Banyan Acquisition Corp.
Our Chairman, Jerry Hyman, is a foodservice industry veteran who spent 17 year as CEO of TriMark USA, from 2003 to 2020, leading it to become the largest foodservice dealer in the United States. Jerry joined the business that became TriMark USA in 1981. During his time as CEO, annual revenue increased from approximately $50 million to $2.1 billion. Under Jerry's leadership, TriMark USA successfully executed an industry roll-up strategy with four successive private equity sponsors. During his tenures with each private equity sponsor, including Bradford Equities, Audax Group, Warburg Pincus, and a joint venture of Blackstone and Centerbridge, Jerry transformed the businesses, through both acquisition-driven and organic growth. Notably, during his tenure as CEO, many of the acquisitions TriMark USA completed were sourced on a proprietary basis, demonstrating his repeated ability to achieve compelling acquisition multiples. Beyond acquisitions and growth strategies, Jerry undertook a number of initiatives as CEO, including e-commerce, private label product development, and employee development. By 2019, the business had grown to encompass 3,100 employees, over 60 locations, and approximately 3.1 million square feet of warehouse and office space. During the 2008 financial crisis to 2021, Jerry founded NexGen Procurement Corp., a unique industry buying group, whose members consisted of TriMark USA and several of the other largest, competing distributors in the foodservice equipment space, which was created to focus the supply chain of the industry's largest manufacturers and dealers to maximize profitability through increased volume. From NexGen's establishment through January 2020, Jerry has served as its President and was also a member of its board until he stepped down from his role as TriMark CEO. Under his leadership, NexGen grew to over $4 billion in purchasing volume and changed the dynamics in the industry.