Teamshares Acquires Baltimore Restaurant Pappas Seafood Co.

The New York-based firm intends to transition the regional seafood chain to majority employee ownership.

Updated on Oct. 30, 2026 in Openings & Closings

Isometric editorial illustration of stainless steel serving trays and kitchen prep surfaces, representing corporate operational transition. — New York-based firm Teamshares has acquired Baltimore’s Pappas Seafood Co., with plans to transition the long-standing restaurant chain to majority employee ownership. AI Illustration. Upload story photo >

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Teamshares has acquired Pappas Seafood Co., a long-standing restaurant chain operating in Parkville and three other Maryland locations. This move marks the firm's first business acquisition within the Baltimore area.

Why it matters

The acquisition provides a structured exit strategy for the business following the death of founder Mark Pappas and the planned retirement of his son, Steve Pappas. Teamshares aims to convert the company to employee ownership over the next two decades.

Pappas Seafood Co. has been operating since 1972 and currently maintains four locations across Maryland. The parent firm, Teamshares, operates businesses across more than 30 states.

The players

Teamshares

This New York City-based fintech holding company specializes in acquiring businesses and converting them to employee ownership models.

Pappas Seafood Co.

This Maryland-based restaurant chain has served the region since 1972 and operates four distinct locations.

Mark Pappas

He was the founder of Pappas Seafood Co. and passed away in 2025.

Steve Pappas

He is the son of the founder and has been planning his retirement from the family business.

The details

Teamshares plans to install a new president to manage restaurant operations while potentially funding additional locations. The firm identifies targets based on criteria such as stable earnings, strong management, and retirement-related exit needs.

Pappas Seafood Co. has been in operation since 1972.
Founder Mark Pappas died in 2025.
Teamshares acquired the restaurant chain in October 2026.
The transition to 80 percent employee ownership is scheduled over the next 20 years.

Market Landscape

This move follows the Teamshares business acquisition model, which focuses on converting long-standing, stable local firms into employee-owned entities. The acquisition allows the firm to expand its footprint to more than 30 states by targeting businesses with strong management and retirement needs.

Customers can expect the restaurant to continue operations with potential expansion onto additional third-party food platforms. The transition to an employee-owned model is internal and is not expected to disrupt current service or dining experiences at the four locations.

The takeaway

This acquisition highlights a trend where long-running family businesses utilize employee ownership transitions as a retirement strategy for founders. Local diners should look for potential brand growth as the new parent firm invests in future locations and service capabilities.