Paine Schwartz Partners Announces Sale of Lyons Magnus to Truelink Capital

NEW YORK and FRESNO, Calif., July 20, 2026 /PRNewswire/ -- Paine Schwartz Partners ("Paine Schwartz"), the largest private equity firm dedicated to sustainable food chain investing, today announced the sale of Lyons Magnus (the "Company"), a leading manufacturer of ingredients, beverage, and healthcare nutrition solutions for the foodservice industry, to Truelink Capital ("Truelink"), a Los Angeles-based private equity firm.

Following the signing of a definitive agreement in June 2026 and the receipt of all necessary regulatory approvals, the transaction closed on July 20, 2026, with Truelink assuming full ownership of Lyons Magnus on a go-forward basis. Terms of the transaction were not disclosed.

Founded in 1852 and headquartered in Fresno, California, Lyons Magnus is a leading manufacturer of ingredients, beverage, and nutrition solutions for the foodservice industry, specializing in syrups, sauces, concentrates for refreshers, lemonades, and other types of beverages, toppings, and specialty healthcare nutrition products. The Company operates manufacturing facilities across the United States and supplies the largest coffeehouse and quick-service restaurant chains in North America, as well as healthcare end-markets. In line with Paine Schwartz's thesis-driven approach to the food and beverage ingredients sector, Lyons Magnus has built a differentiated platform defined by deep customer relationships, product innovation, and a reputation for reliability and service.

Paine Schwartz invested in Lyons Magnus through Paine Schwartz Food Chain Fund IV. During Paine Schwartz's ownership, the Company has meaningfully strengthened its position as a leading provider of beverage and ingredient solutions to the foodservice industry. Paine Schwartz partnered closely with management to support the Company's growth, including commercial expansion, innovation and R&D, strategic M&A, and investments to enhance the Company's operating capabilities. Through the close collaboration and successful execution between Paine Schwartz and the management team, the business nearly doubled revenue to over $1 billion.

"When we partnered with Lyons Magnus, we saw a business with a remarkable heritage and significant growth potential," said Kevin Schwartz, Chief Executive Officer and Managing Partner of Paine Schwartz. "Working alongside a talented management team, we strengthened the commercial organization, expanded the manufacturing base, and completed strategic acquisitions that broadened the Company's capabilities and market reach, putting Lyons at an exciting inflection point for its next chapter of growth. We are thankful and extremely proud of everything the team has accomplished under Jim's leadership."

"Paine Schwartz has been a tremendous partner throughout this period of growth and transformation," said Jim Davis, Chief Executive Officer of Lyons Magnus and a 40-plus year member of the Lyons Magnus team. "Their support helped us build on Lyons Magnus' long heritage while investing in the capabilities, innovation, and scale our customers need from us. As we begin our next chapter with Truelink, our focus remains the same: continuing to help our customers grow by delivering reliable, high-quality, and innovative ingredient and beverage solutions."

Evercore served as lead financial advisor to Paine Schwartz, with William Blair also serving as financial advisor. Morrison & Foerster served as legal counsel to Paine Schwartz and Lyons Magnus. Stifel served as financial advisor to Truelink Capital.

About Lyons Magnus
Lyons Magnus is a manufacturer of ingredients, beverage, and nutrition solutions for the foodservice industry. Founded in 1852 and headquartered in Fresno, California, the Company serves B2B customers across the coffeehouse, QSR chain, foodservice, and healthcare and nutrition end-markets, with a diverse portfolio spanning syrups, sauces, refreshers, smoothie bases, concentrates, and specialty healthcare nutrition products. For further information, please see www.lyonsmagnus.com.

About Paine Schwartz Partners
Paine Schwartz Partners is the largest private equity firm dedicated to sustainable food chain investing, with ~$6.5 billion of AUM and over 20 years of experience. The firm invests across specific segments of the food and agribusiness value chain, with a focus on two core investment themes: productivity and sustainability and health and wellness. Through its proactive, thesis-driven approach, the firm targets value-added and differentiated companies and makes primarily control buyout investments, with a smaller allocation to growth companies. For further information, please see www.paineschwartz.com.

About Truelink Capital
Truelink Capital is a private equity firm based in Los Angeles with over $4 billion of AUM. Truelink pairs deep industry experience in the industrials and business services sectors with a commitment to building partnerships that drive long-term value through an operationally focused strategy. Truelink partners with management, corporate sellers, and founders to accelerate growth through the execution of strategic initiatives and transformative add-on acquisitions. For further information, please see www.truelinkcap.com.

Contacts:
Paine Schwartz Media Contact
Andy Brimmer / Aaron Palash
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

SOURCE Paine Schwartz Partners