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Cousins Maine Lobster Shark Tank Update

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Get ready to sink your teeth into some of the freshest and most delicious lobster around – courtesy of Cousins Maine Lobster! This company, founded by cousins Jim Tselikis and Sabin Lomac, has been serving up mouth-watering seafood since its appearance on Shark Tank in 2012.

But Cousins Maine Lobster is more than just a seafood truck – it’s a business that’s committed to quality, sustainability, and supporting local communities.

From sourcing the freshest lobster and seafood to partnering with local businesses, Cousins Maine Lobster is dedicated to providing an exceptional dining experience that’s also socially responsible.

With a menu that includes everything from lobster rolls and tacos to chowder and bisque, Cousins Maine Lobster has something to satisfy every seafood lover’s cravings. So if you’re ready to indulge in some of the best lobster around, head over to Cousins Maine Lobster and taste the difference for yourself!

Cousins Maine Lobster at a Glance-

IdeaCelebrating Maine with its seafood
FoundersJim Tselikis and Sabin Lomac
Asked For$55,000 For 5%
Accepted Deal$55,000 For 15%
SharksBarbara Corcoran
Business statusIn Business
Episode No.Season 4, Episode 6

Index:

What is Cousins Maine Lobster?

How many of us think of sharing our local culture and taste worldwide? Cousins Maine lobster is one of them who got themselves into a business, where they decided to spread always loved Maine Lobster. Cousins Maine Lobster is a food truck business that celebrates and shares Maine Lobster It serves one of the best seafood in Los Angeles.

The main idea of the business was to not only share the culture of Maine but also to give Los Angeles the taste and experience of the Maine Lobster. It started with the goal of ‘shore to door’ and providing fresh Maine seafood. 

This food truck which was started in 2012, rolls out in different cities today. One can order their recipe from the trucks, local restaurants, or via their app.

Founder Story:

Sabin Lomac and Jim Tselikis, the two cousins are the founders of the Cousins Maine Lobster. Belonging to Maine, and reconnecting after years the two cousins discussed the food truck industry in LA over an afternoon playing NHL ’94.

Being a big fan of Maine food and surveying the landscape, the noticed that LA lacked and was the tasty Maine traditions. This led them to the business idea of launching a food truck that served Maine and the bounty of their state. They pulled out their saving and established that food truck in 2012.

Did Cousins Maine Lobster get a deal on Shark Tank?

Yes, Cousins Maine Lobster did secure a deal on Shark Tank. The business merely had succeeded and before it could open more trucks and sales it appeared on Shark Tank. On the show, the cousins sought $55,000 for a 5% stake in the company. The sharks were extremely happy seeing their samples.

After explaining their sales and the manufacturing cost and their need for their sharks, they listen to their decisions. Mark withdrew as he felt ignored and did not get answers to his questions. Kevin was out due to an excessive amount of funds asked. Robert made an offer of $50,000 for 25% stock which the cousins declined immediately, as it was too much for them.

Barbara offered an extra $5,000 which is $55,000 for 17% of the firm. Seeing this offer from Barbara, Robert changed his offer to $100,000 for 25%. Curious cousins wanted to know what both the sharks brought them other than the money.

While Barbara answered, Robert was pissed and withdrew his offer. And as a result, the cousins landed a deal with Barbara for 15% of the company for $55,000.

What happened to Cousins Maine Lobster after Shark Tank?

The cousins had just started their food truck business and it was offered to be on the show. After the show, the food truck business thrived to success.

Their annual revenue is estimated to be $28.1 Million per year. The annual revenue per employee is around $270,000. Their sales before the shark tank were $20,000 and they had a single food truck that soon became four with Barbra’s assistance.

Today they have 20 food trucks in 13 locations, a restaurant in West Hollywood, and an online portal that services everywhere around the US. The valuation of the company during the pitch was 1.1 Million and it was brought down to $366,666. Today the valuation of the company is around $50 Million.

The franchise was set up in Pensacola in February 2023 by Lisa Noble. The business also made appearances on reality TV shows like “Good Morning America,” “The Today Show,” “Master Chef”, “The Food Network” and others. They sell recipes like lobster pot pies, lobster mac and cheese, crab cakes, lobster cakes, and many more.

Cousins Maine Lobster has also received numerous accolades for its delicious food and business practices. The company was named one of the top 10 food trucks in the U.S. by The Daily Meal and was also recognized as a certified B Corporation for its commitment to social and environmental responsibility.

But perhaps the biggest testament to Cousins Maine Lobster’s success is its loyal fan base. The company has amassed a huge following of seafood lovers across the country, with fans lining up for hours to get a taste of their delicious lobster rolls, tacos, and other seafood dishes.

Overall, Cousins Maine Lobster’s appearance on Shark Tank was just the beginning of its success story. With a commitment to quality, sustainability, and community, the company has established itself as a leader in the seafood industry and a beloved favorite among seafood lovers everywhere.

Competitors

  • Maine-iac-Lobster Rolls LLC
  • The Immortal Lobster
  • Linton’s Seafood Inc
  • Greenhead Lobster LLC
  • Maine Lobster Now LLC
  • Lobster Lovers Express

What is the net worth of Cousins Maine Lobster?

The valuation of the company during the pitch was 1.1 Million and it was brought down to $366,666. Today the net worth of the company is around $50 Million.

Is Cousins Maine Lobster still in Business?

Yes, the is still in Business and profited and succeeded in a great amount. It has expanded its Business and plans on expanding it more to all the cities.

Since appearing on Shark Tank in 2012, Cousins Maine Lobster has experienced significant growth and success. The company has expanded its reach beyond its food trucks, opening brick-and-mortar locations in several states and even launching a line of frozen lobster products.

In addition to its expansion, Cousins Maine Lobster has also continued to prioritize quality and sustainability. The company partners with local fishermen to source the freshest and most sustainable seafood, and is committed to reducing its environmental impact through practices such as using compostable and recyclable materials.

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FAQs:

What is Cousins Maine Lobster?

Cousins Maine Lobster is a food truck business that celebrates and shares Maine Lobster It serves one of the best seafood in Los Angeles.

What's the net worth of Cousins Maine Lobster?

The valuation of the company during the pitch was 1.1 Million and it was brought down to $366,666. Today the net worth of the company is around $50 Million.

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