Bantam Bagels are a perfect choice when you’re in the mood for a quick and easy snack. These bite-sized bagels are pre-made and only take a few minutes to bake so that you can have fresh bagels anytime.
Bantam Bagels were created by Nick and Elyse Oleck, two New Yorkers looking for a quick and easy snack that was also healthy. After trying many different recipes, they finally found the perfect bagel recipe and started selling them at local markets.
The Olecks soon realized a demand for their bagels and decided to start their own business. In 2013, they appeared on Shark Tank and secured a deal with Mark Cuban.
Since then, Bantam Bagels has continued to grow and is now available in over 10,000 stores nationwide. Bantam Bagels are a great choice whether you’re looking for a quick snack or a healthy breakfast.
What Are Bantam Bagels?
Bantam Bagels is a New York City-based company specializing in bite-sized bagel balls stuffed with various cream cheese flavors. The company was founded in 2013 by Nick and Elyse Oleksak, who appeared on season five of the ABC reality show Shark Tank.
Bagel balls are a new twist on traditional bagels and have become increasingly popular in recent years. Bantam Bagels offers a variety of flavors, including plain, Everything, Spinach & Feta, Buffalo Chicken, and Sweet & Savory.
Bantam Bagels are bite-sized bagel that was featured on Shark Tank. They are made with a special flour blend and have a light, fluffy texture.
Bantam Bagels are the perfect size for snacking and are a good alternative to traditional bagels. They are low in calories and fat and are a good fiber source.
Bantam Bagels are available in various flavors, including plain, onion, garlic, everything, and poppyseed. You can order Bantam Bagels online or find them in some grocery stores. Bantam Bagels are a great choice if you’re looking for a delicious and nutritious snack!
|Company Name||Bantam Bagels|
|Entrepreneur||Elyse Oleksaks and Nick Oleksaks|
|Product / Business||Pancakes and bagels stuffed with cream cheese|
|Investment Asking For||$275,000 for an 11% stake in Bantam Bagels|
|Final Deal||$275,000 for a 25% stake in Bantam Bagels|
|Episode||Season 6, Episode 13|
|Business Status||Out of Business|
Who is the Founder of Bantam Bagels?
Nick Oleksaks and Elyse Oleksaks are the founders of Bantam Bagels. Elyse Oleksak and Nicholas Oleksak are married and based in New York City. Both of them are former Columbia University students. As an undergraduate, Nick studied economics, while Elyse studied sociology and politics.
They both made their way to Wall Street. The first job Nick took after graduating college was as a credit broker at GFI Group. A Cohen & Wolfe intern, a Y&R Brands intern, and a Walt Disney Company intern were among her professional experiences.
She then worked as a client manager for J. Walter Thompson Worldwide. Morgan Stanley also employed Elyse as an analyst and associate for four years.
Bagles were popular among New Yorkers, which inspired the development of bantam bangles. Elyse and Nick attended the same school approximately the same year and pursued the same profession, which inspired them to form their firm.
The food industry seems to have the highest probability of success compared to other industries.
Despite the enormous growth, Nick and Elyse honed their recipe for the bagel in their home kitchen in 2012. Hence, they risked abandoning their career to take a chance on bangle balls, which proved successful.
Bantam Bagels Before Shark Tank
Nick and Elyse, native New Yorkers, have always enjoyed the taste of bagels but disliked their size. Having been inspired by this, Nick baked little cream cheese-filled bagel balls at home.
Their belief that they could succeed as a business led them to build a store in 2013. There was some revenue generated by retailing the bagels, but there was little profit margin. As a result, the entrepreneurs sought to promote their promising snack products on television.
It was common for Bantam Bagels to be featured on QVC and to sell out within minutes. As a result, Oprah Winfrey and the New York Daily News were interested. The sales from this contributed to approximately $200,000 in revenue.
Before appearing on Shark Tank, the Oleksaks originally sold their bagel balls at farmers’ markets and community events. The company expanded its business with the help of Mark Cuban and now sells products online and in stores nationwide.
Bantam Bagels Shark Tank Recap
Nick Oleksaks and Elyse Oleksaks appeared on Shark Tank requesting an investment of $275,000 in exchange for an 11% stake in Bantam Bagels.
