The Greene Turtle, now a part of ITA Group Holdings (ITA), has successfully completed a $6 million equity raise led by TABLE Management. The funds generated from this raise will be utilized to further advance ITA's growth strategy, including the expansion of sportsbooks, franchise sales, and the opening of new Clark Crew BBQ locations. The Greene Turtle brand has experienced rapid growth in the post-pandemic era, adding six new restaurants to its portfolio, including two cutting-edge sportsbook venues. ITA Group Holdings was established in June through a merger with Clark Crew BBQ and introduced the Founder Growth Platform, focused on collaborating with founders of small-footprint fast-casual concepts.

Jason Pinsky of TABLE Management, representing the Ackman family office, expressed enthusiasm for the investment, stating, "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."

Geo Concepcion, CEO of ITA Holdings, expressed his appreciation for TABLE Management's involvement, saying, "TABLE is unmatched in its expertise and track record in the restaurant space, so it's exciting to have them involved. The support and strategic insight of TABLE Management is invaluable as we navigate our rapid growth phase."

ITA's Greene Turtle recently inaugurated its second sportsbook in Towson, Maryland, located at 319 York Road on September 29. This location, being the largest restaurant in the chain with over 15,000 square feet, offers an exceptional sports viewing experience. It features two expansive floors equipped with a top-notch TV package, ensuring a front-row seat for every game. Additionally, the betPARX sportsbook, equipped with state-of-the-art kiosks and a live teller window, is situated on the second level, accompanied by an outdoor patio with lush grass turf and numerous screens for an immersive game-watching experience.

 

Source: prnewswire.com

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