Table of Contents
- What Are Bantam Bagels?
- Who is the Founder of Bantam Bagels?
- How Was The Shark Tank Pitch Of Bantam Bagels?
- Did Bantam Bagels Get a Deal on Shark Tank?
- What Happened to Bantam Bagels After Shark Tank?
- Bantam Bagels Shark Tank Update
- Is Bantam Bagels Still in Business?
- What is the Net Worth of Bantam Bagels?
Bantam Bagels is a food product that made a notable appearance on Season 6 of the reality TV show Shark Tank. Bantam Bagels are mini bagel balls filled with cream cheese, giving consumers a unique twist on a traditional breakfast staple.
Bantam Bagels were designed to be a more convenient and less messy alternative to standard bagels and cream cheese.
Bantam Bagels are characterized by their bite-sized form. Each bagel ball is around 2 inches in diameter, making it ideal for a quick snack or an on-the-go meal.
Instead of having to spread cream cheese on a sliced bagel, Bantam Bagels are already filled with various cream cheese flavors. This simplifies the eating process and allows for a precise balance of bagel and cream cheese in each bite.
Bantam Bagels has several unique selling propositions that make it a good choice for consumers. The product offers convenience.
The bagel balls can be stored in the freezer and heated in the microwave in a few seconds, making them an easy breakfast option for busy individuals. They also require less preparation and cleanup compared to traditional bagels.
Additionally, Bantam Bagels offer a variety of flavors. Every palate will find a flavor to suit their tastes, whether they prefer the traditional plain bagel with plain cream cheese or the more adventurous French toast bagel with maple cream cheese.
Finally, the novelty of the product adds a unique twist to a well-known food item. This innovation piques consumer interest and offers a new way to enjoy a familiar favorite.
Thus, Bantam Bagels presents a novel and convenient alternative for those who enjoy bagels and cream cheese, revolutionizing how this classic combo is consumed.
| 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 |
| Shark | Lori Greiner |
| Bantam Bagels Episode | Season 6, Episode 13 |
| Bantam Bagels Business Status | In Business |
| Bantam Bagels Website | Bantam Bagels Website |
| Bantam Bagels Net Worth | $2 Million |
What Are Bantam Bagels?
Bantam Bagels is a brand that specializes in bite-sized bagel balls filled with various cream cheese flavors. Bantam Bagels is a New York-based company that offers a unique twist on traditional bagels.
Instead of the standard-sized bagels, they create bite-sized bagel balls filled with different cream cheese flavors. The founders, Nick and Elyse Oleksak, came up with the idea while on their honeymoon in Israel, where they enjoyed small bagel bites.
Bantam Bagels offers a variety of flavors to cater to different tastes. Some popular flavors include Everything Bagel, Cinnamon Nutmeg, French Toast, and Jalapeno Cheddar. They also have sweet varieties like Birthday Cake and Cookies & Milk.
In addition to their original store in New York City’s West Village, Bantam Bagels products are available in various retail locations across the United States. They can also be purchased online through their website.
Bantam Bagels has gained a loyal following for its convenient, bite-sized bagel balls that are perfect for on-the-go snacking or entertaining. They have become a popular choice for breakfast, brunch, parties, and even as a unique gift idea.
Bantam Bagels offers a fun and delicious twist on traditional bagels, allowing people to enjoy bagel and cream cheese flavors in a convenient bite-sized form.
Who is the Founder of Bantam Bagels?
Husband and wife team Nick and Elyse Oleksak founded Bantam Bagels. The couple, both former Wall Street professionals, left their finance careers behind to pursue their passion for food.
The idea for Bantam Bagels came to them in a dream. As the story goes, Nick woke up one morning with a sudden vision of bite-sized bagels filled with cream cheese.
Intrigued by this idea, he and Elyse started experimenting in their kitchen, trying to perfect the recipe and the process. They eventually arrived at the unique bagel balls Bantam Bagels is known for today.
Before their appearance on Shark Tank, the Oleksaks worked tirelessly to get their business off the ground. They opened a shop in New York City’s West Village in 2013, selling their mini stuffed bagels, and their product quickly gained popularity.
Word-of-mouth, press coverage, and social media helped them build a solid customer base in the city. The shop’s success caught the attention of “Oprah’s Favorite Things” list in 2014, which brought them nationwide recognition.
Despite the initial success, appearing on Shark Tank was a major turning point for Bantam Bagels. The exposure from the show and the investment they received opened up new opportunities for them to expand their business.
They scaled their production, distributed their products nationwide, and secured deals with large retailers, helping Bantam Bagels become the successful brand it is today.
How Was The Shark Tank Pitch Of Bantam Bagels?
When Nick and Elyse Oleksak, the founders of Bantam Bagels, appeared on Season 6 of Shark Tank, they presented their unique stuffed mini bagel balls with confidence and passion.
They were seeking an investment of $275,000 in exchange for 11% equity in their company, valuing Bantam Bagels at $2.5 million.
During their presentation, the Oleksaks spoke about their journey of leaving their successful Wall Street careers to pursue their passion for bringing innovative food ideas to life.
They explained how they had developed their product, opened their West Village store, and achieved substantial sales and nationwide recognition. They also presented their plans for scaling the business and expanding their product line.
The Sharks were intrigued by the concept of Bantam Bagels and impressed with the sales numbers the Oleksaks had already achieved. However, they also had concerns about the couple’s business valuation and growth plans.
