Stone-Goff Partners (“SGP”) announced today that it has acquired a controlling interest in The Greene Turtle Sports Bar & Grille, a family-friendly casual dining restaurant and dynamic sports bar with 41 company-owned and franchised locations across the Mid-Atlantic, Northeast and Appalachian regions of the United States. Terms were not announced.
Founded in 1976, “The Turtle” began as a Maryland institution and has since expanded to Delaware, Virginia, the District of Columbia, West Virginia and New York’s Long Island. The Greene Turtle currently has signed development agreements for franchise expansion in Pennsylvania, New Jersey, New York, Virginia and Maryland. Stone-Goff has partnered with the management team, including CEO/President Bob Barry, to accelerate the growth of the business. In 2015, The Greene Turtle has already opened four new locations; two additional locations are expected to open during the remainder of 2015.
“The Greene Turtle is a tremendous brand that represents great food in a sports-themed atmosphere,” said Laurens Goff of Stone-Goff Partners. “We are thrilled to partner with Bob Barry, his team, and Greene Turtle’s fantastic group of franchise partners to continue the chain’s growth throughout the Eastern United States.”
The Greene Turtle has more than doubled in size over the past several years and has signed several multi-unit development deals for new and existing markets. Barry said the support of its new owners will serve to further invigorate the chain’s operations and expansion efforts.
“This is both a great opportunity for us and a strong testimony to the incredible potential and increasing value of our organization,” he said. “Stone-Goff and its principals have worked closely with us in recent months to gain an understanding and appreciation of what makes The Greene Turtle so special. We look forward to continuing our growth and evolution under their ownership.
Raymond James Financial Inc. advised the sellers on the transaction. Arrowpoint Partners provided financing to SGP.
First opened in Ocean City, Md., in 1976, The Greene Turtle today includes 41 locations in Maryland, Washington, D.C., New York, West Virginia, Virginia and Delaware. Combining comfort food, a casual atmosphere and a sports bar theme marked by big screen TVs broadcasting local and national events, “The Turtle” has become a popular year-round destination where families, friends and fans of all ages feel at home. Information on locations, menus, special promotions and other features is available online at www.thegreeneturtle.com and www.facebook.com/thegreeneturtle. Fans can also join their favorite location’s individual Facebook page for the latest news about special events and offers, follow their local restaurant for updates on Twitter, or sign up for the Greene Turtle Rewards program and download the “Turtle Rewards” app to stay connected.
The Greene Turtle’s franchise offering has remained on Entrepreneur magazine’s prestigious Franchise 500 list of top opportunities since 2010. The concept was also named a “best buy in restaurant brands” and one of the top 10 full-service franchise opportunities by FSR magazine (July 2013), and more recently earned a spot on FSR’s list of the “Top 10 High-Performing Regional Chains” (August 2015). Franchise opportunities with The Greene Turtle are available throughout the eastern United States to qualifying investors through The Greene Turtle Franchising Corp. Information on available opportunities may be found online at www.thegreeneturtle.com/franchise.php or by contacting Vice President of Franchising Tom Finn at (443) 661-4298, ext. 104, or tfinn@thegreeneturtle.com.
Stone-Goff Partners (www.stonegoff.com) is a private equity investment firm that invests in lower middle-market consumer and services companies. Stone-Goff partners with entrepreneurs, founders, and management teams to help exceptional businesses achieve their growth objectives.
Arrowpoint Partners (www.ap-am.com) is a privately held asset manager with specialized expertise in fixed income and equity strategies. Arrowpoint seeks to manage complex risk/reward tradeoffs through bottom-up fundamental research.
