Banyan Acquisition Corp. combining with Pinstripes in SPAC restaurant deal valued at $520 mln

Banyan Acquisition Corp.
BYN,
+0.19%
said Friday it agreed to combine with restaurant company Pinstripes in a deal that values the combined company at $520 million. Based in Northbrook, Ill, Pinstripes describes itself as a “best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space” with projected 2024 revenue of about $185 million to $195 million and 13 venues. The $520 million enterprise value for Pinstripes includes $20 million from Middelton Partners. Banyan, which is a special purpose acquisition company (SPAC), plans to complete the deal by the end of the year.