Press Waffle Co. Update: Did Barbara Corcoran’s Deal Pay Off?
When Bryan and Caleb Lewis hauled their heavy commercial waffle irons into the Shark Tank, they promised the panel of investors a genuine, unadulterated taste of Belgium.
They walked out with a fierce bidding war, multiple aggressive offers, and a massive check from real estate mogul Barbara Corcoran.
Seven years after their television debut, the fast-casual restaurant industry has faced unprecedented headwinds, forcing many small chains into early retirement. Yet, the Lewis brothers kept the irons hot.
The Bottom Line (Executive Summary)
- Current Status: Press Waffle Co. is fully operational in 2026, transitioning from a heavy corporate-owned model to a targeted franchise expansion.
- Deal Outcome: The $300,000 handshake with Barbara Corcoran cleared the due diligence phase and successfully closed off-camera.
- Financial Footprint: While they faced a few strategic store closures over the last 24 months, system-wide sales currently hover around $8.5 million annually, supported by six high-performing locations.
What is Press Waffle Co.?
Press Waffle Co. is a fast-casual restaurant and franchise specializing in authentic, highly customizable Belgian Liège waffles.
Unlike standard American batter-based waffles, Liège waffles are made from a brioche-style dough loaded with Belgian pearl sugar that caramelizes directly on the cast iron, creating a rich, dense pastry with a signature sweet crunch.
| Industry | Fast-Casual Dining / Franchising |
| Founder(s) | Bryan Lewis and Caleb Lewis |
| Core Product | Customizable Belgian Liège waffles (sweet and savory) |
| Retail Price | $8.00 – $12.00 (varies by toppings and location) |
| Target Audience | Food hall visitors, mall shoppers, and dessert enthusiasts |
The Founders Behind Press Waffle Co.
The foundation of Press Waffle Co. did not start in a culinary institute. Prior to launching the company, neither brother held a restaurant pedigree. Bryan Lewis worked as a theater teacher, while Caleb Lewis was buried in textbooks, studying accounting at the University of Texas.
The business concept sparked from a simple, personal desire. During a European vacation in the summer of 2013, Bryan and his fiancée stumbled upon street vendors selling authentic Liège waffles. They ate them daily.
Upon returning to Dallas, Bryan wanted to feature a Liège waffle bar at his upcoming wedding. The problem? He could not find a local bakery or caterer capable of recreating the dense, caramelized pastry.
Refusing to abandon the idea, Bryan purchased a commercial waffle iron and began experimenting with yeasted dough recipes in his own kitchen. When Caleb moved back home from college, the brothers recognized the commercial viability of the product.
They launched a Kickstarter campaign to fund a food truck in 2016, driving around the Dallas-Fort Worth metroplex. The mobile operation proved so successful that they abandoned the truck in late 2017 to open their first permanent footprint inside Plano, Texas’s upscale Legacy Hall.
By moving into food halls, the brothers tapped into a high-foot-traffic demographic without the crushing overhead of a traditional standalone restaurant. This strategic maneuver primed them perfectly for the scrutiny of the Sharks.
Press Waffle Co.’s Shark Tank Pitch & Deal
Entering Season 10, Episode 17, the Lewis brothers exuded confidence. They understood their margins, they knew their product tasted exceptional, and they had undeniable traction.
They presented a clear, straightforward ask: $200,000 in exchange for 8% equity in Press Waffle Co., valuing the young company at $2.5 million.
The tension escalated immediately once the financial interrogation began. Kevin O’Leary zeroed in on their food hall model. Caleb revealed that they were on track to hit $900,000 in revenue by the end of the year. O’Leary pressed further on the overhead.
Bryan admitted that the food hall took a massive 25.5% cut of their gross sales. The Sharks physically recoiled at that number, but Bryan quickly countered: because the food hall covered rent, utilities, and maintenance, Press Waffle Co. still operated at a highly respectable 14% profit margin.
Satisfied with the math and impressed by the product, the panel launched into a bidding war.
| Season / Episode | Season 10, Episode 17 (March 2019) |
| Initial Ask & Valuation | $200,000 for 8% ($2.5 million valuation) |
| Sharks Present | Mark Cuban, Kevin O’Leary, Lori Greiner, Robert Herjavec, Barbara Corcoran |
| Notable Offers | Cuban: $350k for 20%. Herjavec: $400k for 20%. O’Leary: $200k loan + 3% equity. Corcoran: $200k for 15% OR $400k for 30%. |
| Final On-Air Deal | $300,000 for 15% with Barbara Corcoran ($2 million valuation) |
Lori Greiner loved the waffles but bowed out, stating she could not match the aggressive offers already on the table. Mark Cuban stepped up with $350,000 for a 20% stake.
Robert Herjavec topped that, offering $400,000 for 20%. Kevin O’Leary presented his classic debt-equity hybrid: a $200,000 loan carrying 7-11% interest, plus a 3% equity kicker.
Then, Barbara Corcoran stepped in. Leaning on her massive success with food businesses like Cousins Maine Lobster and Tom + Chee, she offered two options: $200,000 for 15% equity, or $400,000 for 30%.
