We partner with great entrepreneurs and investors to build high-performing and valuable companies.
Banyan was formed in 2003 with a mission to provide both capital and leadership to build high performing and valuable companies. We partner with micro-cap private companies that are headquartered in the United States and are focused on traditional industries.
Below are our current and prior investments . Click the logos for details on each company.
The Banyan Team has broad and deep experience across multiple industries and disciplines.
As seasoned operators, executives, and investors, we understand how to build successful companies.
Banyan’s guiding principles are the roots that keep us strong and steady, and guide our daily decisions.
Banyan is headquartered in Millrock Park in Holladay, Utah. Our address and contact information is below, and you can also connect with us digitally by submitting the “contact request” form.
6550 S Millrock Drive, Suite 175 Holladay, Utah 84121
If you are seeking a growth partner, and your company matches our investment and industry targets, please complete the Contact Request form below and a representative from our firm will contact you.
We partner with great entrepreneurs and investors to build high-performing and valuable companies
As our world becomes increasingly electrified, Axis is committed to making sure that power arrives safely and efficiently to its intended destinations. Headquartered in Texas, Axis provides distribution, transmission, and fiber services to utilities and municipalities all across the southern states.
Banyan’s 2023 investment into Axis has helped the company expand its presence by adding equipment, team members, and geographical coverage. Banyan is working actively with Axis’ leadership to help build the company for years to come.
Restore is a hyper-wellness company that strives to make wellness accessible and affordable to everyone. Restore offers scientifically proven treatments, including cryotherapy, IV drip therapy, micronutrient testing, hyperbaric oxygen, and infrared light therapy. By delivering these wellness services in convenient retail locations, the company helps clients restore their health so that they can do more of what they love.
Banyan’s 2020 investment into the Restore franchise network started with five locations across Utah and Oregon and has since expanded to Washington and Colorado. In 2022, Banyan also invested in a separate franchise group of 6 locations in Southwest Florida, built through organic and acquisition efforts.
Intermountain Nutrition manufactures custom formulas of high-quality supplements, vitamins, sports nutrition, and other health products in a variety of forms, including capsules, powders, and gummies. The company is known for being a trusted partner that reliably performs for its innovative customers. Products are developed under the direction of a team of scientists, technicians, and professionals with decades of experience, with all production in Intermountain Nutrition’s own FDA-registered and cGMP-certified manufacturing facility in Payson, Utah.
Banyan has assisted with Intermountain’s expansion in a variety of ways, including their move into a larger facility, purchase of new equipment, expanded product offerings, leadership team development, debt and credit facilities, and regular strategic and financial planning.
Supreme Ice is the most technologically advanced ice production company in the Mountain West. Its state-of-the-art production facility and expansive cold storage allow the company to provide customers throughout Utah and Nevada with a dependable ice supply, even during the hottest summer months. Supreme operates a family of brands, including Tropic Ice and Tour Ice.
Banyan invested in Supreme Ice in late 2018. This investment was the catalyst for Supreme to build its production facility, which drastically increased the company’s capacity and efficiency. Banyan leads M&A and corporate strategy for the company.
Western Peaks Logistics (WPL) is the premier same-day, next-day, final-mile logistics carrier in the Rocky Mountain West. With 12 cross-dock locations in Utah, Colorado, Idaho, Wyoming, and New Mexico, WPL offers shippers a comprehensive solution to urban and rural markets. WPL’s current customers include several of the country’s most recognized brands in national retail, express shipping, bulk mail, laboratory companies, and pharmaceutical wholesalers.
Banyan formed WPL in 2016, merging long-time portfolio company Rev-It Logistics with Kangaroo Express. Banyan added PTC Air Freight under the WPL umbrella in 2017. In 2018, Banyan merged the operations of American Courier into WPL and then, in 2019, added Fleet Street Couriers of Idaho into the WPL platform.
Under Banyan’s management, WPL has opened a new and larger warehouse; strengthened relationships with national resellers and distribution partners; and significantly expanded and enhanced its coverage of the western United States in providing customized freight-forwarding, delivery, and logistics solutions.
