ITA Group Holdings, a company planning to grow its legacy brand The Greene Turtle, closed a $6 million equity raise earlier this year.
Completed in July, the lead investor in the move was Table Management. Geo Concepcion, ITA Group CEO, said the dollars will be invested in capital expenditures at The Green Turtle, as well as its other restaurant brand Clark Crew BBQ and its business-launching concept Founder Growth Platform.
Concepcion said a longtime friend who he used to worked with was now at Table Management, and spurred the conversation between the two.
“As our talks continued, they ended up taking a liking to the opportunity,” Concepcion said. “It came together rather quickly over a period of three weeks, starting in June and ending in July. They became the lead in that round, not the full, as there were other investors, but they were the lead investor.”
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Concepcion said because ITA Group is still a relatively small company, significant capital is needed for growth. Currently, there are 36 Greene Turtle locations, with 12 of them franchised, and one Clark Crew BBQ open.
Founded in 1976, the majority of Greene Turtle locations are in Maryland, though the brand does have a presence in Delaware, New Jersey, New York, Virginia, Washington, D.C., and West Virginia.
Concepcion joined the brand in 2019 as CEO after holding the chief operating officer position at Famous Dave’s.
“When I came in, the focus was on a turn around,” Concepcion said. “We’ve been in that mode since then, and now, we’re focused on growth.”
ITA Group Holdings CEO Geo Concepcion
ITA was then formed in June 2022 when Oklahoma City-based Clark Crew BBQ was acquired. The acquisition, and recapitalization at Greene Turtle, was accomplished with debt provided by Sandy Spring Bank and Pelham S2K.
The most recent financial action by ITA Group comes after the brand opened six new Greene Turtle units, including two with betPARX sportsbooks, where customers can use kiosks or a live teller.
Concepcion said because of existing laws, the brand will stay at two sportsbooks for the foreseeable future, but noted the potential of the industry.
“Retail sportsbooks are highly regulated and as of now there are no more licenses available,” Concepcion said. “Our focus now is executing them really well, and if we develop a competency there, if other states legalize or if there’s expansion of it, we’d be prepared to grow it.
“I think there’s no doubt that when you look at the numbers in terms of participation and the amount wagered by folks across the country, it’s a booming business,” said Concepcion. “The key driver now is online and mobile. So, for retail, the question is how we make it a business that will compete well. That’s why we want to focus on being the first to figure out how to do retail at a high level.”
While new sportsbooks won’t be developed until new licenses are available, development will continue for ITA Group. Concepcion said a second Clark Crew BBQ is under construction and the goal is to open five more Greene Turtle locations in 2024.
The initial investment to open a Greene Turtle location is between $1.45 million and $1.75 million.