# Pappas sells to Teamshares for financial tech

> Baltimore crab cake chain Pappas sells to employee-focused financial firm Teamshares.
- Title: Pappas sells to Teamshares for financial tech · The Banner
- Summary: Baltimore crab cake chain Pappas sells to employee-focused financial firm Teamshares. Pappas Seafood Co. sold to Teamshares after 50+ years in Baltimore…
- Keywords: pappas, teamshares, baltimore, crab cakes, financial technology, employee ownership, news, local, sells, financial, tech, The Banner
- Source: The Banner — https://thebanner.com/culture/food-drink/pappas-restaurants-sale-SFKD7UAFTRGI5JELL5DLHFWEFM
- Author: Christina Tkacik
- Published: 2026-10-19T19:12:06.057+00:00
- Read time: 1 min
- Topics: pappas, teamshares, baltimore, crab cakes, financial technology, employee ownership, news, local
## 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.
## Key takeaway

Pappas Seafood Co. sold to Teamshares after 50+ years in Baltimore, keeping its brand and operations unchanged.