Nuchas is a popular restaurant chain in New York City. Empanadas are pastries that are filled with different fillings. Nuchas sells hand- made empanadas. In 2011, Nuchas started with a small kiosk in Times Square, later expanding to two food trucks and two pushcarts. In 2013, Nuchas opened another retail store in Greeley Square.
People love freshly hand-made empanadas and hence, Nuchas won the Vendy Awards Rookie of the Year in 2013 and the People’s Taste Award in 2014. Nuchas sells empanadas with beef, pork, chicken, dessert, vegetarian and vegan fillings. All the empanadas are hand-made with the ingredients being fresh and without any added antibiotics. Based on the filling, an empanada at Nuchas costs from $4 to $6.
Nuchas at a Glance:-
|Idea||Nuchas:- Deliciously baked and served pies|
|Asked For||$2,000,000 for 8% equity|
|Accepted Deal||No deal|
|Business status||In Business|
|Episode No.||Season 10, Episode 18|
Who were the founders of Nuchas?
Ariel Barbouth is the founder of Nuchas. Ariel shared on the show how he and his wife Leni came to New York in 2009 with $9000 in their pocket and a dream in their hearts. In 2011, Ariel Barbouth finally opened his first Nuchas court near Time Squares. Gradually, they opened their second food truck and two pushcarts. Nuchas was getting famous slowly in terms of audience and taste.
In 2013, they opened one more location in Greeley Square. They also won rewards like the Vendy awards Rookie of the year in 2013 and in 2014 they won the people’s taste award. Nuchas empanadas won the heart and tastes of everyone in New York City.
Did Nuchas get a deal on the Shark Tank Show?
Ariel Barbouth, the founder of Nuchas, came on the show seeking an investment of $2,000,000 for 8% equity in the business. Ariel begins the pitch by sharing his whole story and how he made it possible for him to reach the stage. Ariel gave his presentation and handed out samples to the sharks. Sharks were impressed by the product and asked him about the sales.
Ariel shared that they had sales of $3 million and had a direct profit of $750,000 and forecasted to gain the same numbers for the next year. Ariel was doing quite well, so, why did he need an investment? Ariel clarified that he wanted investment and shark expertise to increase his wholesale production capabilities. Daymond John jumped with his offer of $2 million for a 25% stake in the business with an agreement to recoup his investment amount back in the next four years.
Barbara Corcoran gave an offer of $1 million for 100% of the retail business and another $1 million as a loan to uplift the wholesale production. One by one, other sharks left the pitch due to the high valuation and risk factors involved in it. Ariel gave a counter-offer to Daymond John, which was disapproved by Daymond and he went out. Barbara Corcoran was only left in the tank with her sharky offer as she wasn’t ready to give her hands up from the retail section. Ariel said he couldn’t offer his retail section for investment and he thanked all the sharks for their time and suggestions. Ariel left the pitch with no deal in hand.
What happened to Nuchas after the Shark Tank Show?
On the show, Ariel didn’t accept the deal with Barbara Corcoran as it would have snatched his authority from the retail segment. Ariel showed his smartness after the show, as on the show, Barbara shared her plan to grow the business with the help of opening more franchises. Ariel didn’t take the deal but grabbed the idea and started the franchise. After the show, they get partnered with Yumble.
During the pitch, they came up with a valuation offer of $25,000,000 and the valuation was indigestible for the sharks.
When the second wave of the pandemic came in 2020, its impact was seen on the team of Nuchas but, they didn’t lose their ends and grabbed various new opportunities. By January 2021, they opened two more outlets in Atlanta and New York and also received contracts from 50 stadiums, which was one of the biggest opportunities to expand worldwide. By August 2021, they have teamed up with Franklin Junction for their wholesale side of the business. Before coming to the show, they had sales of $3 million and after the show, the sales became doubled.
Nuchas have Argentine beef ( $34.60 for a pack of 6), Chipotle Chicken, Italian Sausage, Ham and cheese, Portobello and Mazo, Spicy Cheese, Shiitake curry, Seitan Al Pastor, MediAluns and Apple- Cranberries + Nutella also have various special combos – I want it all ( $219.9), Meat Lovers ($119.9) and Veggie Paradise ($119.9).
As of 2022, they’ve now dropped the idea of franchises and are focusing completely on wholesale distribution.
Competitors of Nuchas are:-
- Staber Meats
- My Butcher
- B and G Produce
- Dons Meat Shop
- Wildflour Bakery
What is the net worth of Nuchas?
The valuation during the show was $25,000,000, which was actually a bit crazy to hear, and therefore, the sharks rejected the request. The estimated net worth of $6 million.
Is Nuchas still in business?
As of 2022, Nuchas is in business and doing insane. As of 2021, they opened two more outlets in New York and Atlanta and also got a contract from 50 stadiums after the pandemic. By April 2021, they also partnered with Franklin and launched a host kitchen. They are currently focusing on their wholesale business. Bizz Bucket wishes luck and success to Nuchas.
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What is Nuchas?
Nuchas is a popular restaurant chain in New York City. Empanadas are pastries that are filled with different fillings. Nuchas sells hand- made empanadas. In 2011, Nuchas started with a small kiosk in Times Square, later expanding to two food trucks and two pushcarts.
What's the net worth of Nuchas?
The valuation during the show was $25 million which was actually a bit crazy to hear, and therefore, the sharks rejected the request. The estimated net worth of $6 million.