Pinstripes Marks Public Market Debut on NYSE, Secures $70M in Funding to Fuel Expansion

Experiential dining and entertainment concept Pinstripes has officially transitioned to public company status following the completion of its business combination with Banyan Acquisition Corporation. The merged entity, now operating under the Pinstripes Holdings banner, commenced trading on the New York Stock Exchange on January 2, 2024, under ticker symbols “PNST” and “PNST WS” for shares and warrants respectively.

The transaction, green-lit by Banyan shareholders on December 27, 2023, unlocks a substantial capital infusion for the brand’s aggressive expansion strategy. Pinstripes has secured over $70 million in gross proceeds, anchored by a $50 million senior secured financing arrangement from Oaktree Capital Management. This 2028 Loan provides the backbone for Pinstripes’ growth initiatives, with Oaktree retaining an option to deploy an additional $40 million between nine and twelve months post-closing, subject to specific conditions.

Growth Engine Powered by Strategic Financing

The capital stack represents a critical validation of Pinstripes’ business model by institutional investors. Oaktree’s substantial commitment underscores confidence in the brand’s ability to scale operations and open new locations. The funding architecture gives Pinstripes the financial firepower to accelerate its footprint expansion while maintaining operational excellence across its existing portfolio.

Dale Schwartz, founder and CEO, will retain leadership of the organization, continuing his role as President and Chief Executive Officer alongside newly assuming the Chairman position. His management team remains intact, with Tony Querciagrossa continuing as Chief Financial Officer. The board composition brings diverse expertise through independent directors including Jack Greenberg, Dr. Daniel Goldberg, Larry Kadis, George Koutsogiorgas, Diane Aigotti, and Jerry Hyman, former Banyan Chairman.

Experiential Dining Concept Reaches Public Markets

Pinstripes operates a distinctive venue model that fuses full-service Italian-American dining with recreational offerings including bowling and bocce. Each location, spanning 25,000 to 38,000 square feet, accommodates gatherings from intimate groups to 1,500-person events. This multi-generational, seven-day operational model addresses post-pandemic consumer demand for integrated dining and entertainment experiences.

The company’s seventeen-year track record demonstrates the resilience and appeal of its concept. By combining scratch-made culinary offerings with gaming amenities and flexible event infrastructure, Pinstripes has carved a niche in the experiential economy—a sector gaining prominence as consumers increasingly seek venues offering multiple leisure dimensions within single destinations.

Strategic Partnerships Facilitate Market Entry

The transaction benefited from comprehensive financial and advisory support. William Blair & Company and BTIG, LLC guided Banyan’s capital markets strategy and placement efforts, while Oppenheimer & Co., Roth Capital Partners, and Stephens Inc. provided market advisory services to Pinstripes. Legal architecture was structured through coordinated counsel: DLA Piper represented the capital markets advisors, Katten Muchin Rosenman LLP advised Pinstripes, Kirkland & Ellis LLP represented Banyan, and White & Case LLP served Oaktree’s interests.

Jerry Hyman reflected on the transaction’s significance, noting that Banyan’s formation specifically targeted identifying strong foodservice sector businesses with substantial growth potential for public market transition. The successful completion validates this thesis while positioning Pinstripes to execute its robust expansion roadmap.

NYSE Opening Bell Celebration and Forward Momentum

On January 19, 2024, Pinstripes rang the NYSE opening bell at 9:30 a.m. ET, commemorating the culmination of the business combination and marking the brand’s formal entry into public company governance requirements and market scrutiny.

The capital deployment cycle has commenced, with the company now possessing the financial resources and institutional backing necessary to accelerate geographic expansion. Oaktree’s willingness to maintain an incremental funding option signals confidence in achieving projected growth metrics and operational scalability across new market entries.

For Pinstripes, the public market transition represents not merely a financial milestone but rather the beginning of a new operational phase. As a NYSE-traded company, the brand gains access to capital markets, enhanced brand visibility, and operational discipline that accompanies public company status—all essential elements for executing multi-unit expansion in the competitive experiential dining sector.