Cousins Maine Lobster Shark Tank Net Worth 2023

What is Cousins Maine Lobster? Who Founded Cousins Maine Lobster?

Cousins Maine Lobster is an American company that specializes in offering lobster rolls. They offer three options for customers to place orders – through a roadside truck located throughout the country, at a local restaurant, or online via their app.

Moreover, they have the capability to deliver live lobsters to almost any location in the continental United States. The company also provides catering services for special events such as birthday parties.

Cousins Maine Lobster was co-founded by Jimmy Tselikis and Sabin Lomac, who are cousins that grew up in Maine. Despite living apart from each other, they remained close and both continue to serve as directors of the company to this day.

The idea for the business came about in 2011 when the two cousins were playing a competitive vintage video game while catching up in California, where Sabin had moved to pursue an acting career.

They began reminiscing about the delicious Maine lobster meals they had enjoyed at family reunions during their childhood.

They noticed a market opportunity in the growing food truck industry in Los Angeles and decided to merge their love for lobsters with the trend. They combined their resources and launched a food truck that specialized in lobster-based dishes.

Cousins Maine Lobster Shark Tank Pitch

The cousins made a concise and enthusiastic pitch, requesting $55,000 in exchange for a 5% stake in their company, resulting in a $1.1 million valuation.

Jim highlighted their goal of bringing the Maine lobster experience to Southern California and their ability to source fresh lobsters from Maine within 24 hours.

They also mentioned that they were struggling to meet the high demand for their affordable East Coast cuisine.

While the Sharks sampled their food, Barbara inquired about their lobster transportation, to which Jim explained their strong relationships with East Coast suppliers. The Sharks were impressed with the taste and freshness of the food.

In the first two months of their business, they made $150,000 in sales with a single food truck, and their famous lobster roll was priced at $13 with a manufacturing cost of $5.85.

After paying $65,000 for the truck and spending $20,000 per month on expenses, they hoped to reduce costs after hiring a general manager.

Despite some Sharks bowing out due to high valuation or lack of interest, Barbara offered $55,000 for a 15% stake, which the cousins accepted.

Barbara not only invested money but also provided significant exposure on TV and abroad, contributing to the company’s growth.

Cousins Maine Lobster currently has more than 35 franchise locations in 16 states, including food trucks, brick-and-mortar stores, and eateries. The cousins began franchising in 2014 at Barbara’s suggestion.

Cousins Maine Lobster Net Worth

Cousins Maine Lobster is currently worth over $50 million.

Cousins Maine Lobster Shark Tank updates

Cousins Maine Lobster is a food truck business that serves fresh lobster dishes. The founders, Jim Tselikis and Sabin Lomac appeared on Season 4, Episode 6 of Shark Tank, asking for $55,000 in exchange for a 5% stake in their company.

Barbara Corcoran made a deal with them, and the sales of Cousins Maine Lobster have exploded from $150k to over $700k since they were aired on Shark Tank. The deal with Corcoran did in fact close, and she is now officially in the lobster business.

Cousins Maine Lobster debuted in 2012 with one food truck in Los Angeles, serving Maine’s lobster delicacies, including their signature lobster roll.

The business has since expanded and franchised, making more than $50 million. In 2021, Cousins Maine Lobster’s sales increased 37% year-over-year, and the brand opened in Austin and San Francisco for the first time.

By the end of 2022, Cousins Maine Lobster expects 19 openings, including eight new cities. The chain said in April 2023 that it will look for the right markets to expand into.

Barbara Corcoran’s influence on the company was felt from day one, and she helped propel the company into wide recognition, showcasing the business on Good Morning America, The Today Show, and MasterChef. The cousins also hosted Food Truck Rehab on Food Network.

