Cousins Maine Lobster is one of the most well-known seafood franchises in America, famous for their delicious lobster rolls served up from eye-catching food trucks. But who are the entrepreneurs behind this successful business? Here’s the full story of who owns Cousins Maine Lobster.
The Origins of Cousins Maine Lobster
Cousins Maine Lobster was founded in 2012 by cousins Jim Tselikis and Sabin Lomac. The two grew up in Maine and frequently ate fresh lobster rolls. When they moved to California as adults, they missed the authentic Maine lobster rolls from their childhoods.
Inspired by the popularity of the LA food truck scene, Jim and Sabin decided to launch a food truck selling Maine-style lobster rolls made from wild-caught lobster. They started with just one truck in LA, but the concept quickly took off.
Appearing on Shark Tank
In 2012 just a few months after launching their first truck Jim and Sabin had the opportunity to pitch Cousins Maine Lobster on the TV show Shark Tank. They hoped to gain investment to help them expand nationally.
On the show, the cousins won a $55,000 investment from high-profile investor Barbara Corcoran in exchange for 15% equity in the business. Barbara’s investment and advice helped propel Cousins Maine Lobster to rapid growth.
Franchising the Business
With Barbara Corcoran’s investment and guidance, Jim and Sabin began franchising Cousins Maine Lobster in 2013. This allowed them to quickly expand while maintaining quality standards.
By 2014, Cousins Maine Lobster had 4 trucks in Southern California and 10 franchise units in the works across America. The brand continued to grow rapidly over the next few years.
Current Ownership Structure
As of 2024, Cousins Maine Lobster has over 60 locations across the United States. The company is still owned and operated by original founders and cousins Jim Tselikis and Sabin Lomac.
Jim and Sabin each own 42.5% of Cousins Maine Lobster. The remaining 15% is owned by investor Barbara Corcoran, per the original deal made on Shark Tank.
While Barbara maintains her minority stake, she is not actively involved in the day-to-day operations of the company. Jim and Sabin continue to lead the business and make major decisions as equal partners.
How the Cousins Share Ownership
Despite being cousins, Jim and Sabin consider themselves equal business partners. All major decisions are made jointly between the two of them.
Both Jim and Sabin serve as Co-CEOs and work full-time for the company. Though they live on opposite coasts, they stay in constant communication.
The cousins have structured the ownership so neither of them has full control. As 50/50 owners, Jim and Sabin share both responsibilities and rewards of the business equally.
Ongoing Growth Plans
Cousins Maine Lobster continues to expand, with over 20 new locations planned for 2024. Jim and Sabin remain focused on awarding franchises to qualified partners who can help grow the brand.
In addition, the cousins are diversifying revenue streams. In 2021 they launched a TV show called “Food Truck Rehab” on The Food Network. Their business book published in 2018 also provides an additional source of income.
As equal partners, Jim and Sabin share responsibility for guiding the future growth of Cousins Maine Lobster. They continue to lead the company towards their ultimate goal of making authentic Maine lobster available to people nationwide.
Key Takeaways: Who Owns Cousins Maine Lobster?
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Cousins Maine Lobster was founded in 2012 by Jim Tselikis and Sabin Lomac. The cousins own the company 50/50.
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Investor Barbara Corcoran owns 15% after making a Shark Tank investment in 2012.
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Jim and Sabin lead the company as Co-CEOs and make major decisions together as equal partners.
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The brand continues to expand through franchising, with over 60 locations and 20 more planned for 2024.
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As childhood friends turned business partners, Jim and Sabin maintain shared ownership and responsibility for the future success of Cousins Maine Lobster.
Lobster Bisque & New England Clam Chowder
Indulge in the classic flavors of Maine with our Lobster Bisque and our New England Clam Chowder. Our soups are great on their own or as a side dish. They come in cup and bowl sizes. Both our soups are gluten-free!.
Lobster Tail & Tots
Taste Maines ultimate luxury with our classic Maine lobster tail. A 4-5oz. lobster tail in shell, served with drawn butter and a side of tater tots.
LEARN MORE ABOUT OUR LOBSTERS ORIGINS
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Who owns Cousins Maine lobster?
Maine natives Sabin Lomac, 35 and Jim Tselikis, 32 started Cousins Maine Lobster as a single food truck in Los Angeles in April of 2012, serving up authentic, sustainable lobster rolls. After an appearance on “Shark Tank” that netted the duo a $55,000 investment from Barbara Corcoran, Cousins took off.
What happened to Cousins Maine lobster?
With Corcoran’s connections and mentorship, Cousins Maine Lobster gained press on a plethora of major networks, from “The Today Show” to “Master Chef,” and opened three more food trucks in the next year and a half. The business only continued to grow exponentially from there.
Who are Sabin & Jim & Cousins Maine lobster?
Sabin, Jim and Cousins Maine Lobster have appeared in leading business publications Inc., Entrepreneur, Saveur, Food & Wine, Zagat, and Eater always with the witty banter and inspirational story of two average guys hustling to make it big that people have…
Does Cousins Maine lobster have new trucks?
It anticipates 10 new trucks on the streets for 2017 and has plans for international expansion. Earlier in 2016, Cousins Maine Lobster reached $20 million in sales. Its two newest cities, Nashville and San Antonio, are seeing record-breaking crowds, and the brand is on track to serve over half a million customers in 2016.