Where Is GreenBox From Shark Tank Today?
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For a variety of reasons, pizza boxes sometimes come under intense scrutiny. They're great for delivering pizza, but afterward, it's hard to fit them into the fridge or trash can. It's for this reason that a number of companies have attempted to change the way that consumers look at pizza boxes after their initial use. For example, in 2018, Boston Pizza launched a pizza box that transformed into a table. According to CNBC, prior to the debut of Boston Pizza's box, a company called GreenBox premiered a design that allows customers to tear the box apart for multiple uses. The top half forms cardboard plates and the bottom half forms a smaller container for leftovers — all of which forms tiny pieces of recyclable garbage in the end. The idea has turned out to be a major success for the brand.
This product was invented by William Walsh, and the GreenBox company was formed by Walsh and his business partners Ned Kensing and Jennifer Wright-Laracy. Sadly, Walsh died in 2011, leaving GreenBox without its imaginative and determined creator. Still, Kensing and Wright-Laracy had seen commercial promise in the product, so, the two decided to move forward with GreenBox, even without Walsh, because as Wright-Laracy once put it, "We knew that's what he would want." This determination eventually led GreenBox to "Shark Tank" Season 6, Episode 16. Fortunately for the company's founders, by the time they made it onto the show, they were no strangers to the limelight.
Did the Sharks tear GreenBox to pieces?
In most "Shark Tank" episodes, the only people on screen with previous experience in front of the camera are the Sharks themselves. However, prior to its appearance on the hit ABC series, GreenBox had also been featured on "The Chew," "Fox & Friends," "The Rachael Ray Show," and more. "Shark Tank," though, offers the potential of a huge investment, of course, making it a make-or-break moment for businesses such as GreenBox. So, what did the Sharks think of this clever idea?
Ned Kensing and Jennifer Wright-Laracy went in asking for $300,000 in exchange for 10% of their company. Even though both co-founders flubbed the lines to their presentation, the Sharks were nonetheless impressed. The key, though, all Sharks agreed, was getting a big name like Domino's, Papa Johns, or Pizza Hut to adopt the product. For this daunting reason, Mark Cuban and Barbara Corcoran both dropped out of negotiations.
Meanwhile, Lori Greiner and Robert Herjavec were willing to jointly offer $300,000 in exchange for 30% of the company. Ultimately, however, Kevin O'Leary struck a $300,000-loan-for-10% deal with the GreenBox co-founders (Mr. Wonderful loves his royalty streams). O'Leary also promised to get the company meetings with the pizza industry's biggest names. Then, walking away victorious, Wright-Laracy stated, "We believe in our company. We believe that it's going to grow. We believe that it's going to be the standard." Was she right?
GreenBox was acquired
GreenBox eventually garnered the attention of a big name, just not one that actually makes pizza. In 2020, GreenBox announced on Facebook that the company had been acquired by Pratt Industries, the world's biggest privately owned recycled paper and packaging business. Of course, with a product so closely tied to recycling, it shouldn't come as a huge surprise for readers to learn that Pratt and GreenBox were hardly strangers by this point.
In fact, by the time of the acquisition, Pratt had already been GreenBox's partnering manufacturer for a full decade. This move not only benefited the GreenBox founders financially, but it also helped ensure that GreenBox could continue to grow. Notably, GreenBox's announcement made sure to point out that the owners of the company were staying on board, ensuring that the company continues to grow in the right direction and carry on William Walsh's legacy. As of this writing, a customizable GreenBox is available from Pratt, with over a thousand 5-star reviews listed from the more than 14,000 businesses served. If Mr. Wonderful is still involved, he must be rolling in pizza dough by now. Meanwhile, Lori Greiner and Robert Herjavec may be wishing they had asked for a smaller piece of the pizza box.
So how is GreenBox doing today?
While Ned Kensing and Jennifer Wright-Laracy might not be as hands-on with their business as they once were, GreenBox continues to thrive under new ownership. Pratt Industries has gotten GreenBox an even bigger slice of the pie in the packaging industry, with the crafty pizza container now appearing for sale on international retail sites such as Amazon and Webstaurant Store. Pizzerias of all sizes around the United States continue to dish out their pies in GreenBoxes, and the recycled containers remain a big part of the fabric of other national chains, including The Cheesecake Factory. Other frequent users of the box continue to write positively about its functionality, recycled materials, and convenience.
Since GreenBox was acquired by Pratt Industries, the brand's website and social media platforms are no longer in use, but GreenBox still appears to be thriving under new management. Since the acquisition, there is no information on the current exact value of the company, but the sheer presence of the brand seems to speak for itself. While Kensing and Wright-Laracy were not able to grab the attention of national pizza chains as they had initially hoped, it seems that siding with Pratt Industries could have been the right call for the duo.
What's next for GreenBox?
By all accounts, GreenBox cofounders Ned Kensing and Jennifer Wright-Laracy are still working with Pratt Industries to promote their brand just as they had announced upon the initial news of the acquisition. While Kensing seems to have remained the Vice President of Sales for GreenBox according to LinkedIn, not much else is known about the current status of the cofounders. However, in 2022, perhaps due to renewed interest in the company, GreenBox's Instagram reposted the 2020 acquisition announcement from Facebook.
Still, the acquisition did have the intended effect the cofounders hoped for and boosted the already flourishing profile of GreenBox significantly. Pratt Industries continues to produce pizza boxes of varying sizes, and GreenBox still remains a prominent figure across the pizza packaging industry. GreenBox also seems to remain the sole producers of this uniquely designed pizza box, thanks to a 2011 patent, and its continued growth seems imminent. It remains to be seen how else Pratt Industries will continue to use and evolve the GreenBox brand for pizza lovers everywhere.