Pinstripes Begins Charting New Path in 2024

Today, Pinstripes began trading on NYSE under the ticker symbols “PNST” and “PNST WS” following the completion of an anticipated business combination.

The deal with Banyan Acquisition Corp. was announced in June and finalized on Dec. 27, 2023. With that, Pinstripes has become a wholly-owned subsidiary of Banyan, which has changed its name to Pinstripes Holdings, Inc.

Pinstripes Founder and CEO Dale Schwartz continues in his management roles alongside the rest of the dining and entertainment brand’s current management team. Schwartz also is chairman of the new board of directors.

In connection with the business combination, Pinstripes has raised over $70 million in gross proceeds to support its strategic growth plans and the opening of additional locations. Included in the gross proceeds is $50 million in senior secured financing from Oaktree Capital Management.

“We have achieved strong results to date, and this transaction will help fuel our growth as we continue to scale and open additional Pinstripes locations,” Schwartz says. “On behalf of Pinstripes, I want to thank Banyan for their strong partnership, Oaktree for their financial commitment, our Pinstripes team for their passion and dedication, and our guests who for 17 years have joined us for countless celebrations and magical moments.”

“We formed Banyan to identify a strong business with promising growth in the foodservice industry and take them to the public markets, and after partnering with Pinstripes on this transaction, we are proud to say we have accomplished this goal,” says Jerry Hyman, chairman of Banyan. “Pinstripes is a leader in experiential dining and as consumers demand multidimensional dining options in this post-COVID world, Pinstripes will continue scaling as an example for all others to follow. Once more, we’re thrilled to have played a key role in taking Pinstripes public and are confident Dale and the entire exceptional management team will continue to execute on their robust growth plans and strategy, and I’m looking forward to serving on the Pinstripes board.”