10-22-2026 8:15am

Mark Pappas' Dream

Jeff Barto Editor

Baltimore crab cake staple Pappas Seafood sold to financial technology firm Teamshares

Pappas Seafood Co., a renowned Baltimore institution famed for its Maryland crab cakes, has been acquired by the New York-based financial technology and holding firm Teamshares. It was Oprah Winfrey's "favorite thing."

The purchase price for the family-founded business was not disclosed.

Teamshares operates under a business model designed to buy small-to-medium-sized enterprises and transition them toward employee ownership. The firm grants an initial 10% equity stake to staff upon acquisition, with a long-term goal of transferring up to 80% ownership back to employees over time as they buy into the business.

As part of the corporate transition, Teamshares plans to appoint a new president to oversee operations at Pappas and identify strategies to grow profitability.

Despite the ownership shift, company leadership assured customers that day-to-day operations and menu offerings will remain unchanged.

“People need to know that nothing is changing at all,” Pappas family ownership said in a statement following the sale. “It’s still going to be the Pappas that they’ve always known, if not better.” ReserveTables

Pappas Seafood Co. has long been a fixture of the regional culinary scene, earning national recognition for its jumbo lump crab cakes, including frequent spots on high-profile gift guides and local “best of” lists.

Founded in 2019, Teamshares operates dozens of small business subsidiaries across various industries in the United States.

In 1972, Mark Pappas had a dream. He purchased a restaurant with the vision of offering quality food at fair prices and a focus on customer service. Over the years he's built a loyal clientele by concentrating on that vision. Pappas Restaurants, Pappas Seafood Market and Pappas Catering, as well as our shipping division are all operated by family and our extended family, the staff that has been with us for years.

The founder and patriarch of a Baltimore staple, Pappas Restaurant, died at the age of 93 in November 2025. Pappas was born in Velvendos, Greece in 1932 and immigrated to the United States in 1956 in search of his dream. He settled in Baltimore and in 1972 he took over Wargo's Western Steak House & Stag Bar in Parkville, renaming it Pappas Restaurant & Sports Bar.

We take pride in the quality of our products and strive to maintain the highest standards. Over the years, we’ve earned a reputation for great seafood. Our award winning Crab Cakes have made us famous here in Baltimore. That’s why we’re now shipping our signature dishes nationwide. We use the freshest ingredients and prepare orders just prior to packaging, so the seafood comes directly from our kitchen to yours.