Foodservice SPAC Banyan Acquisition prices $210 million IPO

Banyan Acquisition, a blank check company led by the Chairman of TriMark USA targeting the foodservice industry, raised $210 million by offering 21 million units at $10. The company offered 1 million more units than anticipated. It originally planned to offer 30 million units before lowering the proposed offering this past December. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.

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 plans to list on the NYSE under the symbol BYN.U. BTIG acted as sole bookrunner on the deal.