TriMark USA is poised to receive a $350 million cash equity investment from a trio of organizations. The Massachusetts-based foodservice equipment and supplies dealer will use this funding to “substantially deleverage its balance sheet,” per a company release.
“These actions are expected to significantly enhance TriMark’s financial position, support further investment in its leading capabilities, and advance its long-term growth strategy,” the release went on to add.
Working through funds they manage, Ares Management, Oaktree Capital Management, and Bayside Capital will invest in TriMark. The deal is expected to close in early January and it has the support of a group of TriMark’s existing lenders. Other terms of the transaction were not disclosed.
“By deleveraging the company’s balance sheet and receiving this new capital, we better position TriMark to continue executing on our growth strategy, providing excellent service to our customers, and building on our track record of industry leadership for the benefit of all our stakeholders,” said Thomas Wienclaw, TriMark’s chief executive officer.
TriMark reported annual revenues of more than $2.2 billion in 2022, making it the country's second-largest foodservice equipment and supplies dealer, per FE&S 2023 Distribution Giants Study.
