A New York private equity firm on Wednesday announced a controlling stake in The Greene Turtle Sports Bar & Grille, an investment expected to aid the expansion of the Maryland chain.
Terms of the deal with New York's Stone-Goff Partners were not disclosed. Stone-Goff Partners, which received financing from Arrowpoint Partners for the transaction, focuses on investments in firms with pre-tax earnings of $2 million to $20 million. Its portfolio also includes a movie theater firm and a jewelry company.
The Greene Turtle, which launched in Ocean City in 1976 and is now based in Hanover, has doubled in size in recent years, to more than 40 franchise and company-owned locations, according to a press release.
The company expects to finish 2015 with six new restaurants this year and has plans to open almost 50 more in Pennsylvania, New Jersey, New York, Virginia and Maryland, a spokesman said.
"This is both a great opportunity for us and a strong testimony to the incredible potential and increasing value of our organization," said Bob Barry, president and CEO of the Greene Turtle. "We look forward to continuing our growth and evolution under their ownership."