Experiential restaurant chain Pinstripes is making moves to go public to help fuel a goal of expanding to 150 stores.
The company plans to merge with special-purpose acquisition company Banyan Acquisition Corp. in a deal that values the combined company at around $520M, Pinstripes announced Friday. The deal includes upfront equity of $20M from Middleton Partners.
The merger is expected to close in the fourth quarter.
The concept, which features an Italian restaurant along with bowling and bocce, has 13 locations today with six more under construction that are scheduled to open by the end of next year. The company said the merger will help it reach a goal…
Source: Experiential Retailer Pinstripes Going Public Via SPAC, Plans 150 Locations