PRx Performance Shark Tank Update | PRx Performance after Shark Tank
What is PRx Performance? Who is the founder of PRx Performance?
PRx Performance is a compact home gym equipment solution that conserves floor space by folding up against the wall when not in use.
The founders, Erik Hopperstad and Brian Brosh, created a storage system for their own fitness equipment, which then evolved into a successful commercial business.
The Profile ONE and Profile PRO Racks are perfect for home gym setups and do not sacrifice floor space. The racks are made of sturdy steel, have multiple weightlifting capabilities, and can be folded up for storage after use.
Eric Jorgenson is another business partner with a background in athletic goods. PRx Performance is based in Fargo, North Dakota and their products can be purchased on Amazon and at Scheele Sporting Goods.
What Happened to PRx Performance at Shark Tank pitch?
On Episode 17 of Season 7 of Shark Tank, Erik and Brian of PRx Performance sought investment to grow their retail distribution. They requested $80,000 for a 10% stake in their company, valued at $800,000.
PRx Performance is a unique weightlifting equipment that folds up against the wall to conserve space and offers a variety of weightlifting activities.
The business model is priced at $1099 and the home model at $550, with the end user responsible for assembly. Although they had $170,000 in sales and a 43% profit margin, the Sharks had concerns about the assembly process and patent infringement.
Kevin O’Leary was interested and offered $80,000 for 20% equity and 20% of sales until he is paid back, with the help of prosecuting patent infringers. Erik and Brian accepted the deal.
What Happened to PRx Performance after Shark Tank?
Erik and Brian successfully reached a deal with Kevin O’Leary, who provided valuable support in areas such as marketing and social media management.
The exposure from being on Shark Tank caused a huge spike in demand for their product, with website traffic increasing 20-fold.
However, they were able to handle the increased demand due to having a good stock of their product. The investment from Kevin is expected to be repaid within 18 months.
The duo plans to continue improving their products and expanding their online presence, and have already released a barbell clip called “The Talon” on Kickstarter in 2016. In 2018, PRx Performance was ranked 674th on the Inc. 5000 list of fastest-growing private companies in the US, reflecting a 742% increase in sales over three years. The company has continued to thrive, with sales reaching $9 million as of December 2021.
Competitors of PRx Performance
PRx Performance has the main competitor is the Bowflex.
Net Worth of PRx Performance
The net worth of PRx Performance was valued at $800,000 during their pitch on Shark Tank. After Kevin O’Leary’s investment, the company was valued at $400,000. However, with their successful sales performance, including an annual revenue of $9 million in 2021, the company’s net worth has likely increased.
PRx Performance FAQs
What is PRx Performance?
PRx Performance is a space-saving home gym squat rack that folds up against the wall when not in use to conserve valuable floor space. One can easily convert their garage into a gym while still parking their car inside.
PRX Performance is owned by whom?
Brian Brosh and Erik Hopperstad, Fargo residents and co-founders of the workout equipment firm PRX Performance,
How much were asking on Shark Tank?
They were asking for $80,000 for 10% stake of their business.
Did they have the deal?
Yes, they got the deal from Kevin O’ Leary.
How much is the deal?
Kevin O’Leary offered $80,000 for 20% ownership plus 20% of all sales until he’s paid back, plus he’ll show them how to prosecute patent infringers into the Stone Age.
Is PRx Performance still in business?
They were still in business as of December 2021.
Did PRx obtain a patent?
10,124,201 PRx Performance’s Wall Mounted Exercise Rack received this award. PRx Performance’s effective Wall Mounted Exercise Rack received U.S. Patent No. 10,124,201 on October 13, 2018.
What episode of Shark Tank did PRX appear in?
In the Shark Tank “Made in America Special,” episode 17, Erik Hopperstad and Brian Brosh pitch the Sharks on PRX Performance, a line of space-saving weight lifting racks.
Where can I find PRx Performance?
PRx Performance, based in Fargo, North Dakota, is a manufacturing and distribution firm that provides high-quality, American-made items to members of the fitness sector in order to assist them enhances their performance.
Is PRx manufactured in America?
No more justifications. American workmanship, backed by their ironclad guarantee, guarantees that their goods are built to last, providing their consumers with long-term value.
The Profile Rack is composed of American-made steel and is manufactured and painted in Fargo, North Dakota.
When did PRX begin?
After a two-year planning, research, and development period funded by the Corporation for Public Broadcasting, the National Endowment for the Arts, and the Ford Foundation, the PRX website and services debuted in September 2003.
How long does shipping take?
In their warehouse, it usually takes us 2-3 business days to process an order.
Will I be contacted when my order is ready to ship?
Yes. The day the item ships from their facility, they send customers a shipment confirmation email with a link to their tracking information.
What is the net worth of Brian Brosh?
Brian Brosh’s net worth is estimated to be at $100,000.
What is the net worth of Erik Hopperstad?
Erik Hopperstad net worth is estimated to be at $100,000.