Nut’s N More is the brainchild of Neil Cameron, Dennis Iannotti, and Peter Ferreira . Their tasty products double the protein of regular peanut butter and almond butter which is breaking into many health food stores. They walked into the Shark Tank asking for $250,000 for a 20% equity in their company.
This put the initial valuation at $1,250,000 for the health nut business which is a lot for only having $100,000 in sales in less than a year. The guys are hoping for the investment to drastically reduce their overhead to bring down the cost of units per jar.
To the Sharks, the numbers didn’t justify the valuation which caused Daymond John and Barbara Corcoran to go out rather fast. Kevin O’Leary, aka Mr. Wonderful, made an offer but he wanted a ridiculous 264% of the company for that kind of money.
In the end, Mark Cuban saw potential and made an intelligent offer. He would give them the $250,000 but only $75,000 upfront and the remainder $175,000 as needed for 35% of the business. Robert Herjevic agreed to go in with Mark and the Nut’s N More guys accepted.
From healthy peanut butter, made to go sushi or gourmet chocolate covered pretzels it appears the Sharks love to get a bite of something tasty. If you or anyone you know has an idea or product and needs help, please contact us at New Product Consulting.
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