Northbrook-based Pinstripes, a dining and entertainment brand with four locations in the Chicago area, said it would go public Friday.
The planned IPO comes as part of a proposed merger with Banyan Acquisition Corp. The transaction values the combined company at a pro forma enterprise value of about $520 million at $10 per share, the company said in a news release.
Pinstripes locations combine Italian American dining with bowling and bocce. The company also hosts private events.
Pinstripes said its net revenue in 2024 was expected to hit about $185 million to $195 million. Banyan CEO Keith Jaffee said in a statement that Pinstripes draws 75% of its revenue from food sales.
Pinstripes founder and CEO Dale Schwartz will continue to helm the company.
“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.
Banyan Chairman Jerry Hyman said the company had sought out “an appealing business with promising growth opportunities that would benefit from our expertise and experience in the foodservice industry.”
“Today, we are delighted to announce that we are accomplishing this objective through our proposed merger with Pinstripes,” Hyman said.
Pinstripes opened its first location in Northbrook in 2007, later expanding into South Barrington, Oak Brook and Streeterville.
The company now has 13 locations across eight states and Washington, D.C., with six locations under construction expected to open next year, it said. Pinstripes said it anticipated significant future expansion, saying it estimated long-term growth potential of about 150 U.S. locations and “substantial” potential to expand abroad.