Cousins Maine Lobster Shark Tank Table Summary:

TOPIC	SUMMARY
What is Cousins Maine Lobster?	An American company that specializes in offering lobster rolls, providing catering services for special events, and delivering live lobsters to almost any location in the continental United States.
Founders	Co-founded by Jimmy Tselikis and Sabin Lomac, who are cousins that grew up in Maine.
Shark Tank Pitch	Cousins Maine Lobster requested $55,000 in exchange for a 5% stake in their company, resulting in a $1.1 million valuation. Barbara Corcoran made a deal with them for a 15% stake.
Net Worth	Cousins Maine Lobster is currently worth over $50 million.
Expansion	Cousins Maine Lobster currently has more than 35 franchise locations in 16 states. The chain plans to expand into eight new cities by the end of 2022.
Menu	The menu includes traditional Maine lobster dishes such as lobster rolls, lobster pot pies, and lobster mac and cheese.
Franchise	Cousins Maine Lobster looks for franchisees who feel like family, and the business has been featured on Shark Tank and has received support and mentorship from Barbara Corcoran.

Cousins Maine Lobster FAQS

What Are Cousins Maine Lobster, Founder, And How Does It Work?

Cousins Maine Lobster is a franchise food truck business that sells Maine lobster in the Los Angeles area and has franchise locations throughout the United States.

The business was founded in 2011 by cousins Jim Tselikis and Sabin Lomac, who were discussing food they used to eat while growing up in Portland, Maine.

The first truck opened in April 2012, and the business has since expanded to include multiple food trucks, a restaurant in Los Angeles, and franchise locations in North Carolina, Texas, and Taiwan.

Cousins Maine Lobster uses only the best lobster and prepares all of its lobster meat in Maine before shipping it to its various locations.

The business also offers a shore-to-door service that allows customers to order live lobsters, fresh lobster meat, crab cakes, lobster cakes, steaks, and shrimp directly from its facility in Maine.

The menu includes traditional Maine lobster dishes such as lobster rolls, lobster pot pies, and lobster mac and cheese.

Cousins Maine Lobster has grown into a $20 million business by treating everyone like family and looking for franchisees who feel like they could be family. The business has been featured on Shark Tank and has received support and mentorship from Barbara Corcoran.

What Happened To Cousins Maine Lobster After Shark Tank?

Cousins Maine Lobster is a food truck business founded by cousins Sabin Lomac and Jim Tselikis in 2012. The cousins appeared on Shark Tank and negotiated a $55,000 deal with Barbara Corcoran. After Corcoran’s involvement, Cousins won Best LA Food Truck in 2012.

The food truck business expanded to three more trucks roaming around Los Angeles between 2017 and 2018. As of March 2022, Cousins Maine Lobster has 42 trucks and seven brick-and-mortar restaurants.

Cousins Maine Lobster has a booming franchise empire, with an annual revenue of $29 million as of May 2022. The chain is expanding rapidly, with 19 openings expected by the end of 2022, including eight new cities.

The brand opened in Austin and San Francisco for the first time in the first quarter of 2023, and existing franchisees inked deals to expand in Pennsylvania, Delaware, and Tampa, Florida Cousins Maine Lobster is looking for the right markets to expand into, but the co-founder believes that the familial culture will remain the same.

Cousins Maine Lobster has been back on Shark Tank with one success story to tell within a short amount of time.

The deal with Barbara Corcoran did in fact close, and she is now officially in the lobster business. Sales have exploded from $150k to over $700k and climbing very fast since they were aired on Shark Tank

What Is The Current Valuation Of Cousins Maine Lobster’s Pitch After Shark Tank?

Cousins Maine Lobster appeared on Shark Tank in Season 4, Episode 6, asking for $55,000 in exchange for a 5% stake in their company.

Barbara Corcoran made a successful deal with Jim Tselikis and Sabin Lomac for $55,000 and a 15% stake in Cousins Maine Lobster, giving the company an initial valuation of $825,000 post-Shark Tank.

Since appearing on Shark Tank, Cousins Maine Lobster has experienced tremendous success. As of May 2022, the company has made more than $50 million. Cousins Maine Lobster has expanded from one food truck to 42 trucks and seven brick-and-mortar restaurants.

The company also has a booming franchise empire, with potential franchisees paying between $250,000 and $350,000 to own and run a truck. In addition, the Cousins receive a royalty fee of 8% of the revenue.

As of March 2022, Cousins Maine Lobster has an annual revenue of $29 million. While the exact valuation of the company after Shark Tank is not provided in the search results, it is clear that the company has experienced significant growth and success since appearing on the show.

