Lyons Magnus, headquartered in Fresno, could be sold as early as Monday in a deal valued at about $1 billion, The Wall Street Journal reported Sunday.

Citing “people familiar with the matter,” the Journal said the deal to sell the historic juice, syrup, and flavoring company to private equity firm Truelink Capital could come as early as Monday.

The sale comes nearly a decade since ownership of the company first left the Fresno area.

In 2017, food and agriculture private equity firm Paine Schwartz Partners purchased Lyons Magnus from the Smittcamp family.

Lyons Magnus Purchase Would Be Part of Truelink’s Second Capital Raise

During nearly a decade under Paine Schwartz, Lyons Magnus nearly doubled its annual revenue, contributing to a company valuation of about $1 billion, The Wall Street Journal reported. In 2024, Lyons Magnus acquired Hormel Foods’ health division and established Lyons Health Labs in Fresno, the Business Journal reported.

Lyons is one of the leading developers and manufacturers of fruit-based drinks and syrups for the foodservice, healthcare and dairy industries.

It now employs more than 500 people across four continents, according to multiple sources.

Established in 1852, ownership of the company went to the Smittcamp family in the 1970s, with Bob Smittcamp helming the company before it was sold to Paine Schwartz.

Paine Schwartz kept Lyons’ headquarters in Fresno.

Truelink owns a broad portfolio of brands across multiple industries, including many in the construction and chemical sectors. Its portfolio includes Zep, Trulite, and Horwitz.

In March, the Los Angeles-based firm raised $2 billion for a second fund, with both international and domestic investors. Investors included pension funds, insurance companies, and family firms.

Since then, it has acquired Horwitz, an industrial supplier, and its subsidiaries have completed several acquisitions in the construction and manufacturing industries.

In March, Luke Myers, co-founder and managing partner at Truelink, said the fund would focus on “high-quality business across the industrials and business services sector.”

“We believe the current macroeconomic volatility and evolving (mergers and acquisitions) landscape are creating an attractive environment for our strategy,” Myers said in a statement. “The combination of rapid AI-driven change and a mixed economy is creating dislocation that rewards hands-on stewardship and operational excellence. Fund II will target companies with strong fundamentals, where we believe we can invest at attractive entry points and drive meaningful improvement through commercial growth, operational initiatives, and strategic M&A.”

For more, read The Wall Street Journal’s reporting here.