefit from the increasing importance of beverage innovation in the away-from-home category and growing demand for healthcare and nutrition solutions, and our strategic intent will be to drive Lyons’ growth via both commercial organic initiatives and the execution of strategic M&A add-ons. We are excited to partner with CEO Jim Davis and the rest of the Lyons team to build on the Company’s strong foundation and next phase of growth.”

Davis said Lyons Magnus is thrilled to partner with Truelink Capital. 

“Truelink shares our commitment to innovation, operational excellence, and delivering best-in-class products to our customers,” Davis said. “With their support and resources, we are well-positioned to capitalize on the significant momentum in our end markets and continue building on the strong foundation we have established over the past century.”