Pinstripes, an “eatertainment” chain with 13 locations in eight states nationwide, is set to go public via a special purpose acquisition company (SPAC) Banyan Acquisition Corp. The agreement includes an investment of more than $20 million from private equity firm Middleton Partners and values the combined company at a pro forma enterprise value of about $520 million at $10 per share. Pinstripes has four locations in the Chicago area and six more under construction in Florida, California and New Jersey. It anticipates significant future expansion with estimated long-term growth potential of about 150 U.S. locations as well as “substantial” potential to expand abroad; net revenue for 2024 is expected to hit around $185-$195 million.
Global Holdings Rebrands Gramercy Park Rentals as Anagram Luxury Umbrella
Global Holdings has recently announced the rebranding of their Gramercy Park rental building, located at 51 Irving Pl., to Anagram