Pinstripes bocce court.

Today, Pinstripes stores generate average-unit volumes of more than $8 million and venue-level EBITDA margins over 17 percent.

Eatertainment Chain Pinstripes Plans to Go Public through Business Combination

The 13-unit eatertainment chain believes it can reach 150 U.S. locations.

Amid what’s suddenly a busy IPO market for restaurants, eatertainment chain Pinstripes announced Friday its intention 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.

Less than a month earlier, Pinstripes, a 13-unit concept that claims to have six more venues under construction, revealed it secured an investment from Granite Capital Partners. Proceeds from the arrangement were designed to finance growth, with all six of those locations projected to open within the next 12 months.

Pinstripes on Friday said it’s “capitalizing on its sizable domestic white-space growth opportunity.” 

“Furthermore,” the company said in a release, “Pinstripes, along with its real estate partners, has strong conviction that the brand will have significant global appeal; the same domestic retail and consumer trends that are compelling developers to seek tenants’ experiential concepts are also visible in international markets.”

Pinstripes called its expansion strategy “methodical and strategic,” and believes it can reach roughly 150 U.S. stores, up from an earlier two-decade outline of 100. The international potential it labeled, “substantial.”

The transaction values the combined company at a pro forma enterprise (forecasted for future periods) value of $520 million, at $10 per share. That includes an upfront equity investment of more than $20 million directly in Pinstripes by Middleton Partners, the Chicago-based backer of Banyan. Including that investment, the closing will be conditioned upon the delivery of at least $75 million in gross cash proceeds to the combined company, which will be used to support Pinstripes’ current growth and the continued opening of additional locations. The transaction is expected to close in the fourth quarter.

Pinstripes said its calendar year 2024 net revenue is estimated to growth to about $185 million to $195 million, resulting in projected adjusted EBITDA of $30 million to $33 million. 

Today, Pinstripes stores generate average-unit volumes of more than $8 million and venue-level EBITDA margins over 17 percent, the company said.

Pinstripes was created by CEO Dale Schwartz in 2007 in Northbrook, Illinois. Schwartz, who grew up in Cleveland, wanted to open a bowling alley and owned the Pinstripes name since 1988. One of the chain’s early board members was the founder of Maggiano’s. Another was Jack Greenberg, the former chairman and CEO of McDonald’s.

Schwartz will continue to direct the company following the combination, as will the current leadership team. Banyan, a blank-check company created for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses, has roots in the foodservice space. Chairman Jerry Hyman spent 17 years as CEO of TriMark USA. CEO Keith Jaffee’s four-decade career includes buying and building companies in the commercial foodservice equipment consumer products sectors. He was the first two-year president of NAFEM and formed Focus Products Group, a company he served as chairman and CEO of from 2001 through 2009—it was sold in 2006 to Sterling Partners.

“Upon the founding of Banyan Acquisition Corp., we declared our aim to identify an appealing business with promising growth opportunities that would benefit from our expertise and experience in the foodservice industry,” Hyman said in a statement. “We sought a company with a strong market position, competitive advantages, and a highly experienced management team that has a proven track record of maximizing value while upholding the utmost integrity. Today, we are delighted to announce that we are accomplishing this objective through our proposed merger with Pinstripes.”

Added Jaffee: “Pinstripes has distinctly separated itself from its peers, as its phenomenal cuisine results in a 75/25 revenue split between food and games.”

Pinstripes, like all eatertainment concepts over the past few years, faced a tumultuous track through lockdowns. In this case, the pandemic stalled what was fast becoming a growth story.


Pinstripes had to board up the entire system at the onset of COVID. But it's back and ready to grow again.

Pinstripes had 10 stores in fall 2019 when it sold a minority state to Simon Property Group. That deal marked the chain’s second strategic partnership in six months following a similar multi-lease/minority equity investment transaction with Brookfield Properties in April. Combined, Pinstripes noted then the agreements represented six future restaurants and $15 million in minority equity.

Pinstripes opened three units in 2019 (Houston; San Mateo, California; and Norwalk Connecticut). Two were on deck for 2020, with an acceleration to five to seven openings per year expected to follow.

In all, the 15 months leading up to February 2020 saw Pinstripes raise $25 million of minority equity from real-estate firms and retail groups, including Hudson's Bay, Brookfield Properties, and Simon Property Group.

