Net worth

Bantam Bagels Net Worth 2022 – What Happened After Shark Tank?

New Yorkers love their bagels, but for others, a whole bagel is just too much of a commitment. Because of this married couple, Nick and Elyse Oleksak created a mini bagel called Bantam Bagels. They launched their product on Shark and made a deal with Lori Greiner. As of 2022, Bantam Bagels is worth around $2 million. The company had a much higher valuation before its acquisition in 2018.

About the Founders

Nicholas and Elyse Oleksak are a husband and wife duo from New York, New York. They are both former students of Columbia University. Nick has a BA in Economics and Elyse studied Sociology and Political Science.

Both ended up on Wall Street. After finishing college, Nick landed his first job as a credit broker with financial services firm GFI Group.

Elyse started as an intern at Cohen & Wolfe, Y&R Brands and the Walt Disney Company. Then she was hired as an account manager at J. Walter Thompson Worldwide. Elyse also worked as an analyst and partner at Morgan Stanley for four years.

Society creation

As New Yorkers, Nick and Elyse always liked the taste of bagels, but they didn’t like them being too big. This gave Nick the idea to bake little bagel balls filled with cream cheese in their kitchen.

The couple thought it could work as a business, so they opened a shop in 2013. They retailed the bagels, which generated some sales, but their profit margins were slim. So, budding entrepreneurs tried to showcase their promising snack product on TV.

Bantam Bagels were featured on QVC and regularly sold out within minutes. After that, they caught the attention of Oprah Winfrey and the New York Daily News. With that, he generated around $200,000 in sales.

Shark Tank Appearance

Nick and Elyse applied several times for Shark Tank and were finally accepted in 2015. The couple appeared on the show’s fifth season, asking $275,000 for an 11% stake. Given their background in corporate finance, the pitch was very neat.

Robert and Mark dropped out because the food industry is competitive and capital intensive. Barbara Corcoran made the first offer of $275,000 for 51%. Kevin O’Leary offered $275,000 for 50% but had several conditions. Both were rejected. Lori Greiner proposed the same amount but for 30%. The founders countered with 25% and the deal was done.

After Shark Tank

The night their Shark Tank episode aired, the Bantam Bagels website crashed due to a huge surge in orders. Later, mini bagels became available at Starbucks and 21,000 stores nationwide such as Safeway and Stop & Shop.

Their rapid growth has attracted considerable interest from large companies. As a result, T. Marzetti Company acquired the bagel brand for $34 million in October 2018. At that time, the company was making $20 million in annual net sales according to Forbes. Lori’s $275,000 investment would have earned her an outflow of $8.5 million.

However, when the pandemic hit, it had a massive impact on the restaurant industry, as stores were forced to close and restaurants reduced the size of their menus. The biggest blow was that Starbucks discontinued the product, as reported by Baking Business. Starbucks customers were disappointed and started a Change.org petition to get them back, which garnered more than 1,000 signatures.

In the third quarter ending March 31, 2022, Lancaster Colony lost $4.48 million and Bantam Bagels was the reason for lower profits. The financial reports showed a “$22.7 million non-cash restructuring and impairment charge” for Bantam Bagels.

Lancaster Colony (parent company of T. Marzetti Company) left the business in mid-2022 but hoped to find a buyer. Bantam Bagels official website is now offline and their Instagram account has been deleted. The bagel is still sold in some supermarkets.