Pinstripes to become a public company

NORTHBROOK - Pinstripes Inc., an entertainment brand combining bistro, bowling, bocce and private event space, said it plans to go public via a business combination with Banyan Acquisition Corp.

The merger would result in Pinstripes becoming a publicly-listed company. Upon the closing of the transaction, Pinstripes' common stock and warrants are expected to be listed on the New York Stock Exchange under the ticker symbols "PNST" and "PNST WS," respectively.

The transaction values the combined company at a pro forma enterprise value of approximately $520 million, at $10 per share. Including an investment of more than $20 million from Middleton Partners, the closing of the transaction is conditioned upon the delivery of at least $75 million in gross cash proceeds to the combined company, which will be used to support its growth strategy and the continued opening of additional locations, Pinstripes said.

Founded in 2007, the company is headquartered in Northbrook and operates 13 locations nationwide, including Northbrook, South Barrington, Oak Brook and Chicago. Six more under construction and are expected to open by early 2024.

Pinstripes is led by founder and CEO Dale Schwartz, who will continue to lead the company with his current leadership team. Banyan, a company formed for the purpose of effecting mergers, share exchanges, asset acquisitions and reorganizations, is led by Chairman Jerry Hyman and Chief Executive Officer Keith Jaffee, both food service industry veterans.

The boards of directors of Pinstripes and Banyan have each approved the transaction.