Highlights
- Skyler Scarlett and Brittney Scarlett-Torres present Glace Cryotherapy, a franchise business offering cryotherapy treatments, seeking $100,000 for 20% equity on Shark Tank.
- The business has generated $140,000 in sales with $115,000 in profit, emphasizing the growing popularity of cryotherapy for various health benefits.
- Despite Barbara Corcoran offering a deal for $100,000 for 30% equity, the deal did not close post-show. The siblings later pursued a partnership with LA Fitness but eventually exited the business in 2017.
Overview
| Category | Details |
|---|---|
| Name | Glace Cryotherapy |
| Founder | Skyler Scarlett and Brittney Scarlett-Torres |
| Industry | Health and Wellness, Cryotherapy |
| Product | Franchise cryotherapy spas |
| Funding | Sought $100,000 for 20% equity on Shark Tank |
| Investment Ask | $100,000 |
| Equity Offered | 20% |
| Valuation | $500,000 |
Skyler Scarlett and sister Brittney Scarlett-Torres show the Sharks how to freeze your way to better health when they pitch Glace Cryotherapy, their franchised retail Cryotherapy spas, in Shark Tank episode 720. Cryotherapy was originally developed in Japan more than 30 years ago to relieve arthritis, but it’s caught on in the US only recently. Skyler first heard about Cryotherapy in 2011 and when he decided it was a good business opportunity, he enlisted his sister to help him open Glace Cryotherapy in Carmel, CA in October, 2014.
Since then, they’ve opened 6 other locations through franchising; one in Florida, one in Oregon, one in Nevada, and three more in California. There are several studies that tout the benefits of Cryotherapy and proponents of the treatment claim benefits including: pain management, weight loss, anti-aging, stress relief, detoxification, energy boosts, enhanced athletic performance, heightened mood, and improved skin, hair, and nails. The manager of the San Jose location claims she lost 15 pounds from her Cryotherapy treatments – each session “burns” up to 800 calories. Many professional athletes swear by the treatments for the anti-inflammatory benefits. LeBron James, Floyd Mayweather, and a host of NFL players have regular sessions.
Glace Cryotherapy uses Impact Cryotherapy Equipment and provides franchisees a special discount on the purchase. They claim they are the brand leader in Cryotherapy spas and they offer access to discounted pricing on gas, insurance and their booking system. They likely need a Shark’s help to accelerate their growth as Cryotherapy spas are a rapidly growing industry – there could be 3000 across the US in a few years.
Will a Shark think this is a “chill” investment?
Glace Cryotherapy Shark Tank Recap
Skyler and Scarlett open with an at home segment where Skyler explains how he first discovered cryotherapy and got hooked. He saw an opportunity and took a leap of faith. Skyler is living in a barn on his mother’s property and he’s made a lot of sacrifices to open this business. He wants the Sharks to help America give cryotherapy a shot.
“The ice siblings” enter seeking $100K for 20% of their business. They open the cryosauna and explain the benefits. The Sharks seem interested. Mr. Wonderful asks how much it would cost to freeze Mark’s head. Robert wants to try it, so he strips down, puts on a robe, and enters the cryosauna. The maximum time inside is three minutes. Robert says “OH THIS IS PRETTY COLD!” When he gets out, his skin temperature is 32 degrees, but he says he feels great.
So far, Glace did $140K in sales with $115K in profit. Their main expense is the gas to power the cryosaunas. The machines cost $55K. Robert says everyone on Dancing with the Stars use this and Mark says the Mavericks did too. Kevin says he can go buy a machine and open “Mr. Wonderful’s Freeze-a-Tron.” He tells them they have nothing; he’s out. Mark says there are a lot of successful service businesses, but they don’t have people to do it; he’s out. Robert says if they want to be national, they need game plan. He doesn’t see it; he’s out. Lori doesn’t think it’s invest-able; she’s out.
Barbara likes the business because you make money from the get-go. When Mark tries to caution her, she says “stick to your basketball.” She says she can make it a million dollar business and she knows how to do it. Barbara offers $100K for 30% and the ice siblings say “DEAL!”
RESULT: DEAL with Barbara for $100K for 30%
Glace Cryotherapy Shark Tank Update
The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. The deal with Barbara never did close. According to a post by Skyler on the company’s Facebook page:
“Unfortunately our deal didn’t go through after airing and we didn’t partner with her or receive any funding. On the bright side, yesterday we inked a deal with Billion Dollar Fitness Club Chain LA Fitness, and now we are seeking funds to open multiple corporate owned locations inside of their fitness clubs. They have 600 locations across the U.S. and we feel this contract gives us a good shot of securing funding.”
They had four locations, but got out of the business in 2017. Skyler is now a full time consultant for the cryotherapy industry.
Posts About Glace Cryotherapy on Shark Tank Blog
Glace Cryotherapy Company Information
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