Teamshares acquires Pappas Seafood Co.

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The company buys traditional small businesses from retiring owners to make them 80% employee-owned within 20 years, and provides the companies with new leadership, financial education, equity management software, and financial products. TeamsharesQED invested in back-to-back growth rounds as the company launched its neobank and began development on charge cards and insurance products for Teamshares' network of employee-owned businesses. The company believes employee ownership works in all industries, as illustrated by the broad cross-section of the American economy who have chosen Teamshares as their succession plan, with an average age of 30 years, including:Brad's Service Center, an auto service business in Western MassachusettsBoxes4U, a packing material distributor in Plano, TexasCentral Texas Plumbing, in Waco, TexasDon & Millie's, a fast-food restaurant chain in NebraskaHorn Photo, a specialty retailer in Fresno, California Founded in 2019, the company has 140 employees across the U.S. and Canada. "We founded Teamshares after a decade of hard-won experience running small businesses, delivering education at scale, and executing M&A transactions," said Michael Sutherland Brown, Cofounder and CEO of Teamshares. Teamshares provides retiring owners with a financial exit and a legacy of employee ownership, while also preserving jobs and creating stock wealth for hard-working small business employees. Teamshares is an employee ownership platform for small business, driven by proprietary software, education, and financial products. "As a highly trusted brand that broadens access to capital, knowledge, and well-being via its employee ownership platform and network of companies, Teamshares was a good fit for USV's investment thesis. Teamshares is the market leader for small business employee ownership, with 84 companies acquired to date and over $400 million of consolidated revenue.