Banyan Acquisition in a regulatory filing included an investor presentation promoting its proposed merger with Pinstripes, a restaurant chain serving Italian-American food along with bowling and bocce.
The equity value of the deal was lowered in September to about $480 million. At announcement in June, the deal was valued at about $520 million. The parties also adjusted the terms of the earnout shares.
The transaction includes $75 million in gross cash proceeds plsu a $21 million PIPE by Middleton Partners.
Pinstripes has 13 venues now open in eight states and Washington D.C., with 10 planned openings of new venues in 2024.
Banyan raised $241.5 million in a January 2022 IPO. The SPAC has a December deadline to complete a deal. Read more.
