We all have seen the massively popular bagels from NYC that are a daily staple for the city folk, being consumed at breakfast, lunch, or even dinner!
But now 2 New Yorkers, Nick and Elyse Oleksak, have come up with a unique take on this classic food item with their product, Bantam Bagels! Will the sharks take a bite out of this company right down to the cream cheese-filled center? let’s find out.
Bantam Bagels at a glance.
| Business idea | Mini Bagel balls filled with cream cheese |
| Founder | Nick and Elyse Oleksak |
| Asked for | $275,000 for 11% |
| Accepted deal | $275,000 for 25% |
| Sharks | Lori Greiner |
| Business status | In business |
| Episode | Season 6, Episode 13 |
| Website | Bantam Bagels |
Index:
Founders’ Story:
The founders of Bantham Bagels, Nick and Elyse Oleksak, were both employed at Wall Street firms after graduating from Columbia state university and had always loved a good bagel, but then one day Nick had the idea of creating a new version of the iconic NYC classic.
They started their company around his idea and after around $200,000 in sales, they come to the shark tank to try to secure a deal.
Did Bantam Bagels get a deal on Shark Tank?
The founders introduce themselves to the sharks, asking $275,000 in exchange for an 11% stake in their company. They describe how their item changes the stereotypical appeal of a bagel into something unique, and how they set up a kitchen in Bleecker Street, NYC, and started their company. They give some samples of their items to the sharks and they all like them.
Kevin then asks how their Bleecker Street location is doing, and Nick says that the location has gotten them around $200,000 in sales since its inception, with the mini bagel costing 30 cents to make and selling for $1.50 each.
Kevin then asks what they are going to use the $275k for, to which Nick says that they will purchase a new commercial facility in order to mass produce their item and bring it to more stores and keep a strategic approach. They also mentioned that they had gone for QBC before but were earning just $2 per pack in order to reach more people, which the sharks are surprised to hear.
Kevin says that they don’t need to focus on distribution but should instead prepare for the post-shark tank exposure boost by developing their website and product to serve the thousands of interested shark tank viewers that may like their product. They then say that they were working at wall street firms, after which Robert says that they are not desperate enough as they are already earning enough to live their lives and are just trying random things.
Mark and Robert then go out because they think that they might not be able to help the company the way they want. Barbara then says that she can help the company as she had similar experiences with another startup of hers and asks if they would leave QBC for her, and offers them the $275k, but at a 51% stake. Lori then busts in and says that she will offer them the 275k for 30%, the founders try to counter-offer for 25%, and Lori agrees.
What happened to Bantam Bagels after Shark Tank?
In season 8 of shark tank, we see an update on Bantam Bagels in which we learn that the company had been acquired by T. Marzetti co. , a division of the Lancaster food company, for $34million. They were doing over $20 million in annual sales with their product available in around 9000 stores along with Starbucks and Aldi stores, as well as on online channels like Amazon.
Product details:
- The main item of this company is their frozen readymade dough balls with cream-cheese filling.
- Pricing may vary according to type and quantity.
- The company can be contacted at,contact@bantambagels.com.
- The company is based out of Brooklyn, New York.
- This business seems to have suspended operations at the present time.
Competitors of Bantam Bagels
Some competitors of this company can be –
- Evil shenanigans LLC
- Servatti Inc.
- Crows Bakery
- Shashy’s Bakery and fine foods
What is the net worth of Bantam Bagels?
As of 2022, the net worth of this company is around $20 million, which was achieved through much hard work from the founders’ side. I think they took Robert’s “not desperate enough” quote to heart, but this is an exponential amount of growth from their $1.1million valuation after doing the deal with Lori.
Is Bantam Bagels still in business?
Unfortunately, the Covid-19 pandemic seems to have hit this business hard as Lancaster food co. later withdrew from the Bantam Bagels company due to poor sales, after which their amazon links are down, and social media accounts were deleted.
We can’t say much about the further operations of this company and we are not sure whether this company will reopen on another day.
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FAQs:
What is Bantam Bagels?
Bantam Bagels is a mini Bagel ball filled with cream cheese.
What's the net worth of Bantam Bagels?
As of 2022, the net worth of this company is around $20 million, which was achieved through much hard work from the founders’ side. I think they took Robert’s “not desperate enough” quote to heart, but this is an exponential amount of growth from their $1.1million valuation after doing the deal with Lori.