Business Combination with Banyan Acquisition Corp. Expected to Be Completed by End of 2023
Highly differentiated, multi-dimensional dining and entertainment brand operating iconic destinations across the U.S., generating average unit volumes of more than $8 million(1) and venue-level EBITDA margins in excess of 17%
Proven national portability with 13 venues open and operating across eight states, six venues under construction, additional venues expected to be opened by the end of calendar year 2024, white space opportunity for approximately 150 locations in the U.S., and additional international potential
Pinstripes is a founder-led, profitable and highly scalable platform and expects to deliver robust financial performance, with projected calendar year 2024 revenue and adjusted EBITDA(2) of approximately $185 million - $195 million and $30 million - $33 million, respectively
Merger with Banyan Acquisition Corporation (NYSE:BYN) supports further expansion of the Pinstr
Northbrook-based Pinstripes, a dining and entertainment brand with four locations in the Chicago area, said it would go public Friday. The planned IPO comes as part of a proposed merger with Banyan Acquisition Corp. The transaction values the combined company at a pro forma enterprise value of about $520 million at $10 per share, the company said in a news release. Pinstripes locations combine .
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