PRX Performance is a rack-the-line-saving weight lifting rack. The racks are made to fit in a house or a commercial gym. PRX Performance racks take only up to 4 inches of space. People can buy these racks from Amazon to dive into their passion for fitness without the equipment hogging a lot of space.
PRX Performance offers racks made up of strong and high-quality steel. The racks can be folded out to provide space for a variety of weight lifting equipment, such as pull-ups, squats, bench presses, deadlifts, and shoulder presses. People can fold the racks as soon as they are done with their workout.
Prx Performance at a Glance:-
| Idea | The line-saving weight lifting rack. |
| Founders | Erik Hopperstad, Erik Jorgenson and Brain Brasch |
| Asked For | $80,000 For 10% equity |
| Accepted Deal | $80,000 For 20% equity |
| Sharks | Kevin O’Leary |
| Business status | In Business |
| Episode No. | Season 7, Episode 18 |
| Buy on Amazon | Buy Now! |
Index:
Who are the founders of Prx Performance?
Erik Hopperstad, Erik Jorgenson, and Brian Brasch are the founders of PRX Performance. Erik Hopperstad is the current brains behind PRX Performance. He is a division manager at Weekes Forest Products.
Brian Brasch is the president of an automotive supply manufacturing company named Branick Tools. Erik Jorgenson has a great background in the sporting industry.
Did Prx Performance get a deal on the Shark Tank?
Erik and Brain came to the Shark Tank to fulfill their target goals by getting the required investment from the Sharks. Erik and Brain arrived at the shark tank seeking an investment of $80,000 in exchange for a 10% equity in their business. Prix performance is redesigning a model of weight lifting techniques. Erik demonstrated different exercises and activities and explained visually how Prx performance acts. Before coming to the shark tank, they had sales of $170k with a 43% profit margin.
Mark Cuban was the first to share his views. He said they were doing a good job but it was too early to invest and went out. Robert Herjavec is himself a fitness freak person but didn’t feel confident about the Prx Performance brand and moved out. Lori Greiner knew how to find a stud in a wall but it was too early to go and she turned herself down. Daymond John said there are two types of people- one who buys and doesn’t use it and the other those who go to the gym.
Daymond didn’t find it an investable business and went out. Kevin was impressed with Eric’s wife. Kevin O’Leary said I’m ready to invest?” But how’ll they manage to repay it? They replied they were expecting to sell 300 units at an average rate of $700. Kevin O’Leary gave an offer of $80,000 in exchange for 20% equity along with the condition that he’d get 20% of his sales till he got his investment amount back. Erik and Brain took a moment and accepted the deal with a high-five and took their signed check.
What happened to Prx Performance after the Shark Tank?
After Shark Tank, Prx’s performance seemed a drastic change on their website. Once the show aired, their website started getting 120 hits per day and a 20% increase in the numbers. After the show, they were able to meet every demand as they already had a huge stock in their warehouse. Doing a deal with Kevin was a changing moment or partnership where everyone was working to expand the business.
Kevin O’Leary proved to be a good mentor who helped Prx Performance through social media management and marketing on online platforms. After the show aired, it took them only 1.8 years to repay Kevin’s invested amount.
In 2016, they made an addition to their product line called The Talon (barbell Clips) through Kickstarter. During the pitch, they asked for a valuation of $800,000. Sharks didn’t feel the valuation was quite fair, so, Kevin O’Leary gave him an offer valuation of $400,000, half of the valuation demanded, and, was accepted by Prx Performance.
After the show, they were also mentioned in the top 5000 lists of the fastest growing business concepts in the years 2018 and 2019. The commercial products of Prx Performance cost $1099 and the home model costs $550.
Prx Performance made one more unique addition called Build Limitless (a new line of power racks) in January 2022. After the show, Kevin was a constant director to show the best direction and his advice worked in the favor of the business.
Competitors of Prx Performance:-
- Acme Tools
- Vanity
- Scheels
What is the net worth of Prx Performance?
The valuation of the Prx Performance during the pitch was $800,000 but was later valued at $400,000. The estimated net worth of Prx Performance is $9 million. The growth of the business shows a big picture of Prx’s net worth performance.
Is Prx Performance still in business?
Prx Performance is still in operation. Prx Performance made a few additions to its product line, which includes The Talon and Build Limitless. As of January 2022, they are doing great in sales.
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FAQs:
What is Prx Performance?
PRX Performance is a rack-the-line-saving weight lifting rack. The racks are made to fit in a house or a commercial gym. PRX Performance racks take only up to 4 inches of space. People can buy these racks from Amazon to dive into their passion for fitness without the equipment hogging a lot of space.
Who founded Prx Performance?
Erik Hopperstad, Erik Jorgenson, and Brian Brasch are the founders of PRX Performance. Erik Hopperstad is the current brains behind PRX Performance. He is a division manager at Weekes Forest Products.