Baltimore-based Atlas Restaurant Group is acquiring a majority stake in Boatyard Bar & Grill, a popular haunt in Annapolis.

The deal is expected to close in February.

Dick Franyo, the 81-year-old founder and owner of the restaurant, said he wants to “keep the Boatyard the Boatyard.”

“We take every guest experience and agonize over it. We agonize over everything,” Franyo said. “And Alex [Smith, CEO of Atlas] totally gets it, totally gets it and appreciates it."

Franyo declined to get into the specifics of the deal, but said he and other Boatyard staff would retain an interest in the business.

Franyo will remain on board as operator, and general manager Kevin Schendel will retain his job, Atlas said in a press release.

“Our goal is to support the team that’s already in place and bring the full strength of Atlas behind them to enhance their ability to operate and grow,” Smith said in a statement. “We’re not here to change the Boatyard, we’re here to help it flourish for years to come.”

Boatyard brings Atlas to five total interests in Annapolis, though it’s their first in the city’s Eastport neighborhood.

The Choptank, situated along the water, opened in 2022. The company announced early last year that it was opening a second location of The Admiral’s Cup on Dock Street, which is set to debut this month.

Two projects in the Annapolis Waterfront Hotel — Armada and Marmo — have not opened yet.

The Boatyard, a big yellow building on the corner of Severn Avenue and Fourth Street with bright blue shutters, opened in 2001 and quickly became a neighborhood staple. The inside is covered in nautical details and framed artwork.

Franyo’s business founded and continues to sponsor outdoor events for charity, including a fishing tournament and a regatta. The events benefit organizations such as the Chesapeake Bay Foundation and the Annapolis Police Department’s youth fishing camp.