FRESNO, Calif. (FOX26) — Truelink Capital, a Los Angeles-based private equity firm, has acquired Lyons Magnus, a longtime leader in the food service industry, according to the Wall Street Journal.
The Journal reported Sunday that the deal is valued at roughly $1 billion.
Founded in 1852 and headquartered in Fresno, Lyons develops and manufactures specialty ingredients, beverage products, and nutrition solutions, helping customers bring a wide range of food and beverage products to market.
The Smittcamp family had a long, prominent history with Lyons Magnus.
Bob Smittcamp was CEO for over four decades, stepping down in 2018.
Truelink serves a broad range of end markets, including coffeehouses, quick-service restaurants, foodservice providers, and healthcare organizations.
Lyons was acquired from Paine Schwartz Partners, a private equity firm focused on investing across the sustainable food chain.
Financial terms of the deal were not disclosed.