– Pinstripes Inc. has merged with Banyan Acquisition Corp and is now trading on the New York Stock Exchange.
– Pinstripes has raised over $70 million for expansion plans and secured a $50 million loan for further growth.
Well folks, here’s a pairing more unexpected than pineapple on a pizza: Pinstripes Inc., the powerhouse behind the peculiar pairing of bocce, bowling, and bountiful Italian-American food, has decided to join the Wall Street party by merging with Banyan Acquisition Corp. And guess what? They’ve started trading on the New York Stock Exchange under the ticker symbols PNST and PNST WS. A round of applause, I guess? It’s a brave new world for businesses when companies that mastermind casual gaming of bocce and bowling can go public.
In the spotlight of this grand spectacle is Dale Schwartz, Pinstripes’ entrepreneurial wizard, who’s planning to take his show on the road while bringing his team with him. Schwartz and co. are all dressed up with a shiny new CFO, Tony Querciagrossa, and a fresh-off-the-factory CMO, Shannon Keller. This is a clear testament to their commitment to innovation, customer satisfaction, and a vision to take over the world, one bocce ball at a time.
With 14 locations scattered across the country, Pinstripes is a mish-mash of everything from a bowling alley, a bocce court, and a bistro serving Italian-American fare. Their venues are expansive, spanning from 25,000 to 38,000 square feet, just enough room to fit in your mother-in-law and her entire yoga class.
The bizarre union of Pinstripes and Banyan was announced in June, and boy, have they been busy. In the process, they managed to raise more than $70 million for their ambitious growth and expansion plans. That’s a lot of dough, and I’m not talking about the pizza kind. And if that wasn’t enough, they wrangled in another $50 million in the form of a senior secured loan from Oaktree Capital Management L.P., ensuring they’ve got money to burn and enough bocce balls for everyone.
Dale Schwartz seems thrilled with this new chapter. “Today is a significant milestone for Pinstripes,” he says, like a proud father watching his oddball child join the circus. Jerry Hyman, chairman of Banyan, echoes these sentiments, clearly pleased that their mission to take a strong business with promising growth in the food service industry to the public markets has been achieved.
And to celebrate this milestone? They’re ringing the bell at the New York Stock Exchange on January 19. Not just any bell, mind you, but the opening bell at the NYSE. And they say romance is dead! As Pinstripes steps up to the big leagues, it’s clear they’re more than just fun and games. With their unique offerings, dedicated leadership, and dogged commitment to customer satisfaction, Pinstripes is set to bowl a strike in the world of business. So sit back, grab some popcorn, and let’s see where this bocce ball rolls. If nothing else, it’s going to be an interesting show.