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ICR Inc. represents Pinstripes as the dining and entertainment brand plans to go public via a SPAC deal with Banyan Acquisition Corp. valued at $520M.
Pinstripes has 13 made-from-scratch Italian food restaurants that also feature bowling and bocce. Six units are under construction and slated to open by the end of the year.
Founder Dale Schwartz launched Pinstripes in 2007 “to create fun interactions and celebrations that people crave.”
He projects 2024 revenue in the $190M range and EBITDA clocking in at about $32M. Revenue for Northbrook, IL-based Pinstripes is split 75/25 between food and games.
Schwartz sees the potential for 150 Pinstripes restaurants in the US and overseas.
The company will trade on the New York Stock Exchange when the deal closes during the fourth quarter.
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