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 & Associates advised the sellers on the transaction. Arrowpoint Partners provided financing to SGP.