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Cousins Maine Lobster Shark Tank Business

Cousin’s Maine Lobster Shark Tank Summary

EpisodeSeason 4 Episode 6
BusinessLocal, fresh, lobster food truck
EntrepreneurJim Tselkis and Sabin Lomac
Asked For$55,000 for 5%
Accepted Offer$55,000 for 15%
SharkBarbara Corcoran
Business StatusIn Business
Net Worth

Company Background

What is Cousins Maine Lobster?

Cousin’s Maine Lobster lobster sells exactly that, Northern Lobster sourced fresh from the cold waters of the North Atlantic Ocean, just off the coast of the most north-easterly state of the USA.

You have three ways to purchase from their delicious menu, at a nationwide roadside truck, a nearby restaurant ( located in 16 states), and to order online or through their app. They can ship live lobster almost anywhere in the country. They also do catering for birthdays parties, etc.

Who Founded Cousins Maine Lobster?

Cousin’s Main Lobster is co-founded and owned by Jimmy Tselikis and Sabin Lomac, two cousins living on opposite ends of the country at the time, but having spent their childhood’s in Maine, were always close. Today, both cousins remain active as directors in the company.

Founder’s Story

The business idea started in 2011 over a competitive retro video game. Catching up in California, where Sabin had moved to try to pursue an acting career, the two cousins began reminiscing over the family get-togethers during their childhood and some of the delicious Maine lobster meals they enjoyed.

They segued into the topic of the Los Angeles up and coming Food Truck business scene and then suddenly realized there’s a gap in the market to combine the two. So they pooled their savings and designed a Food Truck catering for lobster dishes.

In 2012 with minimal culinary experience between them, and after hiring a small team, they opened their doors to the public. And from day one were able to draw in large crowds of hungry patrons — introducing them to some of their favorite family recipes.

Over the months following, the sales and popularity of their lobster Food Truck continued to grow, and word of mouth spread.

The cousins soon felt there was enough demand, and funds, to open up a second truck. But they had bigger plans, nationwide restaurants, and e-commerce. So it was around this time that they started to look for investors. Very cleverly doing their research on who to target for the best results.

What Happened to Cousins Maine Lobster After Shark Tank Update

Is Cousins Maine Lobster Still in Business?

Cousin’s Maine’s Lobster is now a fully-fledged national chain of restaurants across 17+ states while also offering food trucks and home shipping of fresh lobsters. They’ve since expanded their network and now work with more fisheries across the state of Maine to keep up with demand for fresh produce. On top of being able to buy through their website, the company also has an app. Finally, they can do catering for weddings and events. Cousins and co-founders Sabin Lomac and Jim Tselikis are still the driving force behind the company. To help expand the network of restaurants, the company now offers franchise opportunities.

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