Experiential dining and entertainment company Pinstripes plans to become a public company in a merger with Banyan Acquisition Corporation.
Banyan Acquisition is said to be supporting the "further expansion of the Pinstripes brand," as well as "accelerating growth into premier destinations across the U.S, and internationally."
Pinstripe offers its guests experiences across the categories dining, lifestyle and entertainment, and private events in "dynamic ballrooms" and other impressive venues.
Dale Schwartz, Founder and CEO of Pinstripes, stated: “We founded Pinstripes in 2007 to create the fun interactions and celebrations that people crave, by uniquely combining made-from-scratch dining with the timeless games of bowling and bocce.
"We are at a strategic inflection point of substantial growth, and believe we are well-positioned to capitalize on the exciting experiential trends in the global marketplace. Moreover, we are excited to partner with the great team at Banyan on this transaction to help us access additional capital from the public markets and further scale our winning combination of dining and entertainment."
Keith Jaffee, CEO of Banyan, added: “Pinstripes has distinctly separated itself from its peers, as its phenomenal cuisine results in a 75/25 revenue split between food and games. On behalf of our fellow Banyan stockholders, we’d like to thank Dale Schwartz and his entire team, and we look forward to becoming part of the Pinstripes family.”
Pinstripes currently has 13 locations in eight US states and the District of Columbia, with six more to come in New Jersey, Florida and California by early 2024.