NexTech is a family of companies focused on providing high-quality service for HVAC, refrigeration, and food service equipment. With coverage across the United States, NexTech’s commercial customers rely on its technician workforce of 1,100+ to keep their equipment running.
Banyan joined the DegreeOne platform in 2018 via Kore Refrigeration and played an active role in both the management and M&A strategic activities for the company. DegreeOne merged with NexTech in 2022 to solidify its nationwide footprint.
Kore is the leading regional provider of commercial facility services throughout the Mountain West, primarily focused on refrigeration, HVAC, and electrical services. The company operates with over 150 highly skilled technicians who take care of the mission-critical infrastructure and equipment of premier customers, including: supermarkets, convenience stores, restaurants, office buildings, retail shops, and other commercial facilities.
Banyan made its first investment in Kore in 2014 (then named Epic Services) and helped lead the company’s growth by opening new branches and acquiring additional companies. In 2018, Kore joined the DegreeOne network of HVAC/R companies.
In partnership with The Tollstrup Group, Banyan formed Palo Verde, LLC in 2011 to acquire a portfolio of single-family homes in Phoenix, Arizona, which had been severely weakened over the previous few years. Over the ensuing years, Palo Verde acquired, rehabilitated, and rented a portfolio of 54 properties.
Banyan secured all property acquisition capital for Palo Verde and then helped oversee all financial aspects of the company. In 2020 and 2021, Banyan and Tollstrup successfully liquidated the property portfolio, providing excellent returns to participating investors.
Metro Ready Mix was a full-service ready mix concrete producer. Founded in 2005, Metro’s relentless focus on delivering quality products and exceptional customer service helped it become a trusted partner for many of Utah’s largest builders and developers. The company operated three batch plants and over 100 trucks and was awarded multiple “Excellence in Concrete” Awards by the American Concrete Institute.
In 2018 Metro Ready Mix was acquired by Summit Materials, a publicly traded construction materials company (NYSE: SUM).
Chapman Innovations was founded in 1998 and developed, produced, and marketed thermal fabric solutions under the brand CarbonX®. Made of a patented blend of high-performance fibers, CarbonX non-flammable fabrics and apparel are made of a patented blend of high-performance fibers and are widely used in protective applications for industrial safety, construction, welding, molten metal, utilities, pulp and paper, oil and gas, firefighting, motorsports, tactical/police.
Banyan made an initial investment in Chapman Innovations and assumed management control in 2003. Banyan recapitalized the company, established a management team to support the company’s growth strategy, and refined the company’s manufacturing, marketing, sales, distribution, and administrative processes. Chapman Innovations grew significantly and received numerous awards for being one of Utah’s most innovative and rapidly growing businesses. Chapman Innovations and its flagship brand, CarbonX, were acquired by TexTech Industries in 2014.
Cell Again reinvented the mobile re-commerce industry with its innovative and unique service offerings that allowed customers to buy, sell, trade, and repair used cell phones. Banyan’s investment in Cell Again provided the company with venture leadership and growth capital to open new stores across the United States. Cell Again operated out of mall kiosks so customers could conveniently visit a Cell Again location to sell their old cell phone for cash-on-the-spot or trade-in value toward the purchase of a new or previously-owned phone.
Cell Again was acquired by eRecyclingCorps (ERC), now known as HYLA Mobile, in 2014.
Banyan formed Spruce Real Estate Investments, LLC in 2009 to provide growth capital for The Tollstrup Group, a Utah-based real estate brokerage and property management firm. The Tollstrup Group was seeking an investment partner that offered business and financial expertise and leadership. Spruce and Tollstrup utilized a systematic approach for acquiring, rehabilitating, and reselling foreclosed or distressed properties. Spruce ultimately acquired and then resold dozens of properties along the Wasatch Front from 2009 through 2012.
Banyan oversaw Spruce on behalf of the participating investors and coordinated funding, documentation, and repayment activities with The Tollstrup Group. All participating investors enjoyed exceptional annual returns, in addition to receiving 100% of their invested capital upon sale of the properties.
