Vol. XXIII, No. 11, October 2023

Unique eatertainment concept to go public

Eatertainment chain Pinstripes recently merged with special purpose acquisition company (SPAC) Banyan Acquisition Corp and has announced plans to go public on the New York Stock Exchange later this year.

Pinstripes is a unique eatertainment concept. It features a scratch-made, chef-driven bistro full-service menu featuring Italian-American cuisine and an elevated bar program combined with bowling and bocce. What makes it unique from most eatertainment concepts, including newer social gaming eatertainment venues (aka competitive socializing), is that food and beverage make up 77% of its revenue, and 64% of event revenue comes from corporate events, with total private events that include social events generating nearly half of all revenues (47%). All three types of revenue are approximately twice what you'll find in other eatertainment concepts. Each location hosts over 1,000 private events per year and is designed to accommodate up to 12 simultaneous events.

Pinstripes currently has 13 locations ranging in size from 25,000 to 38,000 square feet, five under construction, and LOIs or leases for an additional 10. New venues under development range from 27,000 to 29,000 square feet with 4,000 to 12,000 square feet of exterior patio space and average $8.6 million in cost. Many are remodels of vacant stores in existing shopping centers and malls.

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Vol. XXIII, No. 11, October 2023

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Vol. XXIII, No. 11, October 2023

Unique eatertainment concept to go public

Vol. XXIII, No. 11, October 2023

LOCATION-BASED LEISURE & ENTERTAINMENT