Restaurant chain Pinstripes is going public through a merger with special purpose acquisition company (SPAC) Banyan Acquisition Corp which will value the combined company at approximately $520 million or $10 per share.
Upon closing, shares of the dining and entertainment chain which combines its Italian bistro with bowling and bocce are expected to be listed on the NYSE under the ticker symbol “PNST,” Pinstripes said in a statement on Friday.
The transaction includes a $20 million investment from Middleton Partners and it is expected to close in the fourth quarter of 2023.
“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,” said Pinstripes CEO Dale Schwartz.
“We are targeting sales and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) growth of more than 20% per year over the next several years as we further expand our business and execute our plan.”
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