Atlantic Candy Company Shark Tank Net Worth 2023
Jared appeared on Shark Tank season 8 episode 4 in search of $1 million for a 10% stake in his firm, suggesting a pre-money valuation of $10 million.
Since then, Atlantic’s Toy Box Chocolates have rapidly grown to be stocked in major retail outlets like Wal Mart, Target, and Office Depot and are estimated to generate annual revenues of $4 million by June 2022. Furthermore, Atlantic Candy Company’s net worth is estimated to exceed 18 million USD by December 2022.
What is Atlantic Candy Company?
The Atlantic Candy Company, formerly known as Whetstone Candy Company since the 1980s, has been a major player in the candy industry. They supply chocolates to some of the biggest candy brands such as Hershey, Mauna-Loa, Nestle, and M&M Mars.
Based in Saint Augustine, Florida, the company offers a unique product line called the Toy Box, which consists of a delicious treat and a fun toy like a pocket pet. The toys are kept in a Safe Capsule, making them suitable for children of all ages.
Jared Whetstone, the Brand Manager for Atlantic Candy Company, is a third-generation chocolatier, and his grandfather launched Whetstone Chocolates in 1967.
His father, Hank Whetstone Jr., started the Whetstone Candy Company in the late 1980s, and the elder Whetstone is a prominent figure in the confectionery industry.
The company relocated to a new state-of-the-art facility in St. Augustine, Florida, in 1997, where they primarily engage in contract manufacturing for Nestle, Hershey, Mars, and other candy companies.
The Atlantic Candy Company was instrumental in creating the technology that produces Hershey Kiss, Hershey Nugget, M&M Hollow characters, and other candy products. Their facility has a production capacity of 40 million units per year, which will increase to 160 million units in 2017.
The company’s latest offering is a patented chocolate toy called “The Awesome Ball,” which is a two-piece plastic capsule containing a small chocolate-wrapped toy. Henry Whetstone owns the patent, and the product’s design is deemed safe for consumption.
Although Nestle released a similar product in the early 2000s, the FDA banned sales due to safety concerns. The Atlantic Candy Company’s European rights are owned by a company called Ferrero, and the product is widely distributed in Europe.
What happened to Atlantic Candy Company at the Shark Tank Pitch?
Jared appeared on the fourth episode of the eighth season of Shark Tank, seeking a $1 million investment in exchange for a 10% stake in his company, which implied a valuation of $10 million. During his pitch, he introduced the Sharks to his popular European product, chocolate-encapsulated balls or eggs.
He claimed that around 2 billion of these products were sold worldwide each year, but unfortunately, they had been banned in the United States due to safety concerns. Jared reassured the Sharks that his new design would resolve the issue.
Mark tried to calm Jared’s nerves, and Kevin asked if they could taste some samples. Jared brought out a tray, and Robert gave Lori a taste.
She remarked that she enjoyed chocolate in the morning. Jared then distributed the remaining samples to the Sharks. They all enjoyed the chocolate and were surprised to find little plastic toys inside with images of each Shark.
However, Jared’s product faced legal issues due to the 1930s practice of placing metal toys in chocolate, which resulted in children choking. The Sharks learned that the eggs were similar to Kinder Eggs from Germany, which were legal due to the chocolate not entirely encapsulating the toy.
Jared revealed that his company made $2.5 million the previous year under a contract with an Australian manufacturer that expired in 2015. The Atlantic Candy Company was now free to produce the chocolate with a toy, but the patent had only two years left.
Mark and Daymond left the deal because they were not familiar with retail, and Lori left due to concerns about the patent expiring soon. Robert left because of a lack of sales team, and Kevin apologized but also declined to invest. In the post-show interview, Jared admitted that his pitch had fallen apart on stage.
After the show, an Australian candy company that had previously contracted Atlantic Candy as a producer filed a $2 million lawsuit against the company, which was resolved in December 2017.
However, by 2021, Atlantic’s Toy Box Chocolates became available in major retail stores, such as Wal Mart, Target, and Office Depot, and projected a yearly income of $4 million.
Atlantic Candy Company Net Worth?
Jared appeared on Shark Tank season 8 episode 4 in search of $1 million for a 10% stake in his firm. This suggests a $10 million valuation.
Atlantic Candy Company Competitors?
Ferrero Rocher and Lindt sells similar chocolate eggs in Europe.
Atlantic Candy Company FAQS
What is Atlantic Candy Company?
It is an American candy manufacturer that was founded in 2003. It began as Whetstone Chocolates, a third generation chocolatier. Its products include chocolate-encased toys.
Who is the founder of Atlantic Candy Company?
Originally known as Whetstone Candy, Jared’s father launched the firm in the late 1980s.
How much was he seeking in the Shark Tank?
Jared was seeking $1 million for 10% of Atlantic Candy Company.
Did he the deal from the Sharks?
No. He failed to secure an investment from the Sharks.
Is Atlantic Candy Company still in business?
The firm has been back in business for a time now, selling toy-filled chocolate surprises at various places around the country.
Their ToyBox chocolate surprise employs the FDA-approved Safe-Capsule design to encapsulate each toy surprise in organic, gluten-free, non-gmo milk chocolate.
Where is Atlantic Candy Company located?
The firm is headquartered in St. Augustine, Florida.
What are their main products?
They manufacture chocolate-encased toys and other products, such as soft-serve ice creams, lollipops, and gumballs.
Their products can be found in a wide variety of retail locations, including Wal Mart, Target, Office Depot and Amazon.com.
What episode was Atlantic Candy Company featured on Shark Tank?
Jared appeared on the shark tank show in Season 8, Episode 4.
Does Atlantic Candy Company make money?
According to Atlantic’s Toy Box Chocolates, the firm has made $2.5 million in sales since 2015 and will make $4 million by 2021.
When was Atlantic Candy Company aired on Shark Tank?
Jared appeared on Shark Tank on October, 14th 2016.
What happened to Atlantic Candy Company after shark tank?
Atlantic Candy Company redesigned their product, ToyBox, after exiting Shark Tank without a contract and facing legal challenges and an expired patent.
ToyBox chocolate is FDA-approved and employs a capsule design that encases each toy inside organic, gluten-free, and non-GMO milk chocolate.