The brothers recognized Barbara’s specific expertise in franchising food concepts. They bypassed Cuban and Herjavec’s higher valuations, countering Corcoran directly. They asked if she would meet them in the middle: $300,000 for 15%.
Corcoran initially countered back with $250,000 for 15%, but the brothers held their ground, insisting on the $300,000 figure. Corcoran relented and accepted the deal.
Did the Press Waffle Co. Deal Actually Close?
Yes. The handshake televised to millions of viewers translated into a signed contract behind closed doors.
Closing a Shark Tank deal requires passing rigorous financial and legal due diligence. Many entrepreneurs discover that the Sharks alter the terms once they review the actual accounting books, leading to canceled agreements.
For Press Waffle Co., the paperwork matched the pitch. Barbara Corcoran officially joined the board, injecting the $300,000 capital directly into the company’s franchising rollout.
The immediate “Shark Tank Effect” overwhelmed their systems. Within 48 hours of the episode airing, the Lewis brothers received over 400 inquiries from potential franchisees.
Using Corcoran’s capital, they successfully opened their fourth location by June 2019, firmly establishing their proof of concept outside of the Dallas area.
Press Waffle Co. After Shark Tank: The 2026 Update
By early 2020, Press Waffle Co. was accelerating rapidly. A Shark Tank update segment during Season 11 revealed that the company had achieved $1.3 million in sales shortly after Corcoran joined the team. The founders ambitiously announced plans to open 10 to 15 new locations.
Then, the global pandemic severely disrupted the restaurant industry. Foot traffic in malls and gourmet food halls vanished overnight. Expansion plans stalled, but the company survived by leaning into delivery platforms and curbside pickup.
Emerging from the pandemic, they resumed franchising, opening locations in The Woodlands (Texas), St. Louis, Denver, and Little Rock. However, operating a fast-casual franchise in the mid-2020s requires navigating high labor costs, expensive supply chains, and shifting consumer habits.
According to 2025 and 2026 industry data, Press Waffle Co. was forced to scale back. They quietly closed their locations in Arkansas and Colorado, tightening their operational footprint. The closures reflect a common franchising reality: expanding too quickly into untested markets often stretches a young brand too thin.
Today, they maintain a lean, highly profitable network of six core locations. They shifted focus back to their strongest territories in Texas, Missouri, Florida, and a highly successful standalone brick-and-mortar location in East Cobb, Georgia.
To drive higher lunch and dinner sales, they expanded the menu beyond desserts, heavily promoting savory items like the Waffle Monte Cristo and Southern-style Chicken & Waffles.
What is the Net Worth and Valuation of Press Waffle Co.?
Determining the exact net worth of a private franchise requires examining system-wide sales versus corporate revenue.
When Bryan and Caleb Lewis struck their deal with Barbara Corcoran, the company was valued at exactly $2 million ($300,000 for 15%).
In 2026, industry reports estimate Press Waffle Co.’s system-wide sales at $8.5 million annually. However, system-wide sales represent the gross revenue of all franchise locations combined.
Corporate revenue, the money actually flowing into the Lewis brothers’ holding company, consists of the sales from their company-owned stores, plus the franchise fees and royalties (typically 5% to 6%) collected from independent operators.
In the fast-casual restaurant sector, corporate valuations frequently range between 1.2x and 1.5x of system-wide sales, depending on brand equity and debt load. Based on these standard multipliers, Press Waffle Co. holds an estimated 2026 valuation of $10 million to $12 million.
Assuming Bryan and Caleb Lewis retained approximately 70% to 75% equity after partnering with Corcoran and issuing shares to franchise development consultants, the founders’ combined business net worth sits near $7 million to $9 million. This figure remains tied entirely to the brand’s intellectual property, franchising rights, and operational assets.
Is Press Waffle Co. Still in Business?
Yes, Press Waffle Co. is actively in business and actively recruiting new franchisees across the United States.
The company completely transitioned away from the traditional mall food court model, realizing that their premium pricing and gourmet product align better with affluent suburban neighborhoods and high-end artisanal food halls.
For entrepreneurs looking to buy into the brand, the barrier to entry requires significant capital. According to the company’s Franchise Disclosure Document (FDD), prospective owners must demonstrate a minimum net worth of $400,000 and hold at least $100,000 in liquid cash.
The total initial investment required to launch a new Press Waffle Co. location ranges from $189,000 to $425,000, depending heavily on whether the franchisee is building a small food hall stall or a full standalone café.
Where to Buy Press Waffle Co.
While you can purchase their proprietary coffee blends and branded merchandise directly from their official website, the fresh Liège waffles require a physical visit.
As of today, the active footprint includes:
- Texas: Multiple locations, primarily anchored in the Dallas-Fort Worth metroplex and the Houston area (The Woodlands).
- Georgia: The standalone East Cobb location, which recently secured the “Best Dessert” award at the local Taste of Marietta festival.
- Missouri: Serving the St. Louis metropolitan market.
- Florida: Targeting the year-round tourist and premium retail demographic.
The Lewis brothers built a brand that outlasted the brutal restaurant attrition of the early 2020s. By slowing down their expansion, closing underperforming stores, and leaning on Barbara Corcoran’s seasoned franchise advice, Press Waffle Co. secured its position as a dominant player in the niche dessert market.
