From The Banner · Christina Tkacik · · 1m
Pappas sells to Teamshares for financial tech
Baltimore crab cake chain Pappas sells to employee-focused financial firm Teamshares.
In brief
Baltimore crab cake chain Pappas sells to employee-focused financial firm Teamshares. Pappas Seafood Co. sold to Teamshares after 50+ years in Baltimore, keeping its brand and operations unchanged. Originally reported by The Banner.
Pappas sells to Teamshares
Pappas Seafood Co. sold to financial technology firm Teamshares for an undisclosed price.
50+ years in Baltimore
Pappas has operated in Baltimore since 1972 with five locations including a distribution facility.
Oprah Winfrey client
Oprah Winfrey became a fan while living in Baltimore and posts about Pappas on Instagram.
Unwieldy management
Former owner Steve Pappas said the company was five different corporations working in five different directions.
Teamshares model
Teamshares grants employees 10% stake after purchase and aims for 80% employee ownership within 20 years.
No customer change
Pappas said customers won't notice any difference after sale, keeping the same brand and operations.
Family involvement
Pappas will stay involved in day-to-day operations until retirement, with family members managing specific locations.
What to remember
Pappas Seafood Co. sold to Teamshares after 50+ years in Baltimore, keeping its brand and operations unchanged.
