After a soft launch in Canton, The Greene Turtle plans to host a grand opening celebration on October 1. This event will feature giveaways, prizes, and a guest appearance by Lucky the Turtle.
At the start of 2023, The Greene Turtle had 34 locations, 19 of which were company-owned. The brand had an AUV of $2.5 million and 18 percent unit-level EBITDA margins. Last year, the brand built four restaurants, which are posting $3.5 million in AUV and competitive cash-on-cash returns. Five stores are planned for 2023.
The Greene Turtle has created buzz through the M&A market, as well. In June 2022, the company announced it acquired Clark Crew BBQ, an independent casual-dining concept in Oklahoma City. The restaurant, which has won more than 700 Top 10 awards, was founded in 2019 through a collaboration between Travis Clark and Famous Dave's parent BBQ Holdings. The single-unit store generates $8 million in annual volume and $1.2 million in unit-level contribution.
The Greene Turtle also formed Founders Growth Platform. As part of the deal, the chain partners with a founder and agrees to build a single unit out of pocket. Cash flow is split evenly, and The Greene Turtle has the right to participate in 50 percent of any future growth, at a minimum. There are also some drag-along rights to grow the concept and complete a transaction if the brand chooses to.
There are seven fast-casual brands under the Founders Growth Platform, four of which opened in 2022. Five were scheduled to debut in 2023. The Greene Turtle, Clark Crew BBQ, and Founders Growth Platform now fall under parent company, ITA Holdings. In five years, the combined entity is projected to have 155 locations, including 73 for The Greene Turtle, 10 for Clark Crew BBQ, and 72 under Founders Growth Platform.
