Pinstripes: A New Player in the Entertainment Industry
Shares of Pinstripes, an entertainment center operator, experienced a slight decline on its first day of trading following the completion of its merger with Banyan Acquisition, a special-purpose acquisition company. During morning trading, the stock slipped approximately 16% to $9.20.
Pinstripes currently operates a chain of 15 venues spread across nine states, providing a unique blend of dining and entertainment options such as bowling and bocce. Their offerings cater to individuals seeking a wholesome experience filled with excitement and enjoyment.
As part of the SPAC deal, Pinstripes successfully raised $50 million in debt from Oaktree Capital Management. Furthermore, Oaktree Capital Management has the option to provide an additional loan of $40 million to support Pinstripes' future growth plans.
The entrance of Pinstripes into the public markets aligns with a growing trend of facility-based entertainment venues seeking to capitalize on investor interest. Notable examples include Bowlero, a popular bowling chain that went public through a SPAC deal in 2021, as well as Callaway's acquisition of Topgolf in the same year, resulting in Topgolf's presence in the public markets. Additionally, Dave & Buster's successfully went public back in 2014, further demonstrating the appeal of entertainment-focused businesses in the investment sphere.
All Rights Reserved © 2024
Post a comment