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Current issue


Mergers and Acquisitions


MERGER PUTS PINSTRIPES ON PATH TO GO PUBLIC


THE 13-UNIT BRAND'S DEAL WITH BANYAN ACQUISITION CORP. IS EXPECTED TO BE
COMPLETED BY THE END OF THIS YEAR.

FER Edit

June 23, 2023


Today, the 13-unit dining and entertainment chain Pinstripes, based in
Northbrook, Ill., announced intentions to become a public company via a business
combination with Banyan Acquisition Corp.

The merger is expected to be completed by the end of this year, according to a
press release, and will support further expansion of Pinstripes.

Currently, the brand, which offers bowling and bocce in addition to full-service
dining, operates in eight states: California, Connecticut, Illinois, Kansas,
Maryland, Minnesota, Ohio and Texas, plus Washington D.C. Six additional venues
are under construction, and will introduce the brand to two more new states
(Florida and New Jersey), and add two units to California; all six new units are
expected to open by early 2024.

> “We are at a strategic inflection point of substantial growth, and believe we
> are well-positioned to capitalize on the exciting experiential trends in the
> global marketplace.”

The company estimates a long-term “white space opportunity” of about 150
locations in the U.S., plus international potential. 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 support its growth.

“We are at a strategic inflection point of substantial growth, and believe we
are well-positioned to capitalize on the exciting experiential trends in the
global marketplace,” says Pinstripes Founder and CEO Dale Schwartz, who will
continue to lead the company. “Moreover, we are excited to partner with the
great team at Banyan on this transaction to help us access additional capital
from the public markets and further scale our winning combination of dining and
entertainment. We are targeting sales and Adjusted EBITDA growth of more than
20% per year over the next several years as we further expand our business and
execute our plan.”

Banyan is led by Chairman Jerry Hyman, who was the CEO of TriMark USA from
2003-2020, and Chief Executive Officer Keith Jaffee, the former AMCO Corp.
president and CEO and NAFEM president in 1998 and 1999.

“Upon the founding of Banyan Acquisition Corp., we declared our aim to identify
an appealing business with promising growth opportunities that would benefit
from our expertise and experience in the foodservice industry,” Hyman says. “We
sought a company with a strong market position, competitive advantages and a
highly experienced management team that has a proven track record of maximizing
value while upholding the utmost integrity. Today, we are delighted to announce
that we are accomplishing this objective through our proposed merger with
Pinstripes.”





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The move signals the dealership’s intent to expand into northwest Texas.



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 * News
   * Mergers & Acquisitions
   * People
   * Company News
   * Economic News
   * Government Policy and Regulation
   * International News
   * Event Coverage
 * Buying Guides
   * Equipment Comparisons
   * Manufacturers Directory
   * Services Directory
 * Maintenance
 * Design
   * Design Trends
   * Kitchen Design
 * Videos
   * AI Webinar Library
   * NRA 2023 – Media Gallery
   * MUFES 2023 – Media Gallery
   * NAFEM 2023 – Media Gallery
   * MUFES 2022 – Media Gallery
   * NRA 2022 – Media Gallery
 * Events
   * Multiunit Foodservice Equipment Symposium
 * Magazine
   * Digital Edition
   * Subscribe
 * Contact
   * About Us
   * Sign Up For Newsletters
   * Advertise
   * Digital Solutions Group
   * Privacy Policy