Merger Puts Pinstripes on Path To Go Public

Today, the 13-unit dining and entertainment chain Pinstripes, based in Northbrook, Ill., announced intentions to become a public company via a business combination with Banyan Acquisition Corp.

The merger is expected to be completed by the end of this year, according to a press release, and will support further expansion of Pinstripes.

Currently, the brand, which offers bowling and bocce in addition to full-service dining, operates in eight states: California, Connecticut, Illinois, Kansas, Maryland, Minnesota, Ohio and Texas, plus Washington D.C. Six additional venues are under construction, and will introduce the brand to two more new states (Florida and New Jersey), and add two units to California; all six new units are expected to open by early 2024.

“We are at a strategic inflection point of substantial growth, and believe we are well-positioned to capitalize on the exciting experiential trends in the global marketplace.”

The company estimates a long-term “white space opportunity” of about 150 locations in the U.S., plus international potential. Including an investment of more than $20 million from Middleton Partners, the closing of the transaction is conditioned upon the delivery of at least $75 million in gross cash proceeds to the combined company, which will support its growth.

“We are at a strategic inflection point of substantial growth, and believe we are well-positioned to capitalize on the exciting experiential trends in the global marketplace,” says Pinstripes Founder and CEO Dale Schwartz, who will continue to lead the company. “Moreover, we are excited to partner with the great team at Banyan on this transaction to help us access additional capital from the public markets and further scale our winning combination of dining and entertainment. We are targeting sales and Adjusted EBITDA growth of more than 20% per year over the next several years as we further expand our business and execute our plan.”

Banyan is led by Chairman Jerry Hyman, who was the CEO of TriMark USA from 2003-2020, and Chief Executive Officer Keith Jaffee, the former AMCO Corp. president and CEO and NAFEM president in 1998 and 1999.

“Upon the founding of Banyan Acquisition Corp., we declared our aim to identify an appealing business with promising growth opportunities that would benefit from our expertise and experience in the foodservice industry,” Hyman says. “We sought a company with a strong market position, competitive advantages and a highly experienced management team that has a proven track record of maximizing value while upholding the utmost integrity. Today, we are delighted to announce that we are accomplishing this objective through our proposed merger with Pinstripes.”