US-based restaurant chain Pinstripes has announced its plans to go public with special purpose acquisition company (SPAC) Banyan Acquisition.

This business combination with Banyan will allow Pinstripes, a brand that combines bistro, bowling, bocce and private event space, to be listed on the New York Stock Exchange (NYSE).

Pinstripes’ common stocks and warrants will be listed as “PNST” and “PNST WS”.

This deal values the combined firm at a pro forma enterprise value of about $520m or $10.00 per share.

Additionally, more than $20m is invested by private equity firm Middleton Partners.

The transaction is expected to complete in the fourth quarter of the current fiscal year.

The completion of the deal is conditioned upon the delivery of a minimum of $75m in gross cash proceeds to the merged entity, which will be used to strengthen its growth strategy while allowing it to expand its footprint by adding more locations.

The deal will not impact the role of Pinstripes’ founder and CEO Dale Schwartz, who will continue to lead the company.

Schwartz said: “We are at a strategic inflection point of substantial growth and believe we are well-positioned to capitalise on the exciting experiential trends in the global marketplace.

“Moreover, we are excited to partner with the great team at Banyan on this transaction to help us access additional capital from the public markets and further scale our winning combination of dining and entertainment.

“We are targeting sales and Adjusted EBITDA growth of more than 20% per year over the next several years as we further expand our business and execute our plan.”

Pinstripes was founded in 2007 and offers a combination of “made-from-scratch” facilities and services, including dining, private events, lifestyle activities and entertainment.

It currently has a total of 13 venues open across eight states while a further six venues are expected to start operations from early next year.