Bantam Bagels Shark Tank Net Worth 2023

Bantam Bagels Shark Tank Net Worth

As of February 2023, Bantam Bagels is estimated to be worth around $2 million. According to the latest reports, Bantam Bagels was acquired by T. Marzetti Company for $34 million in October 2018.

Since then, the company has seen a rapid rise in popularity and is now sold in over 21,000 stores nationwide, including Starbucks.

The acquisition by T. Marzetti Company has resulted in a drop in profits for Lancaster Colony Corporation due to the cost of the purchase.

What is Bantam Bagels? Who is the founder of Bantam Bagels?

Bantam Bagels is a bakery that offers bite-sized versions of classic New York City foods, both sweet and savory.

One of their signature creations is an Everything Bagel stuffed with chopped veggie cream cheese, which puts a delightful spin on a traditional favorite.

Nick and Elyse Oleksak, a husband-and-wife team and former Wall Street traders, founded Bantam Bagels in 2013.

Their original shop was located in New York City’s West Village, and it quickly gained attention for offering a new way to enjoy bagels with cream cheese or other spreads without the calorie overload.

The idea for Bantam Bagels came to Nick in a dream about a year prior to opening the shop. After testing and perfecting their mini bagel bites in their home kitchen, the Oleksaks hit the road to raise funds and build buzz for their business.

When the shop opened in 2013, it immediately attracted media attention and was even named one of the top three bagels by the NY Daily News.

The buzz continued to grow, and Bantam Bagels made appearances on the Today Show and even Oprah’s “Favorite Things” list in 2014.

Today, Bantam Bagels offers its products through a variety of channels, including Amazon, their website (where 3 dozen frozen Bantam Bagels are priced at $35.95), QVC, and their New York City shop.

Bantam Bagels Shark Tank Pitch

Nick and Elyse Oleksak, a husband and wife partnership, appeared on Shark Tank episode 611 to pitch their business, Bantam Bagels.

Their product consisted of cream cheese-filled “little bagel bites,” and they were seeking a Shark to help with retail expansion and national distribution.

During the pitch, Nick and Elyse requested $275,000 for an 11% stake in their company, which was valued at $2.5 million. They educated the Sharks about the bagel industry and distributed samples, which the Sharks loved.

Nick also shared a tip on how to eat the bagels without squishing the cream cheese – by finding and biting the hole.

Despite generating $200,000 in sales since launching their retail business, Nick and Elyse needed funds to acquire a commercial kitchen and continue operating in the retail channel.

They also began wholesaling and disclosed that they sold on QVC. The Sharks agreed that they needed to go direct to the consumer, with Kevin offering $275,000 in exchange for 50% equity shares if they did so.

Barbara offered $275,000 in exchange for a 51% stake in the company, asserting that they would fail without her. After some negotiation, Nick and Elyse agreed to Lori’s offer of $275,000 for 25% equity shares.

Bantam Bagels was featured in Beyond the Tank episode 102, only a few months after their initial air date, and Lori Greiner’s deal was finalized.

The company has since partnered with a co-packer and rebranded as “Bagel Stuffins,” which are sold in over 9000 Starbucks locations and in Aldi shops.

In season eight, episode 810, Bantam Bagels announced that they had sold their company for $34 million to T. Marzetti Co., a division of the Lancaster Colony food group.

Nick and Elyse continue to run the business, which retains its original Manhattan location and has yearly revenue of $20 million as of January 2022.

Competitors of Bantam Bagels

The primary competitors of Bantam Bagels in the market are; Banterwear, Bantrel Co., and Rally Engineering Inc.

Net Worth of Bantam Bagels

The company valuation was $2.5 million during the pitch, after Lori Greiner’s investment, the company was valued at $1.1 million. The company has a net worth of $34 million.

Bantam Bagels Shark Tank Updates

Bantam Bagels appeared on Shark Tank Season 6 and made a deal with Lori Greiner for $275,000 for 25% equity.

The company’s founders, Nick and Elyse Oleksak, created bite-sized, cream cheese-filled bagel snacks that are popular in New York City.

After their appearance on Shark Tank, Bantam Bagels sold more mini bagel balls in one night than they had in two months. The company was also featured in Beyond the Tank episode 102.

