How Eatertainment will save Office and Mall Landlords

Pinstripes, the Eatertainment Chain, Announces Plans to Go Public

• Pinstripes, the 13-unit eatertainment chain, has announced its intention to go public through a business combination with Banyan Acquisition Corp.

- The company has a growth strategy to reach approximately 150 U.S. stores, up from an earlier two-decade outline of 100.

- The transaction values the combined company at a pro forma enterprise value of $520 million, at $10 per share.

The Business Combination

Pinstripes is set to go public through a business combination with Banyan Acquisition Corp. If the deal closes, Pinstripes’ common stock and warrants would list on the NYSE under “PNST” and “PNST WS,” respectively. The transaction is expected to close in the fourth quarter.

The Growth Strategy

Pinstripes, which currently has 13 units and six more under construction, believes it can reach roughly 150 U.S. stores. The company has a methodical and strategic expansion strategy and sees substantial international potential.

Financial Details

The transaction values the combined company at a pro forma enterprise value of $520 million, at $10 per share. This includes an upfront equity investment…