Foodservice SPAC Banyan Acquisition decreases deal size by 33% ahead of $200 million IPO

Banyan Acquisition, a blank check company led by the Chairman of TriMark USA targeting the foodservice industry, lowered the proposed deal size for its upcoming IPO on Thursday.

The Northbrook, IL-based company now plans to raise $200 million by offering 20 million units at a price range of $10. The company had previously filed to offer 30 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Each unit previously contained one-third of a warrant. At the revised deal size, Banyan Acquisition will raise 33% less in proceeds than previously anticipated.

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.