Cousins Maine Lobster, a lobster food truck business, was started by Sabin Lomac and Jim Tselikis in April 2012. As of August 2023, Cousins Maine Lobster’s net worth is $50 million, and they’re pulling in a whopping $39 million in annual revenue.
In October 2012, they appeared on Season 04 Shark Tank USA and made a deal with Barbara Corcoran, $55,000 for 15% equity. The final valuation was 366K, down from the founder’s initial estimate of $1.1 million.
As of August 2023, the company is still up and running, making an impressive $39 million in yearly revenue. This stands as one of the most successful deals ever made on Shark Tank. You can access their services through their website.
Cousins Maine Lobster Net Worth
| Net worth | $50 million |
| Annual Sales Revenue | $39 million |
| Profits | – |
| Lifetime Sales | – |
| Shark Tank Investor | Barbara Corcoran |
| Founders | Sabin Lomac and Jim Tselikis |
| Employees | 69 employees |
Cousins Maine Lobster Net Worth Timeline
| Net Worth 2023 | $50 million |
| Net Worth 2022 | $39 million |
| Net Worth 2021 | $38.5 million |
| Net Worth 2020 | $38.5 million |
| Net worth valuation 2012 after appearing on Shark Tank | $366K |
| Net worth valuation 2012 before appearing on Shark Tank | $1.1 million |
Cousins Maine Lobster Pitch on Shark Tank
| Company name | Cousins Maine Lobster |
| Product | Local, fresh, lobster food truck |
| Episode | Season 04 Episode 06 |
| Founders | Jim Tselkis and Sabin Lomac |
| Asked for | $55,000 for 5%Equity |
| Final deal | $55,000 for 15% Equity |
| Shark | Barbara Corcoran |
| Location | Los Angeles, California |
Cousins Maine Lobster Founders
Cousins Maine Lobster was founded by Jim Tselkis and Sabin Lomac in 2012. Jim Tselikis and Sabin Lomac talked about the food they enjoyed in their hometown of Portland, Maine. The bustling food truck scene inspired them in Los Angeles, so they chose to sell Maine lobster in the L.A. area. Cousins Maine Lobster’s founders, Jim Tselkis and Sabin Lomac, have a net worth of 42 Million USD as of 2023.
Key accomplishments:
| Year | Accomplishment |
| 2019 | They have launched 22 food trucks across the country and established 8 physical restaurants |
| 2021 | In July 2021, they had a total of 36 franchises. Among these, 7 were restaurants, and 29 were food trucks |
| 2022 | In March 2022, the company shared that they were adding 3 more food trucks and a new restaurant. The company started its franchise in Asbury Park, New Jersey. |
Conclusion
From their beginnings on Shark Tank to their current status as a thriving business, they have proven that with the right idea and execution, anything is possible. We can’t wait to see the future for Cousins Maine Lobster and its continued success.