Founded in 2011, Terra Flame specializes in the design, manufacturing, and distribution of indoor and outdoor bio-fuel firespaces, including: fireplaces, fire tables, fire pits, and fire bowls. The innovative products are powered by a unique, odorless, smokeless, and CO2-free fuel, which provides a clean-burning and beautiful flame and requires no ventilation.
Banyan guided Terra Flame during its early growth years, helping to expand distribution channels and product offerings, while supporting the company’s financial and accounting functions. In 2019 Banyan helped orchestrate a royalty agreement with Sconberg, Inc., and they continued to successfully scale and develop the Terra Flame brand and product suite with Banyan’s ongoing advisory support. In 2023 the Terra Flame brand was acquired by Solo Brands, a direct-to-consumer e-commerce company (NYSE: DTC).
Founded by Banyan in 2003, BelleHavens created the first equity model in the luxury destination club industry. Forging multiple strategic partnerships, Banyan secured all debt and equity capital to fund growth and property acquisitions. Hundreds of club members were added through successful marketing, sales, and M&A efforts, and a world-class hospitality team was put in place to serve and support members.
Banyan sold the club in 2008 to Abercrombie & Kent, a 65-year-old luxury travel company. BelleHavens became the foundation for A&K’s new destination club division, the Abercrombie & Kent Residence Club.
MobilityRE develops applications for real estate professionals that allow homebuyers to search and view on their mobile device any property on the Multiple Listing Service (MLS). The listings are custom-branded with the subscribing real estate broker’s or agent’s contact information to increase brand awareness, and the apps utilize innovative lead capture and analytics to ultimately help real estate professionals attract more clients and sell more homes.
Banyan invested in MobilityRE in 2012 to support their growth. Through technical improvements and intensified marketing efforts, MobilityRE secured subscriptions from many of the leading real estate professionals in the United States and Canada. MobilityRE was sold to a strategic acquirer in 2017.
Metro Waste was the largest independent hauler and recycler of construction waste in Utah. Founded in 1999, the company hauled approximately 65% of the construction waste generated along Utah’s Wasatch Front and recycled nearly 50% of it.
In 2003 Banyan made an equity investment in Metro Waste and began working with the company’s founders to implement a long-term growth strategy. This culminated in Metro Waste becoming fully vertically integrated by constructing and operating its own municipal waste landfill, which significantly increased the company’s enterprise value. Metro Waste was sold to Waste Management, Inc. in 2008.
Ryan Gledhill exemplifies the quintessential entrepreneur. As the founder of Intermountain Nutrition, he and his team quickly built a contract manufacturing business that focused on delivering the highest quality nutritional products in a timely manner for their customers. In year four of Intermountain’s growth journey, Ryan knew he either needed to bring in a capital partner or scale back. After a few weeks of discussions, it became clear to Ryan that Banyan was the perfect fit to help him scale Intermountain to its full potential. Over the subsequent multi-year partnership with Banyan, Intermountain has dramatically increased its revenue and profitability and now serves some of the leading health and wellness brands. From clarifying the company’s mission and core values to expanding into new facilities and through multiple additional debt and equity financings, Banyan has provided Intermountain with consistent help and support.
“Several firms were looking to give us money, but the reason I decided to go with Banyan was their team and investment approach. They brought experience and success, and they weren’t ‘vulture capitalists.’ They have the whole picture in mind, and it’s not solely about the money; it’s about the employees and people. They believe that if you’re doing what you should for your customers and employees, growth and profitability will naturally follow. Banyan has been integral in supporting our growth and in handling the inevitable challenges in creative and out-of-the-box ways.“
-Ryan Gledhill, Intermountain Nutrition Founder
After three years of rapid organic and acquisitive growth, the founders of Kore Refrigeration felt overwhelmed about how to continue scaling their business across the Mountain West. Kore provides HVAC and refrigeration services to a wide range of commercial customers, and their sister company, ACE Electric, compliments Kore with excellent electrical services. After Banyan partnered with Kore, the combination of additional capital and active business management provided the perfect fuel to continue their expansion. Within 3 years, the company opened or acquired several new service locations across Utah, Nevada, Colorado, Arizona, Idaho, New Mexico, Wyoming, and Washington. Revenue and profitability increased 10-fold, and the company’s workforce grew to over 200 exceptional technicians and business professionals. Kore was ultimately acquired by a larger private equity firm that was pursuing a nationwide expansion, and Kore became the leading business within its portfolio.
