The Greene Turtle sports bar franchise has landed a $6 million equity investment from Table Management, the family office run by billionaire Bill Ackman.
The 36-unit Maryland-based chain plans to use the funding to grow a fledgling sportsbook business and open more units of its new sister concept, Clark Crew BBQ.
The Greene Turtle has been growing quickly coming out of the pandemic, opening six new restaurants including two sportsbooks. And last June, the chain merged with one-unit Clark Crew, forming a new company, ITA Group Holdings.
The multiple growth vehicles caught the attention of Table, an offshoot of Ackman’s hedge fund, Pershing Square Capital Management.
“The rollout 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,” said Jason Pinsky, an investor at Table, in a statement.
Maryland legalized online sports betting in 2021, clearing the way for restaurants to get in on the action. The Greene Turtle opened its second sportsbook last week, in Towson, Md. Visitors to the 15,000-square-foot, two-story restaurant can place bets at kiosks or with a live teller and watch sports on TVs throughout the building. The sportsbook is operated by betPARX.
Now legal in 34 states, sports betting is finding a niche in restaurants. Hooters, Dave & Buster’s and now The Greene Turtle are among the chains exploring the additional revenue stream.
Founded in 1976, The Greene Turtle is known as a sports-viewing destination serving elevated bar food and a wide beer selection. It has locations in six East Coast states and Washington, D.C.
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