Private equity firm Paine Schwartz Partners has invested in Fresno-based Lyons Magnus.
Written by The Business Journal Staff
Fresno-based Lyons Magnus LLC announced its acquisition of an aseptic-products manufacturer based in Wisconsin.
Lyons Magnus, which processes ingredients for the global foodservice industry, has acquired TRU Aseptics, which specializes in liquid aseptic solutions for products including milk and creamers, plant-based beverages, cold-brew and iced coffees, teas and juices.
Founded in 2016 and headquartered in Beloit, Wisconsin, TRU Aseptics products are delivered in shelf-stable, single- and multi-service cartons, bag-in-box and bulk totes that do not require preservatives, artificial ingredients or refrigerated storage or distribution, according to its website.
The terms of the deal were not disclosed.
As part of the acquisition, Lyons Magnus plans to make “significant” investments in TRU to produce low-acid aseptic products under the marketing portfolio of Lyons TRU to Nature, according to a news release. Stacy Huels, CEO and co-founder of TRU, will join the Lyons team as the Lyons TRU to Nature president.
“Since we founded TRU three years ago, we have been developing one of the most versatile aseptic production facilities in North America,” Huels said. “The progress that we have made is a reflection of the innovation, experience and dedication of our team of employees.”
Ed Carolan, CEO of Lyons Magnus for the last year after Robert Smittcamp stepped down after more than 40 years as CEO, said the addition of TRU would provide their company with access to the high-growth sector of aseptics.
“TRU’s advanced facility and our highly experienced team will accelerate our entrance into this exciting market,” he said, “allowing us to further support our current foodservice and health care market, as well as pursue new opportunities in those and other channels.”
This acquisition was born out of two years of strategic investments by venture capital firm Paine Schwartz Partners. Paine Schwartz previously acquired an undisclosed position in Lyons Magnus in November 2017. In May 2017, Paine Schwartz also made an equity investment in Smittcamp’s Wawona Packing Co.