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Phillips Syrups & Sauces

LOCATION: Westlake, OH

INDUSTRY: Consumer Food Products

Phillips Syrups & Sauces is a Westlake-based manufacturer of gourmet syrups and unique sauces for coffee and ice cream shops.  The Company provides handcrafted, small batch products through private label and Phillips’ branded product line, Coffee House Essentials.

Lyons Magnus acquired the company from Kaulig Capital in 2021.  Founded in 1852, Lyons develops and manufactures beverage and ingredient solutions, including plant-based milks, cold-brew coffees, teas, nutritional beverages, beverage syrups, sauces, fruit preparations and toppings.  

“We’re thrilled to have made this investment, which strengthens our competitive position in the high-growth segment of the coffeehouse chain market and further diversifies our valued and growing customer base,” said Ed Carolan, CEO of Lyons Magnus.

Lyons Magnus is a portfolio company of Paine Schwartz Partners, a leading private equity firm focused exclusively on sustainable food chain investing.

“This year marked Phillips’ 100th anniversary, and Lyons Magnus is the right partner to preserve and build Phillips’ legacy for the next 100 years,” said Dominic Brault, managing director at Kaulig Capital.

Kaulig Capital first announced its acquisition of Phillips in 2020 when the firm bought a controlling stake in the company in partnership with management. Kaulig Capital was introduced to the opportunity by a long time friend of our firm that served as the Company’s accountant.