In 2022, Lancaster divested Bantam Bagels amid a challenging quarter. The company is currently pursuing the sale of the equipment used to produce Bantam Bagels and expects to have fully exited the business by.

While Bantam Bagels was once sold in more than 8,500 locations, it is no longer carried in Starbucks stores. However, the founders are not far off from returning to the tank as sharks themselves.

Summary Table for Bantam Bagels Shark Tank Net Worth 2023.

TOPIC	SUMMARY
Company Worth	As of February 2023, Bantam Bagels is worth around $2 million, but it was acquired by T. Marzetti Company for $34 million in October 2018.
Founders	Nick and Elyse Oleksak, former Wall Street traders, founded Bantam Bagels in 2013.
Product	Bantam Bagels offers bite-sized versions of classic New York City foods, both sweet and savory.
Shark Tank Pitch	During the pitch, Nick and Elyse requested $275,000 for an 11% stake in their company, which was valued at $2.5 million.
Shark Deal	Lori Greiner invested $275,000 for 25% equity shares.
Competitors	Banterwear, Bantrel Co., and Rally Engineering Inc.
Update	Lancaster divested Bantam Bagels amid a challenging quarter in 2022. The company is no longer carried in Starbucks stores. The founders are planning to return to Shark Tank as sharks themselves.

Bantam Bagels FAQs

What Are Bantam Bagels And How Does It Work?

Bantam Bagels is a New York-based company that specializes in bite-sized bagel balls filled with cream cheese, eggs, cheese, and other traditional breakfast offerings.

The company was founded by Nick and Elyse Oleksak in 2013 after Nick had a dream of little bagel balls filled with cream cheese.

Before appearing on Shark Tank, Bantam Bagels had already appeared on the Today Show and sold 100,000 bagel bites on QVC. The mini bagels were also named one of Oprah’s Favorite Things in 2014.

On Shark Tank, Nick and Elyse asked for $275,000 for 11% equity and ended up accepting $275,000 for 25% equity from Lori Greiner.

Since their appearance on Shark Tank, Bantam Bagels has gone from $200K in sales to $2.1 million. Lori helped them close a deal to test the product in 32 New York City Starbucks which led to Bagel Stuffins getting into 400 Starbucks.

Eventually, they hope to be in all 7000-plus stores. Bantam Bagels are also available on all Delta Airlines flights out of New York City.

In 2021, Bantam Bagels was sold to T. Marzetti Co., a subsidiary of the Lancaster Colony food company, for $34 million. The Oleksaks will continue to operate the company and its flagship store location in Lower Manhattan will remain open.

The company has $20 million in annual net sales and its items can be found in more than 9,000 Starbucks stores.

Who is the founder?

Bantam Bagels is owned by Elyse and Nick Oleksak.

What Was The Outcome Of Bantam Bagels Shark Tank Pitch?

Bantam Bagels, a New York-based company that produces bite-sized, cream cheese-filled bagel snacks, appeared on Shark Tank in 2015. Founders Nick and Elyse Oleksak asked for $275,000 for 11% equity and ended up accepting a deal from Lori Greiner for $275,000 for 25% equity.

After the episode aired, Bantam Bagels’ sales increased from $200,000 in the nine months before Shark Tank to more than $2.1 million in the first eight months after the episode aired.

Today, Bantam Bagels are sold at 1,500 Starbucks locations on the East and West Coasts, in first class on some Delta Airlines flights, and at hotels such as Hyatt, Hilton, and Four Seasons properties.

In 2022, Lancaster divested Bantam Bagels amid a challenging quarter. The Ohio-based food producer partly attributed a hammered third-quarter bottom line to a noncash restructuring and impairment charge of $22.7 million.

The discontinuation of Bantam Bagels as their largest customer and the sustained impact of the pandemic changed the company’s capacity situation.

Why Did Bantam Bagels Change Their Product Name?

Bantam Bagels changed its product name after receiving a large purchase order from a major retailer.

The couple who owned the company initially resisted the name change, but ultimately agreed to it when they were given a 24-hour deadline to make a decision.

The new name helped the company to expand its market and grow its business.

What Happened To Bantam Bagels After Lancaster Divested It?

