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Pinstripes Inc, an American restaurant chain, plans to go public via a merger with a special purpose acquisition company (SPAC). It features Italian-American cuisine, bowling, bocce court, and event spaces at each location.
Pinstripes is going public in a merger with Banyan Acquisition Corp (NYSE:BYN) at a pro forma enterprise value of about $520 million, at $10 per share, and includes an upfront equity investment of more than $20 million directly by Middleton Partners.
Upon completion, Pinstripes will trade on the New York Stock Exchange under PNST and warrants under the ticker symbol PNST WS.
Pinstripes expects to deliver robust financial performance, with projected calendar year 2024 revenue of ~$185 million - $195 million and adjusted EBITDA of $30 million - $33 million.
"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. 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," commented Dale Schwartz, Founder and CEO of Pinstripes.
The transaction is expected to close in 4Q23.
Price Action: BYN shares traded higher by 0.39% at $10.40 on the last check Friday.
Posted In: BYN
