The Greene Turtle, the chain of sports bars and restaurants that now includes two sportsbooks in retail Maryland sports betting, announced it has closed a $6 million dollar equity raise, led by TABLE Management. The Greene Turtle is now part of ITA Group Holdings.
The proceeds will be “used to continue executing ITA's growth plan, including additional sportsbooks, franchise sales and new Clark Crew BBQ locations,” the company said in a news release.
Detailing its recent expansion, the Greene Turtle noted that it has experienced rapid growth after the COVID-19 pandemic in building six new restaurants, and opening two retail sportsbooks recently, one in the Canton section of Baltimore City and another in Towson in Baltimore County.
Greene Turtle Part of Bigger Plans
As far as corporate activity is concerned, parent company ITA was formed in June as part of a merger with Clark Crew BBQ. Executives expressed optimism about the company’s future.
"TABLE is unmatched in its expertise and track record in the restaurant space, so it's exciting to have them involved," said Geo Concepcion, CEO of ITA Holdings, in a news release. "The support and strategic insight of TABLE Management is invaluable as we navigate our rapid growth phase."
Jason Pinsky of TABLE Management, the Ackman family office, said: "What got us excited about making the investment in ITA are the multiple growth drivers the business has. The roll out of two sportsbooks in the span of one month, the strong unit economics for the latest vintage Turtles and ability to expand its franchise footprint coupled with new Clark Crew locations puts the business on a great trajectory for years to come. I've known Geo for 13 years and saw the turnaround he was able to execute at Famous Dave's BBQ. He has an insatiable desire to win, and that's the kind of CEO we like to back."
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