Less than four years after acquiring Bantam Bagels, Lancaster Colony’s food company made the decision to exit the business based on its financial underperformance compounded by a raft of current challenges that dented Lancaster’s bottom line.

In a statement accompanying its fiscal year third-quarter financial results, Lancaster Colony said that Bantam Bagels has underperformed and has no foreseeable path to profitability.

The Ohio-based food producer partly attributed a hammered third-quarter bottom line to a noncash restructuring and impairment charge of $22.7m for the Bantam Bagels business.

Lancaster Colony is currently pursuing the sale of the equipment used to produce Bantam Bagels and expects to have fully exited the business by the end of June.

Despite losing its backers, Bantam Bagels can still be found in supermarkets and online. However, their social media accounts have been inactive, so they may not be around for long.

How much were they seeking on Shark Tank?

They were seeking $275,000 for an 11% stake in their company, which would be $2.5 million.

How much did they raise on Shark Tank?

Lori Greiner agreed to give them $275,000 for 25% equity shares of the company.

Is Bantam Bagels still in business?

As of January 2022, Bantam Bagels is still in business.

Where are Bantam Bagels located?

The firm is located in NYC.

How many retail stores does Bantam Bagels have?

As of November 2021, the company has over 9000 Starbucks locations and continues to sell online. The items were available in December 2021 and later at Aldi shops.

When did Bantam Bagels found?

Bantam Bagels was founded in 2013.

What is a Bantam Bagel from Starbucks?

A filled Everything Bagel with chopped veggie cream cheese. A delectable spin on a classic that is certain to invigorate the taste senses.

What ingredients are contained in the Everything Bantam bagel?

Wheat Flour Enriched (Wheat Flour, Malted Barley Flour, Niacin, Reduced Iron, Thiamin Mononitrate, Riboflavin, Folic Acid), Cream Cheese (Pasteurized Milk and Cream, Salt, Carob Bean Gum, Cheese Culture), Water, Diastatic Malt Syrup, Whole Milk, Yeast, Sugar, Salt, Dehydrated Onion, Sesame Seeds, Poppy Seeds, Spices

Is the dough for Bantam Bagels frozen?

The little filled bagels and pancakes are supplied frozen and on dry ice. Once they arrive, both bagels and pancakes can be frozen for up to 18 months from the date of manufacture.

Are Bantam Bagels available at supermarkets?

Bantam Bagels, the Additional York City-based bagel bakery that began in a modest retail shop in Manhattan’s West Village, has expanded its distribution to over 8,000 new locations, including Starbucks, QVC, Fred Meyer, and several Kroger outlets.

Can Bantam Bagels be refrozen?

Keep frozen until ready to consume. Before eating, toast or reheat. Avoid refreezing thawed products. Before cooking, unwrap Bantams and place them in the microwave or even a microwave-safe plate.

Can you fry Bantam Bagels in the air?

Line the air fryer with parchment paper. For 8 minutes, air-fried the Bantam Bagels at 400° F | 204° C. Enjoy!

Do Bantam Bagels include eggs?

Yes. Wheat Flour Enriched (Wheat Flour, Malted Barley Flour, Niacin, Reduced Iron, Thiamin Mononitrate, Riboflavin, Folic Acid), Water, Powdered Sugar, Malt Syrup, Eggs, Yeast, Salt, Ground Cinnamon, Vanilla Extract, Sodium Bicarbonate

What is the calorie content of a Bantam Bagel?

100.0 calories are included in Bantam Bagels Mini Stuffed Bagels, Everyone’s Favorite.

How long Bantam Bagels should be cooked?

Preheat oven to 400 degrees Fahrenheit. Bake Bantams for 6 minutes on a baking sheet.

How are Bantam Bagels microwaved?

Bake bantams for 6 minutes on a baking sheet. Microwave (Ovens Vary): Microwave on high for 20 seconds. Increase the time by a few seconds for each subsequent bantam.

Tip for the Best Bantam Eating Experience: Before cooking in the oven or toaster oven, ensure that the entire bantam (both inside and out) is completely defrosted!

What is the net worth of Nick Oleksak?

Nick Oleksak net worth is not available.

What is the net worth of Elyse Oleksak?

Elyse Oleksak net worth is not available.