Restaurant chain Pinstripes, which offers Italian food along with bowling and bocce, announced today it will go public through a merger with Banyan Acquisition in a deal valued at about $520 million. If approved, the combined company plans to list on the New York Stock Exchange around the end of the fourth quarter.
Pinstripes’ stock and warrants would be listed under the ticker symbols PNST and PNST WS.
The agreement with Banyan includes an investment of more than $20 million from PE firm Middleton Partners, which is expected to help Pinstripes expand.
The deal has a minimum $75 million cash condition to close.
Pinstripes has 13 venues now open in eight states and Washington D.C. and six more under construction that are expected to open by early 2024.
Banyan raised $241.5 million in a January 2022 IPO. The SPAC has a December deadline to complete a deal.
William Blair & Company is serving as financial and capital markets advisor to Banyan. BTIG is capital markets advisor to Banyan. DLA Piper is legal counsel to William Blair & Company and BTIG. Harrington Park Advisors is acting as exclusive financial advisor to Middleton Partners. Katten Muchin Rosenman is legal advisor to Pinstripes, and Kirkland & Ellis is legal advisor to Banyan. Piper Sandler is serving as financial advisor to Pinstripes on the equity investment funded by Middleton Partners. Read more.
