Driving DASH PASS
Wendy’s and DoorDash are doubling down on their Summer of DashPass deals by offering DashPass members two new deals, including $8 off Wendy’s breakfast orders of $15 or more and $10 off Wendy’s orders placed after 10:00 PM that hit a minimum of at least $20, from now through June 28, 2023. The Summer of DashPass includes five weeks of deals available only for DashPass members who receive free delivery, reduced service fees, and other member-exclusive benefits on eligible orders. These new a.m. and p.m. deals are available exclusively at Wendy’s on DoorDash for DashPass members nationwide through Wednesday, June 28, 2023.
How it works:
- Open the DoorDash app from June 26 through June 28 during breakfast hours or late-night hours and head to the fast-food chain’s storefront.
- A.M. Early Birds: Add at least $15 worth of Wendy’s breakfast items to your cart to be eligible for an $8 discount between 6:30 AM – 10 AM (local time).
- P.M. Night Owls: Add at least $20 worth of Wendy’s items to your cart to be eligible for a $10 discount after 10:00 PM until close (local time).
- Proceed to checkout and the discount will automatically be applied to your total cost if you’re a DashPass member.
- A.M. Early Birds: Get $8 off of your $15 or more DoorDash Wendy’s order while redemptions last.
- P.M. Night Owls: Score $10 off of your $20 or more DoorDash Wendy’s order while redemptions last.
Restaurant Speaker Call
On Thursday, June 29th @ 2PM we will be hosting a call with Michael Halen of Bloomberg Intelligence. Michael Halen is the Senior Restaurant and Foodservice Analyst for Bloomberg Intelligence, where he publishes both company and industry-focused research on everything from government policy impacts on business to shifting demographics affecting consumer behavior. I have known Michael for over ten years and have enjoyed his outspoken thought on the industry. I look forward to having a lively discussion with Michael about the Restaurant and Foodservice industries.
We are working on finalizing the topics, but we will be talking about industry and company trends by looking some of the following topic:
- Current restaurant industry sales trends and the outlook for 2H23
- Scale and discounting across the industry
- Labor, turnover and opportunities as it improves and who will be beneficiaries.
- The outlook for inflation and pricing
EVENT DETAILS:
- Date & Time: Thursday, June 29th, at 2 PM ET.
- Webcast & Slides: CLICK HERE (Refresh shortly before the call).
- Add To Your Calendar: CLICK HERE
Restaurant SPAC DEAL
Pinstripes, the Northbrook, Ill.-based chain of food-and-bowling complexes, plans to go public as part of a merger with the SPAC Banyan Acquisition Corp. Pinstripes operates 13 locations in eight states and has six under construction and believes it has the potential to open 150 locations across the U.S.
Banyan was founded in 2021. Jerry Hyman, its chairman, is a former CEO of restaurant supplier TriMark USA. Its CEO, Keith Jaffee, worked with commercial foodservice equipment and consumer product companies. The deal with the Banyan SPC values Pinstripes at about $520 million. The deal includes an up-front equity investment of over $20 million from Middleton Partners. The company expects to generate revenue in 2024 from $185 million to $195 million and adjusted EBITDA of between $30 million and $33 million. This SPAC looks to capitalize on a growing generation of “eatertainment” concepts, or brands that combine entertainment with full menu offerings like PLAY and Topgolf from ELY. There are also concepts for minigolf, pickleball, and other activities. After the merger, Pinstripes will list on the New York Stock Exchange under the ticker symbol PNST.
“We founded Pinstripes in 2007 to create the fun interactions and celebrations that people crave, by uniquely combining made-from-scratch dining with the timeless games of bowling and bocce,” Dale Schwartz, founder and CEO of Pinstripes, said in a statement. He said the company was at a “strategic inflection point of substantial growth” and said the company is “well-positioned to capitalize on the exciting experiential trends in the global marketplace.” Banyan is banking on the growing eatertainment trend to fuel Pinstripes’ growth in the coming years. Its locations can drive traffic to retail centers, where it has substantial growth potential. “We sought a company with a strong market position, competitive advantages and a highly experienced management team that has a proven track record of maximizing value while upholding the utmost integrity,” Jerry Hyman, chairman of Banyan, said in a statement. The deal comes just a few weeks after Pinstripes announced that it had received an investment from Granite Creek Capital Partners. SPAC deals are relatively common in the restaurant industry. Several such deals were expected when numerous blank check companies were formed to target restaurants, though none of them ended up completing a deal within the industry.
I was surprised to see the AUV was only $8 million and they wanted a big valuation relative to the direct comps.
