Pinstripes Inc., the restaurant chain that combines bowling and bocce with Italian fare, is going public in a merger with a blank-check company at a pro forma enterprise valuation of about $520 million, according to people familiar with the matter.
The transaction with Banyan Acquisition Corp. includes a $20 million equity investment from Middleton Partners, the people said asking not to be identified because the information wasn’t public. An agreement could be announced as soon as Friday, the people said.
Once the deal with the special purpose acquisition company, or SPAC, is completed, Pinstripes will trade on the New York Stock Exchange under the symbol PNST, they added.
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