The Sharks expressed worries about the scalability of the business, the potential for other companies to replicate the product, and the high cost of retail space in New York City.
Despite these concerns, several Sharks showed interest in the business. In the end, the Oleksaks struck a deal with Lori Greiner. The “Queen of QVC” saw potential in Bantam Bagels and was confident in her ability to help them get their product into retail stores.
Lori Greiner offered $275,000 for 25% equity in the company, which would dilute the Oleksaks’ ownership more than they had initially hoped. However, recognizing the value of partnering with Greiner, they accepted the deal.
The Shark Tank appearance and partnership with Lori Greiner marked a significant turning point for Bantam Bagels. Post-show, they were able to leverage Greiner’s retail connections and experience to expand their business significantly.
Final Deal: Lori Greiner agreed to invest $275,000 for a 25% stake in Bantam Bagels.
Did Bantam Bagels Get a Deal on Shark Tank?
Yes, Bantam Bagels did secure a deal on Shark Tank. The founders, Nick and Elyse Oleksak, initially asked for $275,000 in exchange for an 11% stake in their company.
They described their innovative product and business model to the sharks, sharing that their Bleecker Street location in NYC had generated around $200,000 in sales since its inception. The mini bagel balls, which cost 30 cents to make, were selling for $1.50 each.
They planned to use the investment to purchase a new commercial facility to mass produce their product and bring it to more stores.
Kevin O’Leary suggested they should focus on leveraging the post-shark tank exposure boost by developing their website and product to serve the interested shark tank viewers.
However, Mark Cuban and Robert Herjavec dropped out of the deal, believing they might not be able to help the company the way the founders wanted.
Barbara Corcoran then offered them the $275k, but at a 51% stake, asking them if they would leave QVC for her.
In a surprising turn of events, Lori Greiner stepped in and offered them the $275k for 30%. The founders tried to negotiate down to 25%, and Lori agreed, securing the deal.
After the episode aired, Bantam Bagels experienced substantial growth, eventually being acquired by T. Marzetti Co., a division of Lancaster Food Company, for $34 million.
They were reportedly doing over $20 million in annual sales with their product available in around 9000 stores, including Starbucks and Aldi, as well as on online channels like Amazon.
What Happened to Bantam Bagels After Shark Tank?
Bantam Bagels experienced significant growth after its appearance on Shark Tank. The brand expanded its retail footprint dramatically with Lori Greiner’s partnership and the show’s exposure.
The company began selling its products in several large retail chains across the United States, such as Starbucks and QVC. This nationwide distribution was a significant step from their single New York City’s West Village store.
The mini bagel balls became available in Starbucks stores nationwide, which was a major boost for their visibility and sales. This kind of exposure was exactly what the brand needed to go from a small New York bagel shop to a national brand.
Bantam Bagels expanded its product line. They started offering different varieties of mini bagel balls and new products like stuffed pancakes and egg bites. This expansion helped to appeal to a broader range of tastes and dietary preferences.
Furthermore, the company’s sales increased exponentially post-Shark Tank. They went from $200,000 in sales before the show to over $2 million in the year following their appearance.
This dramatic increase in sales reflected both the power of the Shark Tank platform and the strength of its partnership with Lori Greiner.
In 2018, just a few years after their appearance on Shark Tank, Bantam Bagels was acquired by T. Marzetti Company, a subsidiary of Lancaster Colony Corporation, for $34 million.
This acquisition was a testament to the success and growth of the brand and the impact of their Shark Tank experience. Bantam Bagels continues to grow and thrive, solidifying its place as a notable success story from Shark Tank.
Bantam Bagels Shark Tank Update
After appearing on “Shark Tank,” Bantam Bagels experienced initial success. In the first four months following the episode, the company saw $200,000 in sales. Bantam Bagels revenue grew to $45 million over four years.
The brand expanded its offerings to include stuffed pancake bites bagel bites filled with eggs, and even ventured into the snack world with Bantam Pizzas.
However, in 2018, Bantam Bagels was sold to the T. Marzetti Company for $34 million. Despite the acquisition, the brand’s parent company, Lancaster Colony, discontinued the Bantam Bagels brand in May 2022.
This choice was driven by poor financial performance influenced by pandemic-related factors such as increased raw materials, packaging, freight, and labor costs.
Starbucks, which had been selling Bantam Bagels nationwide since 2018, discontinued the product due to pandemic pressures and decreased store traffic.
These challenges proved too difficult for Bantam Bagels to overcome, leading Lancaster Colony to cut its losses.
As of now, Bantam Bagels’ website is offline, but its Instagram page remains active. The most recent post from April 2022 features an array of their bagel bites and promotes a Mother’s Day sale that may not have come to fruition.
Fans of Bantam Bagels have expressed disappointment and urged the company to bring back their beloved product.
Is Bantam Bagels Still in Business?
Our research shows that Bantam Bagels is still in business. Although the company’s website appears to be down in 2023, its products are still available in stores.
Bantam Bagels may be facing some challenges. There have been reports of financial underperformance and the exit of their parent company, T. Marzetti Company, from the bagel business.
Starbucks has stopped selling Bantam Bagels, and there have been indications of a product recall, inactive social media accounts, and an inactive website.
What is the Net Worth of Bantam Bagels?
According to our research, the net worth of Bantam Bagels is $0 since the company has been out of business. The valuation of Bantam Bagels was $1.1 million after securing an investment from Lori Greiner on Shark Tank.