Cousins Maine Lobster Competitors?

Cousins Maine Lobster is a provider of fresh Maine lobster rolls. The top competitors of Cousins Maine Lobster are Maine-iac Lobster Rolls LLC, The Immortal Lobster, and Linton’s Seafood Inc. However, it is unclear what products or services these competitors offer.

Cousins Maine Lobster was founded 11 years ago by cousins and Maine residents Jim Tselikis and Sabin Lomac. The company has expanded to multiple locations and has franchisees.

In February 2023, Cousins Maine Lobster announced that it is opening a food truck in the Alabama Gulf Coast region with a territory from Mobile to Pensacola. The food truck will be operated by franchisees Gary and Lisa Noble.

Where Can I Find Cousins Maine Lobster Food Trucks?

Cousins Maine Lobster has food trucks, brick-and-mortar restaurants, and food hall locations across the United States. To find a Cousins Maine Lobster food truck, visit their website and browse for locations around the United States or search by zip code.

Alternatively, you can use Yelp to find a Cousins Maine Lobster food truck. Go to Yelp’s website and search for “Cousins Maine Lobster” in the search bar.

Then, enter your location in the “Near” field and click “Search.” Yelp will show you a list of Cousins Maine Lobster locations near you, including food trucks.

If you have any questions or want to place an order, you can call Cousins Maine Lobster at 732-994-3766. They also have a mobile app for ahead ordering.

Where is Cousins Maine Lobster?

Cousins Maine Lobster is based out of Los Angeles, California.

How much are Cousins Maine Lobster worth?

The firm is reported to be worth around $50 million, according to the most recent record.

Did Cousins Maine Lobster sell a Shark Tank Item?

No, they did not go to the Shark Tank with their lobster truck business idea or product.

Is the Maine Lobster at Cousins fresh or frozen?

They export a range of items, including fresh, live, and frozen. Occasionally, for the sake of efficiency, they will split their order into two distinct shipments.

How much lobster is in a Cousins Maine Lobster Roll?

Everything they need to recreate their world-famous lobster rolls in the comfort of their own home. Their At-Home Lobster Roll kits include one pound of Maine lobster meat, six New England buns, butter, and mayonnaise.

How is Cousins Maine Lobster following its appearance on Shark Tank?

Cousins Maine Lobster has expanded to 20 trucks operating out of 13 sites around the country, as well as a brick-and-mortar establishment in West Hollywood.

Lobster dinners are also available online and via QVC.

Who made a financial investment in Cousins Maine Lobster?

Cousins Maine Lobster is best known for its iconic food truck, which gained notoriety on Shark Tank in 2012 after investor Barbara Corcoran took a risk on the business.

Cousins Maine Lobster has how many locations?

Cousins Maine Lobster now operates 20 food trucks in 13 sites around the country, a restaurant in West Hollywood, California, and an online distribution network that distributes CML meals throughout the United States.

Is lobster less expensive in Maine?

Because soft-shell lobsters are plentiful throughout the summer months and cannot be moved, they are significantly less expensive than hard-shell lobsters.

Does Cousin Lobster Truck take credit?

They can pack their order to go if they notify them when they place their order. They also accept credit cards.

Where are Cousins Lobster’s lobsters sourced?

They were particularly interested in promoting their beach-to-door business, which allows clients to buy lobster straight from their Maine factory.

What inspired Cousins Maine Lobster to begin?

Cousins Maine Lobster was born in 2011 during a conversation between cousins Jim Tselikis and Sabin Lomac about the meals they ate growing up in Portland, Maine.

Impressed by the Los Angeles food truck scene, they decided to open a Maine lobster stand in the Los Angeles region.

What are the Cousins looking for in a franchise?

They investigated other franchise options but were drawn to Cousins’ business approach, product, and family-owned, locally-owned brand, which mirrored their own.

What is the cost of a Cousins franchise?

$80,000 in cash money and a net worth of at least $300,000 are required.

Franchisees should budget between $119,200 and $300,800 for their initial investment. Cousins Subs charges a $25,000 franchise fee.

What is the net worth of Jim Tselikis?

Unknown.

What is the net worth of Sabin Lomac?