Where Is Bantam Bagels From Shark Tank Today?
When you think of bagels, New York-style bagels are probably at the top of your mind. While the origins of how bagels became an American staple are a little murky, the breakfast food became popular in the 20th century.
While bagels are delicious as toasty sandwiches, what about transforming them into bite-sized treats? That's what Wall Street workers Nick and Elyse Oleksak aimed to do with Bantam Bagels. Bantam Bagels was quite literally born from a dream; the idea for bite-size bagels in the shapes of donut holes came to Nick while he was sleeping. The couple tested out several bagel recipes until they found one that one stuck. They then opened their first brick-and-mortar location. It wasn't long until QVC contacted them requesting 10,000 bagels.
With such early success, the couple took their business to "Shark Tank." But did the Sharks take a bite out of this bagel-forward endeavor?
Bantam Bagel sealed a deal
Nick and Elyse Oleksak brought their bagel business to Season 6, Episode 13 of "Shark Tank," seeking $275,000 for an 11% stake in their company. At the beginning of their operations, the entrepreneurs wanted to embark into retail. While they had great revenue, their margins weren't as high. They were successful with selling wholesale, having sold the bagel bites on QVC. Nick revealed to the Sharks that his connections and job on Wall Street had allowed the company to raise $600,000.
Robert Herjavec dropped out because he was concerned about the "sense of desperation" the entrepreneurs had, especially because Nick was still employed at his high-paying Wall Street job. Mark Cuban was worried about the couple's lack of direction with the business, so he dropped out next.
With three Sharks left, they all put forward offers. Barbara Corcoran offered the couple a deal of $275,000 for a whopping 51% ownership of Bantam Bagels because she believed they wouldn't succeed without her expertise. Kevin "Mr. Wonderful" O'Leary proposed an offer of $275,000 for just 50% if the entrepreneurs agreed to his conditions: Nick had to quit his job, find a commercial kitchen, and sell directly to the consumer. Lori Greiner then offered $275,000 for a 30% stake in the company, in which the entrepreneurs counter-offered a 25% stake. Corcoran chimed in and lowered her original offer to 30%. In the end, the Oleksaks accepted Greiner's offer.
Highs and lows after Shark Tank
After securing a deal with Lori Greiner, Bantam Bagels grew tremendously. The bagel business had made just $200,000 in sales during the time of the "Shark Tank" pitch. Eight months later, it had made more than $2.1 million. Greiner helped revamped the company's branding, renaming the bagel bites to "Bagel Stuffins." Bantam Bagels also struck a deal with Starbucks to sell the bagels in its locations. The company landed a deal with Delta to provide its bagel products as part of a first-class meal service.
The company once again appeared on Season 10 of "Shark Tank," where the show caught up with Nick and Elyse Oleksak. In just four years, sales spiked to $45 million. Bantam Bagels had expanded its products into three product lines: bagel bites, mini stuffed pancakes, and egg bites. Its products were in more than 10,000 stores throughout the United States. The company was also acquired for $34 million by the Ohio-based T. Marzetti Company, which is known for salad dressings.
While things were going well for Bantam Bagels, the company has hit some road bumps. T. Marzetti Company exited the bagel business, citing "financial underperformance, according to a May 2022 report from Baking Business. Starbucks also stopped selling Bantam Bagels. With a March 2022 product recall, inactive social media accounts, and its website no longer active, it appears the company may be in hot water.