Atlantic Candy Company Shark Tank Update| What happened to Atlantic Candy Company after the Shark Tank Pitch?
What is Atlantic Candy Company?
The Atlantic Confectionery Company sold chocolates to some of the largest brands in the candy industry. Since the 1980s, when it was known as Whetstone Candy Company, the Atlantic Candy Company has been a key participant in the candy market.
They are a leading maker of popular candies for Hershey, Mauna-Loa, Nestle, and M&M Mars, and are based in Saint Augustine, Florida.
Their Toy Box includes a tasty treat as well as a fun toy, such as a pocket pet. Because the toys are kept in a Safe Capsule, they are suitable for children of all ages.
Who is the Atlantic Candy Company’s founder?
Jared Whetstone is a third generation chocolatier and the Brand Manager for Atlantic Candy Company. His grandfather launched Whetstone Chocolates in 1967, and it was renamed Whetstone Chocolates in the early 1980s.
Originally known as Whetstone Candy, Jared’s father, Hank Whetstone Jr., launched the firm in the late 1980s. The elder Whetstone is a forerunner in the confectionery industry.
In 1997, they relocated to its new state-of-the-art plant in St. Augustine, Florida, where their principal business is contract manufacturing for Nestle, Hershey, Mars, and other candy companies.
They were instrumental in the development of technology that creates the Hershey Kiss, Hershey Nugget, M&M Hollow characters, and other products.
Their facility has a capacity of 40 million units per year and will increase to 160 million units in 2017.
“The Awesome Ball,” a patented chocolate toy, is their newest offering. The patent is owned by Henry Whetstone.
Nestle released a similar design in the early 2000s, but the FDA halted sales owing to safety concerns.
The Awesome Ball is a two-piece plastic capsule that contains a little chocolate-wrapped toy. The Atlantic Candy Company design stands out because it is “a safe product design.”
They are extensively distributed in Europe; the European rights are owned by a firm called Ferrero.
What happened to Atlantic Candy Company at the Shark Tank Pitch?
Jared appears 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. He informs the Sharks about his chocolate-encapsulated balls or eggs, which are popular in Europe.
He believes that approximately 2 billion are sold globally each year. Unfortunately, this and similar products have been outlawed in the United States owing of safety concerns, but that will change with the new design.
Mark attempts to calm Jared down because he is plainly frightened.
Kevin inquired as to if they might view any examples. Jared went to get the tray, and Robert gave Lori a taste, who stated she liked chocolate in the morning. Jared distributed the remaining samples to the Sharks.
The Sharks all enjoy the chocolate, and they are shocked to see little plastic toys with an image of each Shark inside.
Toys embedded in chocolate were made illegal because, in the 1930s, firms were placing metal toys in chocolate and children were choking.
Lori recognized the eggs as Kinder Eggs from her travels to Germany. The fact that the chocolate does not entirely encapsulate the egg allows them to avoid the law.
Kevin is curious about the figures. According to Jared, they made $2.5 million last year.
They’d been making items under a 10-year contract with an Australian manufacturing business that terminated in 2015.
Atlantic Candy Company was now free to produce the chocolate with a toy. The biggest concern was that the patent had just two years left on it.
Mark stated that the haste was a problem for him because he was unfamiliar with both contract production and retail. Mark left the house. Jared expressed his gratitude.
Damon explained to Jared that the difficulty for him was that retail was not the same as contract manufacturing. Atlantic Candy Company has years of contract manufacturing expertise but none in retail. Daymond went out as well.
Lori also stepped out, explaining that she was anxious about the patent expiring. She noticed that there were just a few months remaining.
Robert walks out because he is anxious that they would not have a sales team in place for the forthcoming Christmas season.
Kevin informed him that while they had the plant established, the rest of the infrastructure would take a long time and money to create. Kevin apologized and exited.
Jared stepped offstage after the Sharks wished him luck. In the post-show interview, he admitted to the camera that it was a fiasco, and that his plan had fallen apart once he took the stage.
Atlantic Candy Company after the Shark Tank Pitch
In August of 2016, an Australian candy firm that had previously utilized Atlantic Candy as a contract producer filed a $2 million lawsuit against the corporation.
They alleged, among other things, that Jared’s father interfered with discussions with another contractor. The dispute was settled in December of 2017.
Atlantic’s Toy Box Chocolates will be available in Wal Mart, Target, Office Depot, and a variety of other retail locations by 2021. Its yearly income is anticipated to be $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.