NORTHBROOK, Ill.--(BUSINESS WIRE)--Pinstripes Holdings, Inc. (“Pinstripes” or “the Company”) (NYSE: PNST), a best-in-class experiential dining and entertainment brand combining bistro, bowling, bocce and private event space, today announced the signing of a new Master Broker agreement with Newmark. Newmark will act as Pinstripes’ exclusive Master Broker throughout the U.S. and overseas, in conjunction with Pinstripes’ preexisting network of local brokers across the country.
“Pinstripes remains focused on executing our rollout strategy in the U.S. with our winning combination of exceptional cuisine and bowling/bocce,” said Dale Schwartz, CEO and Founder of Pinstripes. “We are augmenting our expansion efforts by working with Rob Cohen, Jeremy Ezra and their Newmark team, and this partnership will improve our ability to expand into new markets. In addition, we also want to thank Larry Leon of Retail Union for his eighteen years as our previous Master Broker.”
The Newmark partnership will enable the Company to capitalize on its exciting real estate opportunities. Newmark’s access to sites and developers throughout the country will further accelerate Pinstripes’ development efforts.
“Newmark has a unique ability to partner with Pinstripes and tailor its expansion efforts to select markets, and we’ll incorporate strong analytics and market intelligence to strike the right deals at the right time,” stated Rob Cohen, Vice Chairman of Newmark. “We’re honored to work with an iconic, experiential brand like Pinstripes, and we look forward to working with developers and landlords to achieve the Company’s long-term goal of at least 150 locations in the United States and beyond,” added Jeremy Ezra, Vice Chairman of Newmark.
Pinstripes also announced the opening of its new Orlando location on April 20th in Vineland Point; its plans to open Walnut Creek, CA and Coral Gables, FL, in the coming months; two prominent Seattle locations, Bellevue and Lake Union, in late 2024/2025, respectively, with Vulcan Real Estate; and further plans to open a 2025 Jacksonville location with Simon Property Group at its St. Johns Town Center lifestyle project. Combined with Pinstripes’ current portfolio of 17 open locations, Pinstripes currently has 23 total locations open or under lease, with additional locations under active consideration.
About Pinstripes
Born in the Midwest, Pinstripes’ best-in-class venues offer a combination of made-from-scratch dining, bowling and bocce and flexible private event space. From its full-service Italian-American food and beverage menu to its gaming array of bowling and bocce, Pinstripes offers multi-generational activities seven days a week. Its elegant and spacious 25,000-28,000 square foot venues can accommodate groups of 20 to 1,500 for private events, parties, and celebrations. For more information on Pinstripes, led by Founder and CEO Dale Schwartz, please visit www.pinstripes.com.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of that same date, Newmark's company-owned offices, together with its business partners, operated from approximately 170 offices with 7,400 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements.” Such forward-looking statements are often identified by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “forecasted,” “projected,” “potential,” “seem,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or otherwise indicate statements that are not of historical matters, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements and factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of Pinstripes to recognize the anticipated benefits of Pinstripes’ recently completed business combination transaction, which may be affected by, among other things, competition, the ability of Pinstripes to grow and manage growth profitably, maintain key relationships and retain its management and key employees; risks related to the uncertainty of the projected financial information with respect to Pinstripes; risks related to Pinstripes’ current growth strategy; Pinstripes’ ability to successfully open and integrate new locations; risks related to the substantial indebtedness of Pinstripes; risks related to the capital intensive nature of Pinstripes’ business; the ability of Pinstripes’ to attract new customers and retain existing customers; the impact of the COVID-19 pandemic, including the resulting labor shortage and inflation, on Pinstripes; and other economic, business and/or competitive factors. The foregoing list of factors is not exhaustive.
Stockholders and prospective investors should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the most recent Quarterly Report on Form 10-Q filed by Pinstripes on February 21, 2024 and other documents filed by Pinstripes from time to time with the SEC.
Stockholders and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which only speak as of the date made, are not a guarantee of future performance and are subject to a number of uncertainties, risks, assumptions and other factors, many of which are outside the control of Pinstripes. Pinstripes expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations of Pinstripes with respect thereto or any change in events, conditions or circumstances on which any statement is based.