But the brand would enter COVID with 13 stores and remain that way through. It closed its entire system on March 16, 2020 and didn’t reopen until July 17. Exactly a week before, Pinstripes turned on a countdown across marketing. The entire chain reopened in one day, with 15-foot high “we’re open” flags planted out front. 

Yet like Dave & Buster’s, its sister company Main Event (also publicly traded chains), and others in the segment, the social-dining aim of Pinstripes—the same differentiator that forced it to board up—is why it believes it’s positioned to now thrive. “Pinstripes provides a ‘home away from home’ where guests can celebrate life while enjoying delicious food, entertainment, and socializing,” it said. “Despite the increase in virtual connectivity over the last several years, people feel less connected than ever before and are seeking ways to bring back the human-to-human connections that have been lost. Pinstripes addresses this problem by offering curated experiences to create meaningful connections, and the company sits at the confluence of three dynamic markets with broad consumer appeal: casual dining, entertainment, and private events.”

The ability to offer experiences across multiple occasions (food and dining, open play, like bowling and bocce, and private-event experiences) allows Pinstripes to pull revenue from numerous sources, it said.

Pinstripes leads with bocce, known as lawn bowling, to differentiate from other concepts in its sphere and to bring in an Italian element to match its menu. The chain is known for living on the high-end of the eatertainment spectrum, with menu features ranging from filet mignon to maple-glazed salmon; ricotta cheese gnocchi with tuna; flatbreads; wood-fired pizzas; salads and pastas.

The array includes lunch, dinner, and weekend brunch menus, beer and wine dinner pairings featuring Italian/American wineries and local craft breweries, and “exceptional service that results in Pinstripes’ best-in-class food and beverage offerings.”

Speaking to the private events lure, Pinstripes said it can host gatherings of 20 to 1,500 people, everything from weddings to anniversaries, as well as corporate events such as holiday parties and team-building. Additionally, Pinstripes stood up an off-site catering arm, typically breakfast and lunch, for local businesses and off-site weddings and other celebrations, “further enhancing brand awareness and sales productivity,” it said.

“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,” Schwartz said in a statement. “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. We are targeting sales and Adjusted EBITDA growth of more than 20 percent per year over the next several years as we further expand our business and execute our plan.”

Another element Pinstripes lauded on Friday was its ability to drive traffic for retail centers, which is a topic the company circulated for years. Today, it said, the idea is amplified as legacy anchor tenants close stores. “Pinstripes has a robust pipeline of iconic potential sites as a result of the company’s highly differentiated dining and entertainment offering and ability to occupy large spaces and attract consumers,” it said.

Eleven of Pinstripes’ current 13 locations are in suburban locales. When it began striking deals, as mentioned earlier, the company said real estate developers were approaching Pinstripes as an option to anchor complexes in light of evolving foot traffic trends—or to become destination attractions that could lure new customers and drive spillover traffic., Pinstripes wanted to mix into a co-tenant ecosystem that shared consistent and high-quality footfall. That was one of the lead draws of the Simon Property stake.

Pinstripe venues, which range from 25,000–38,000 square feet, boast capacity of near 1,500 people per location. They’re high-traffic, socially engaging, large-scale gathering spots. Outdoor spaces tack on as 15,000 square feet in certain locations, too. Pinstripes expanded patios during COVID to feature outdoor bocce courts, fire pits, and outside bar access.

“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. Our iconic community-gathering venues feed the souls of guests of all ages,” Schwartz said. “Every day and everywhere, our passionate and dedicated Pinstripes team is committed to creating extraordinary, magical connections—from the first bite, to the first strike, to the first kiss, to the first laugh—that bring out the best in everyone.”

The IPO landscape for restaurants has picked up of late. Fast casual CAVA went public last week, selling 14.4 million shares, or raising roughly $318 million. In 2021, five major companies hit the stock market: Krispy KremeDutch Bros CoffeePortillo'sFirst Watch, and SweetgreenFogo de Chão and MOD Pizza filed for IPOs, but haven't moved forward yet. 

Panera Brands confirmed in May that it is still going public after plans fell through last year with Danny Meyer's special purpose acquisition company.