BYN - Restaurant chain Pinstripes to go public through SPAC Banyan Acquisition

2023-06-23 07:38:36 ET

Pinstripes, a restaurant chain that combines bowling with Italian/American cuisine, agreed to go public through a deal with SPAC Banyan Acquisition ( NYSE: BYN ).

The deal values Pinstripes at about $520 million and includes an upfront payment of more than $29 million from Middleton Partners, according to a statement.

Once the deal is done, Pinstripes is expected to trade on the NYSE under the ticker symbol PNST.

Pinstripes, which combines bowling, bocce, and Italian food, has 13 venues open in eight states and Washington, D.C., and six more under construction that are expected to open by early 2024.

Pinstripes forecasts 2024 revenue of $185 million to $195 million and EBITDA of $30 million to $33 million.

The news was earlier reported by Bloomberg.

SPAC Banyan ( BYN ) priced its IPO in January 2022.

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