Lyons Magnus, one of Fresno County’s leading food ingredient companies, has captured the attention of a San Mateo-based private equity firm, Paine Schwartz Partners.
The company announced recently that it has completed a “strategic investment” in Lyons Magnus. The terms of the investment were not disclosed.
Bob Smittcamp, whose family has owned Lyons Magnus for more than 46 years, will continue to serve as Lyons’ chairman and chief executive officer and remain a significant shareholder in the company.
Lyons is one of the industry’s top suppliers of processed foods and ingredients. It sells to the food service, health care and dairy industries. The company develops, processes and packages items including sauces, beverage syrups, frozen fruit toppings and flavorings.
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Paine Schwartz Partners that also has an office in New York is focused on investing in the food and agribusiness sectors.
Kevin Schwartz, the CEO and founding partner of the firm, said Lyons Magnus was an attractive investment because of its success.
“We believe Lyons Magnus is well-positioned to meet the growing demand for innovative food-service products,” Schwartz said. “And are extremely excited about the opportunity to partner with Bob and the rest of the management team to expand upon the company’s tremendous heritage and strong market positions to drive the next stage of development.”