“Our partnership with Banyan revolutionized our company. We grew from six employees in one state to over 200 employees across 8 states. That would not have been possible without Banyan. Their passion, vision, and hands-on approach bridged the gap of understanding between the trade side and business side of our company.”
-Al Clark, Kore Co-Founder
Darin Gilson is one of Banyan’s founding partners. Darin has led the firm’s efforts in developing BelleHavens, Spruce, Palo Verde, Terra Flame, Kore, DegreeOne, and Intermountain Nutrition. Prior to founding Banyan in 2003, Darin served as the President and Chief Operating Officer of Campus Pipeline and as a consultant with McKinsey & Company. Darin has an MBA in strategic and entrepreneurial management from the Wharton School at the University of Pennsylvania, where he graduated as a Palmer Scholar. He also holds a Bachelor’s in Economics and Political Science from the University of Utah.
John Dunn is a founding partner of Banyan and currently serves on the board of Western Peaks Logistics, Supreme Ice, and Meraki Ventures (one of the largest franchisees of Restore Hyper Wellness in the United States). John served as the President and Chairman of Metro Ready Mix until early 2018, when the company was acquired by Summit Materials, a publicly traded construction materials company. He has also served on the boards of Metro Waste, MobilityRE, Cell Again, and Kore. John holds a Juris Doctorate and a Bachelor’s degree from the University of Utah.
Tyler Thatcher is a founding partner of Banyan. Tyler has served as the Chief Executive Officer for two of Banyan’s key investments: Chapman Innovations/CarbonX and Western Peaks Logistics. Tyler also sat on the board of Metro Ready Mix prior to the company’s exit in early 2018. Prior to Banyan, Tyler served as the Vice President and Chief Financial Officer at Campus Pipeline and as the Director of Investor Relations for Iomega Corporation (NYSE: IOM). Tyler has an MBA and a Bachelor’s in International Finance from Brigham Young University.
Tim Barney was a founding investor in Banyan’s first fund and has served on the boards of several different Banyan portfolio companies. Prior to joining Banyan, Tim was an executive with EnergySolutions, a NYSE Company headquartered in Salt Lake City. He held many roles at EnergySolutions, including Chief Operating Officer, VP of Investor Relations, VP of Government Relations, and VP of Corporate Development. Tim graduated from Brigham Young University with a Bachelor’s in International Relations, and he later earned a Master’s degree from Utah State University in Political Economy.
Nick Martineau joined Banyan in 2013 and currently leads the firm’s efforts in new investments. Nick has also played active roles in helping drive the growth of various Banyan portfolio companies, including serving on the boards of Axis Power, Intermountain Nutrition, Restore Maverick, and Supreme Ice. Prior to joining Banyan, Nick served as an Analytics Consultant for the Cleveland Cavaliers, where he consulted the coaching staff and front office in player acquisition, drafting, and scouting. He holds a Bachelor’s in Finance and a Master’s in Statistics, both from Brigham Young University.
Carl Crosser has served as Banyan’s CFO since 2004. In this capacity he has not only managed the firm’s accounting and investor reporting activities, but he has also worked with multiple companies across the Banyan portfolio to support their finance and accounting functions. Carl began his career with Ernst & Young, where he worked for seven years. Carl holds bachelor’s and master’s degrees in accounting from Weber State University.
James Gilson has worked with multiple portfolio companies since joining Banyan in 2012. James is currently serving in a senior operational role at Western Peaks Logistics. Prior to joining Banyan, James was the Production Manager at VMI Nutrition, a contract manufacturing firm, where he managed more than 200 employees. He holds a Bachelor’s in Accounting from Westminster College and an MBA from the University of Utah.