Foodservice SPAC Banyan Acquisition files for a $300 million IPO

Banyan Acquisition, a blank check company led by the Chairman of TriMark USA targeting the foodservice industry, filed on Friday with the SEC to raise up to $300 million.

The Northbrook, IL-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Banyan Acquisition would command a market value of $375 million.

The company is led by Chairman Jerry Hyman, the Chairman and former CEO of TriMark USA, and CEO and Director Keith Jaffee, the Chairman of Middleton Partners and the former CEO of Focus Products. The company plans to target the foodservice industry, focusing on businesses with enterprise values between $1 billion and $5 billion.

Banyan Acquisition was founded in 2021 and plans to list on the NYSE under the symbol BYN.U. BTIG is the sole bookrunner on the deal.