Highlights
- Nick and Elyse Oleksak pitch Bantam Bagels, seeking $275,000 for 11% equity, and secure a deal with Lori Greiner for $275,000 for 25%.
- Bantam Bagels, mini cream cheese-filled bagels, gained widespread attention, including Oprah’s “Favorite Things” list and features on the Today Show, selling both online and in their New York City shop.
- Despite selling their business for $34 million to T. Marzetti Co., the brand faced challenges during the Covid-19 pandemic, eventually leading to the business shutting down by 2022.
Overview
| Category | Details |
|---|---|
| Name | Bantam Bagels |
| Founders | Nick and Elyse Oleksak |
| Industry | Food / Bakery Products |
| Product | Cream cheese-filled mini bagel bites |
| Funding | Seeking $275,000 |
| Investment Ask | $275,000 for 11% equity |
| Equity Offered | 25% (final deal) |
| Valuation | $1 million |
Husband and wife team Nick and Elyse Oleksak hope the Sharks take a bite out of Bantam Bagels, cream cheese filled “mini bagel bites,” in Shark Tank episode 611. The couple, former Wall Street brokers, opened up shop in the fall of 2013 in New York’s West Village. Bantam Bagels came about a year earlier after Nick dreamed about the concept and made the first test batch the next day.
After making dozens of mini bagel bites in their home kitchen, the Oleksaks drummed up investments to open the shop and start the business by taking their bagels “on the road.” After opening in 2013, they garnered a lot of attention from New York media (Bantam Bagels was named one of the top 3 Bagels by the NY Daily News). A maelstrom of media attention followed and Bantam Bagels was invited to the Today Show and even made Oprah’s “Favorite Things” list for 2014!
They currently sell their products Amazon, on their website (3 dozen frozen Bantam Bagels cost $35.95), on QVC, and out of their shop in New York City. They’re likely looking for a Shark to help them expand their retail presence and to assist with national distribution.
Will a Shark bite on Bantam Bagels?
Posts About Bantam Bagels on Shark Tank Blog
Bantam Bagels Company Information
Video
Bantam Bagels Shark Tank Recap
Nick and Elyse enter seeking $275K for 11% of the business. They explain the bagel business, then hand out samples; the Sharks LOVE them. Nick explains you have to “find the hole and bite the hole” to eat it without squishing cream cheese all over the place.
They’ve done $200K in sales since opening in the retail shop. They need the money to get a commercial kitchen situation and they want to continue with the retail channel despite the low margins. They started wholesaling and reveal they sell on QVC. They want to go direct to consumer, Kevin agrees. Nick reveals they’ve raised $600K from Wall Street.
Robert thinks their high-powered Wall Street salaries are keeping them from being “desperate” (in a good way). Mark thinks they’ll figure it out on their own, but he’s out; so is Robert.
Barbara says she’s the perfect partner and offers $275 for 51% of the business. She says they won’t succeed without her.
After a break, Nick says he appreciates the offer. Mr. Wonderful says they need a commercial kitchen, Nick needs to quit his job, and they need to go direct to consumer; if they do that he’ll give them $275K for 50%. Lori then offers $275K for 30%. Barbara asks for a counter offer and they say they’ll do it for 25%. Lori says she’ll do it for 25% and Nick and Elyse accept.
RESULT: DEAL with Lori for $275K for 25%
Bantam Bagels Shark Tank Update
Bantam Bagels got a featured segment in Beyond the Tank episode 102, just a few months after their original air date. When their original episode aired, they sold more mini bagel balls in one night than they had in two months! Now, the company works with a co-packer and renamed itself to “Bagel Stuffins.”
In an update segment in season seven’s episode 705, Bantam Bagels has retained their brand name, but renamed their product “Bagel Stuffins.” Since their appearance on Shark Tank, they’ve gone from $200K in sales to $2.1 million. Lori helped them close a deal to test the product in 32 New York City Starbucks which led to Bagel Stuffins getting into 400 Starbucks. Eventually, they hope to be in all 7000 plus stores. Bantam Bagels are also available on all Delta Airlines flights out of New York City.
Nick and Elyse exclaim “we’re going to change the way America bagels!”
In season eight, episode 810, Bantam Bagels gets a second update segment. In the update, Bantam announces they sold their business to T. Marzetti Co., a subsidiary of the Lancaster Colony food company, for $34 million. Nick and Elyse will continue to operate the company and it will keep the original Manhattan store. Bantam does $20 million in annual sales. As of November, 2021, they have their product in over 9000 Starbucks stores and they continue to sell online. In December, 2021, the products launched in Aldi supermarkets.
In June, 2021, Lancaster announced it was exiting the Bantam Bagels business and seeking to sell the company’s production equipment. A company spokesman said he didn’t foresee a path to profitability. Part of the reason Bantam underperformed is it lost its distribution in Starbucks due to the Covid-19 pandemic. Whether the brand continues or not remains to be seen. In September, 2022, the website is down, social media accounts have been deleted and the Amazon store is gone. It looks like the brand didn’t survive.
Lori is not very smart for wanting to change the name that’s the most unrealistic thing I ever heard I don’t change the name when you already have a brand started and if you think people are as unintelligent as you and can’t figure out what it is make slogan that tells you and put it on the box not rename the whole company and lose all the costumers you already have