The transaction values the combined company at a pro forma enterprise value of about $520 million at $10 per share. The agreement with special purpose acquisition company (SPAC) Banyan Acquisition Corp includes an investment of more than $20 million from private equity firm Middleton Partners, according to Bloomberg.

Northbrook-based Pinstripes has 13 locations in eight states nationwide, including four in the Chicago area, with six more under construction in Florida, California and New Jersey. It’s part of an emerging fleet of “eatertainment” restaurants that combine activities like golf and pickleball along with drinks and beverages.

Pinstripes said it anticipated significant future expansion, saying it estimated long-term growth potential of about 150 U.S. locations and “substantial” potential to expand abroad. The planned IPO comes as part of a proposed merger with Banyan Acquisition Corp. Pinstripes said its net revenue in 2024 was expected to hit about $185 million to $195 million.