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Why Pinstripes thinks it's ahead in eatertainmentWhy Pinstripes thinks it's ahead in eatertainment

Holly Petre, Assistant Digital Editor

January 23, 2024

 

Pinstripes’ leadership team rang the bell earlier this month to mark the company’s debut on the public market after a special purpose acquisition company (SPAC) deal with Banyan Acquisition Company in late December. The eatertainment concept has already been trading publicly on the Nasdaq stock exchange under the ticker symbol “PNST.”

For founder and CEO Dale Schwartz, the Wall Street ceremony is a big step on this journey that began in 2007, when he opened the first Pinstripes location.

He considered taking the concept public about six years ago, knowing it would infuse more capital into the business, help build more brand awareness, and help recruit and retain employees.

So, Pinstripes embarked upon a pre-IPO roadshow in early 2020. We all know what happened then, however. Then Omicron happened. Then the IPO market all but froze last year. Fast forward to 2023, and Banyan entered the conversation and invested $21 million upfront as a “precursor.”

About the Author

Holly Petre

Assistant Digital Editor

Holly Petre is a digital editor for Nation’s Restaurant News as well as the host of NRN’s podcast, Extra Serving, and producer for Informa Restaurant and Food Group’s other three podcasts, One On One by Food Management, Off the Shelf with SN and In the Kitchen with Bret Thorn. Holly holds a Bachelor of Fine Arts with a concentration in Sculpture, fibers and Material Studies and Ceramics from the School of the Art Institute of Chicago. A native New Yorker, Holly enjoys her place on staff as the resident pop-culture expert and millennial with a sassy attitude and great sense of style.

Holly Petre’s work on Nation’s Restaurant News and Restaurant Hospitality often covers marketing and trends, either aimed-at or examined-through the millennial mindset. Holly is responsible for introducing TikTok and Twitch to NRN and RH readers as well as explaining terms like “Karen” to staff and readers alike. She also spends her time on staff trying not to make every headline a pun.

Holly Petre hasn’t spoken at any events or on panels, but she is readily available with a killer shoe wardrobe and several witty quips.

 

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