Pinstripes Eatertainment Chain to Go Public Through SPAC Offering

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.