Kirkland & Ellis advised Banyan Acquisition Corporation (NYSE: BYN), a SPAC, on its business combination with Pinstripes, Inc., a best-in-class multi-dimensional dining and entertainment brand. The transaction values the combined company at an enterprise value of approximately $520 million. As part of the transaction, Middleton Partners is making an upfront equity investment of approximately $20 million in Pinstripes. The transaction is subject to customary closing conditions and is expected to close in Q4 2023.
The team was led by capital markets partners Peter Seligson and Christian Nagler and corporate partners Peter Fritz, Carlo Zenkner and Douglas Gessner. The team also included corporate associates Isilay Piskin, Arjun Mocherla and Nick LaPietra; capital markets associate Aaron Simons; tax partner Adam Kool and associate Charles Roarty; executive compensation partners Rohit Nafday and Jabir Yusoff and associate Jenny Cha; employee benefits partner Chris Chase, of counsel Jack Bernstein and associates Nathaniel Linger and MacKenzie Packard; technology & IP transactions partners Matt Darch and Seth Traxler and associate Ben Kovach; employment & labor partner Sydney Jones and associates Jaime Wamble and Shane Cooper; real estate partner Jennifer Sheehan and associates Shawn Lee and Brandon Hemans; and antitrust partners Andrea Murino and Michael Thorpe.