William Blair client Banyan Acquisition was recognized on Mergers & Acquisitions’ list of 2024 Middle-Market Deals of the Year.
Banyan combined in December with Pinstripes, a dining, bowling, and bocce and flexible private event space, to form Pinstripe Holdings, a wholly owned subsidiary of Banyan, resulting in more than $70 million to support strategic growth plans and additional locations.
As part of the proceeds, Pinstripes obtained a $50 million senior secured loan due 2028 from Oaktree Capital Management. Oaktree will have the option to loan an additional $40 million to Pinstripes no earlier than nine months and no later than 12 months following the 2028 loan closing.
The equity value of the Pinstripes deal was lowered last 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.
Pinstripes completed the merger with 13 venues open in eight states and Washington D.C. Another 10 openings are planned in 2024. Read more.