Having lived in New York for ten years, Nick and Elyse are native New Yorkers. They have the right to criticize everything about the city, including the bagels. New York bagels seemed excessive to the couple.
The size, the amount of dough, the number of calories, and the emotional and gastrointestinal commitment are too great. Elyse and Nick’s award-winning Bantam Bagel with cream cheese filling provided the answer. The Bantam Bagels tasted delicious and were made with premium ingredients.
Nick and Elyse proposed requesting $275,000 for 11% ownership in the company. Elyse served little samples of bagel balls as Nick pondered economics and the offer on the table. The panel began devouring bagels at an alarming rate as soon as they located the hole. “Bite the bullet.”
A retail outlet on Bleeker Street has generated approximately $200,000 in revenue since it opened. Bagels were produced for $0.30 each bagel and sold for $1.50, a remarkable profit margin for the industry of specialty baked goods.
The additional $275,000 would have allowed Bantam Bagels to build its commercial kitchen and purchase ingredients in bulk, increasing profit margins even further. Although they planned to expand to more sites, they had to make preparations regarding how and where to do so.
Bantam Bagels sold out after appearing on QVC but only made a $2 profit for every $20 box sold. Elyse and Nick continued to participate in QVC despite the low profits, noting that millions of people were exposed to their product line.
Barbara and Kevin exchanged promises after Mark passed away, but this Wall Street power couple was not about to give in. Lori then presented an intriguing proposal to the couple.
Lori’s only stipulation for providing them with $275,000 was that they modify the name of their delicious product line to make it more readily identifiable.
It was significantly less than the previous offers from the panel, as she offered 30% of the business as an investment. Lori accepted the Oleksaks’ counteroffer of 25%, and the Oleksaks’ cream cheese fantasy came true before their eyes.
Nick and Elyse could expand their product line by developing new and intriguing products with Lori’s knowledge and connections in the luxury baked goods sector.
Final Deal: Lori Greiner agreed to invest $275,000 for a 25% stake in Bantam Bagels.
What Happened to Bantam Bagels After Shark Tank?
Bantam Bagels’ website crashed after their Shark Tank episode aired due to an influx of orders. Starbucks and 21,000 other retailers, such as Safeway and Stop & Shop, began to sell the bantam bagels later.
The rapid rise of their company piqued the interest of larger corporations. It was announced in October 2018 that T Marzetti Company had acquired the bagel brand for $34 million.
At that time, Forbes reported that the company generated $20 million in annual net sales. Lori’s $275,000 investment would have generated $8,500,000 in profits.
However, the pandemic greatly affected the food service industry, as retailers closed and restaurants cut menu sizes. According to Baking Business, the most serious setback was Starbucks’ product cancellation. A petition to bring them back got over a thousand signatures on Change.org after customers expressed dissatisfaction.
Bantam Bagels Shark Tank Update
As Bantam Bagels grew quickly, Nick and Elyse quit Wall Street jobs to focus on the company. The couple planned to introduce frozen Bantam Bagels to grocery store freezer sections as a next step.
Nick could not have imagined the success Bantam Bagels was about to experience as a result of the inventive and forward-thinking strategies that made Bantam Bagels so successful. One of the biggest frozen bread distributors was interested in including frozen tiny packed bagels, pancakes, and Egg Bites.
Elyse Oleksak and Nick Oleksak were ready to transform their little food company into a multimillion-dollar company. Bantam Bagels, L.L.C. was acquired by T. Marzetti Co, a wholly-owned subsidiary of Lancaster Colony Corp., for $34 million in October 2018. The transaction is subject to the company’s financial success in the future.
Is Bantam Bagels Still in Business?
Lancaster Colony was looking to sell Bantam Bagel in mid of 2022. Bantam Bagel seems to be out of business as its website is offline, and social media pages have been deactivated.
What is the Net Worth of Bantam Bagels?
The valuation of Bantam Bagels was $2.5 million when it appeared on Shark Tank. The net worth of Bantam Bagels was $34 million when T. Marzetti Co acquired it in October 2018. The net worth of Bantam Bagels is unknown as of 2022 since the company has been at a loss due to the product.