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"Shark Tank" has turned plenty of budding entrepreneurs into successful business tycoons. Cousins Maine Lobster and Kanga Coolers have grown to be well-known in their areas of expertise. Countless entrepreneurs dream of getting the chance to present their million-dollar idea to a team of investors (also known as Sharks). Such was the case for Grinds Coffee Pouches in 2012, whose founders Matt Canepa and Pat Pezet presented their idea for ground coffee as a replacement for chewing tobacco. The two men sought $75,000 for a 10% stake in their company, which is still in business today. Coffee Bean Packaging
After the duo's compelling pitch, multiple Sharks were interested in striking a deal with the baseball players-turned-entrepreneurs. By the end of the men's pitch, they'd secured a deal for exactly how much they asked for from Daymond John and Robert Herjavec, who each offered $37,500. Still, Canepa and Pezet had to throw in an extra 5%, totaling 15% equity (7.5% for each investor).
Read more: The 11 Biggest Food Wins To Come Out Of Shark Tank
Matt Canepa and Pat Pezet stepped into the ring and immediately piqued the investors' interest. They explained during their pitch that their product was meant to compete with top chewing tobacco brands as a healthier alternative to the cancerous habit of so many ball players.
Grinds Coffee Pouches sprung from an idea the two men had while studying in college. The canisters resemble chewing tobacco canisters, but they're loaded with compressed coffee grounds enhanced with vitamins and minerals for a healthy energy boost.
Barbara Corcoran was a bit thrown off by the product. Her facial expresses during their presentation suggested she would not make an offer, and she didn't; she was the first one to go out. Kevin O'Leary was the first to make an offer, and he was willing to give the men $100,000 for a $0.25 royalty per can in perpetuity. Herjavec suggested that he and John go in on a deal that would outweigh O'Leary's offer, which is how Canepa and Pezet wound up securing a deal with them.
Leading up to their "Shark Tank" appearance in 2012, Grinds Coffee Pouches had done $135,000 in sales in 2011 and was on track for more than $300,000 for that year. The "Shark Tank" appearance directly impacted Matt Canepa and Pat Pezet's immediate sales. According to Forbes, Grinds did a whopping $330,000 in sales the month that the episode premiered. But that was due to the "Shark Tank" fame, not the deal the two men had struck with the Sharks.
In fact, the deal never happened. Forbes also reported that the initial handshakes with Herjavec and John were about as far as Grinds got — the deal "died in negotiations," per the outlet. The company finished out the year having shattered their initial sales projections; it earned a whopping $1.5 million in 2012.
"Pat and I went on the show 100% wanting to get a deal," Canepa told Forbes. "Regardless of whether or not you get the deal, there are a lot of success stories." The company was also the subject of a Vox profile back in 2014 for its idea of replacing tobacco with coffee grounds, which also boosted the brand's popularity.
The "Shark Tank" deal with Daymond John and Robert Herjavec didn't make or break Matt Canepa and Pat Pezet's success. The business kept growing, and by 2016, Forbes reported that the company was expected to earn more than $4 million in sales. These days, Grinds still offers canisters of its signature coffee-based product; the company hasn't expanded into other types of energy products. However, it's been enough to keep the company in business. There are a number available flavors, including cinnamon whiskey and Irish cream.
In 2019, Grinds transitioned its headquarters from California to Indiana. Inside Indiana Business reported that the company invested $6.7 million to secure a new headquarters, which ultimately created 56 jobs in the area. This suggests Canepa and Pezet have not only seen even more success but have also built a team of employees.
It's unclear why the company chose to relocate to Indiana. But the city of Westfield, where the new office is located, offered the company $300,000 in grants and tax credits.
These days, Grinds is still going strong, but not every day has been a walk in the park. According to Pat Pezet's LinkedIn page, the company hit some bumps in the road at the beginning of 2022.
"There wasn't one big thing causing issues," his LinkedIn post read. "It was a combination of a lot little things that added up ... Shipping delays, production problems, equipment changes, accounting issues, marketing mistakes ... You name it." Still, Pezet said that sales remained up during that time, but the problems kept coming. But by 2023, Pezet noted in that same post that "discipline" had helped improve the company's metrics "across the board."
It's unclear exactly what's next for the company. Various outlets suggest the company is worth at least $5 million today, though Daily Meal couldn't verify these numbers. But based on its ability to invest $6.7 million in a new headquarters in 2019, the company seems to be increasing its sales year after year and could be worth much more than that.
Read the original article on Daily Meal.
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