Lyons Magnus specializes in fruit-based ingredients and beverages, from flavored syrups for coffee drinks to fruit purees for smoothies. Truelink Capital is nearing a deal to acquire Lyons Magnus that values the fruit-based ingredients and beverage maker at around $1 billion, including debt, according to people familiar with the matter. An announcement could come as soon as Monday, barring any last-minute snags, the people said.

California-based Lyons Magnus traces its roots back to 1852. The company specializes in making flavored ingredients and beverages, including coffee syrups, smoothie bases, ice cream toppings, nutritional drinks and fruit purees. Its customers in the food-service industry include restaurant chains and coffee shops.

Truelink, a buyout firm based in Los Angeles, is set to acquire Lyons Magnus from Paine Schwartz Partners.