Dining-entertainment brand also raises more than $70M to support growth
Pinstripes Inc., the large-venue dining and entertainment brand, and Banyan Acquisition Corp. announced they closed their previously announced business combination on Dec. 27, and the company’s stock began trading publicly Tuesday.
The Northbrook, Ill.-based company, which highlights bowling, bocce and bistro menu offerings, said Banyan, which has changed its name to Pinstripes Holdings Inc., was trading its Class A common stock and warrants on the New York Stock Exchange under the ticker symbols PNST and PNST WS. The PNST shares opened at $10.90 each.
Dale Schwartz, Pinstripes’ founder and CEO, and other management team members continue in their management roles. Pinstripes last year expanded its C suite with the appointments of Tony Querciagrossa as chief financial officer and Shannon Keller as chief marketing officer.
Pinstripes, which has 14 locations, offers a full-service Italian-American food and beverage menu and activities seven days a week. Its 25,000- to 38,000-square-foot venues can accommodate groups of 20 to 1,500 people for private events, parties, and other occasions.
The companies had announced the special purpose acquisition company deal in June.
In connection with the business combination, Pinstripes raised more than $70 million to support the company’s growth plans and the opening of additional locations. As part of such those proceeds, Pinstripes has obtained a $50 million senior secured loan due 2028 from Oaktree Capital Management L.P.
“Today is a significant milestone for Pinstripes,” said Schwartz in a statement. “Completing our business combination with Banyan and introducing Pinstripes to the public markets is a tremendous achievement and the next chapter in our business journey.”
Jerry Hyman, chairman of Banyan, said: “We formed Banyan to identify a strong business with promising growth in the foodservice industry and take them to the public markets, and after partnering with Pinstripes on this transaction, we are proud to say we have accomplished this goal.”
To celebrate the completion of the business combination, Pinstripes executives will ring the NYSE opening bell at 9:30 a.m. EST on Jan. 19.
William Blair & Co. LLC served as financial adviser, capital markets adviser and placement agent to Banyan. BTIG LLC served as capital markets adviser and placement agent to Banyan. Oppenheimer & Co. Inc., Roth Capital Partners and Stephens Inc. served as capital markets advisers to Pinstripes. DLA Piper LLP (US) served as legal counsel to William Blair & Co. and BTIG. Katten Muchin Rosenman LLP acted as legal adviser to Pinstripes, Kirkland & Ellis LLP acted as legal adviser to Banyan and White & Case LLP acted as legal adviser to Oaktree.
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