06/26/2023
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Pinstripes, the Eatertainment Chain, Announces Plans to Go Public
- Pinstripes, the 13-unit eatertainment chain, has announced its intention to go public through a business combination with Banyan Acquisition Corp.
- The company has a growth strategy to reach approximately 150 U.S. stores, up from an earlier two-decade outline of 100.
- The transaction values the combined company at a pro forma enterprise value of $520 million, at $10 per share.
The Business Combination
Pinstripes is set to go public through a business combination with Banyan Acquisition Corp. If the deal closes, Pinstripes’ common stock and warrants would list on the NYSE under “PNST” and “PNST WS,” respectively. The transaction is expected to close in the fourth quarter.
The Growth Strategy
Pinstripes, which currently has 13 units and six more under construction, believes it can reach roughly 150 U.S. stores. The company has a methodical and strategic expansion strategy and sees substantial international potential.
Financial Details
The transaction values the combined company at a pro forma enterprise value of $520 million, at $10 per share. This includes an upfront equity investment of more than $20 million directly in Pinstripes by Middleton Partners, the Chicago-based backer of Banyan. The closing will be conditioned upon the delivery of at least $75 million in gross cash proceeds to the combined company, which will be used to support Pinstripes’ current growth and the continued opening of additional locations.
About Pinstripes
Founded by CEO Dale Schwartz in 2007, Pinstripes is known for combining dining with entertainment, offering experiences across multiple occasions. The company leads with bocce, known as lawn bowling, to differentiate from other concepts in its sphere and to bring in an Italian element to match its menu. The chain is known for living on the high-end of the eatertainment spectrum, with menu features ranging from filet mignon to maple-glazed salmon; ricotta cheese gnocchi with tuna; flatbreads; wood-fired pizzas; salads and pastas.
The Future
Pinstripes believes it is well-positioned to capitalize on the exciting experiential trends in the global marketplace. The company is targeting sales and Adjusted EBITDA growth of more than 20 percent per year over the next several years as it further expands its business and executes its plan.
Amid what’s suddenly a busy IPO market for restaurants, eatertainment chain Pinstripes announced Friday its intention to go public through a business combination with Banyan Acquisition Corp. If the deal closes, Pinstripes’ common stock and warrants would list on the NYSE under “PNST” and .....
