“It's much more wonderful”: When Barbara and Kevin went to a jar foods bidding war on Shark Tank

A shock burst during episode 10 of Shark tank Season 14 When Barbara Corcoran and Kevin O'Larery struggled to invest in Jica Foods. The food company based on the Mexican Nabo, led by Xin and Melissa Wang, requested $ 300,000 for a 3% capital. After Barbara offered $ 300,000 for a 10% equity with pro-Ita distribution, Kevin countered 9%.

Barbara emphasized his experience in the food industry, which led to Kevin to defend his position.

“I know what I do well. I do sales and marketing. So I got rich in the first place. I know it better than anyone else. I certainly can offer the same marketing as Mr. Wonderful, who thinks he is much more wonderful than it really is Because he is a state, “Barbara said firmly.

It Shark tank The negotiation concluded with Barbara, who achieved 6% capital plus 3% of advice on their investment of $ 300,000. By 2024, this agreement helped to expand the presence of Jica Foods in 1,600 retail locations in the west of the United States.

Jica Foods Deal became a battlefield for Barbara and Kevin Shark tank

Xin and Melissa Wang introduced Jica Foods to the market in 2015, starting with Jicama Chips in the Refrigeri category. The initial phase was a major financial tension, with credit card debt to $ 70,000, and the bank balance dropped to $ 300. Its strategic change in 2019 moved the company to Fresco Jicama products, introducing specialized wrapping, sticks and sauces.

It Shark tank The company's metrics showed substantial growth after this transition from the product. Sales went from $ 1 million in 2019 to $ 4 million by 2020. Impulse continued with $ 5 million in sales for 2021, leading to a $ 6 million projection for 2022. Its market strategy included prices with production costs at $ 1.85 per unit, wholesale rates at $ 2.99. , and retail prices to $ 4.99.

Barbara Corcoran opened negotiations with $ 300,000 for 10% capital, adding a rating requirement. Kevin O'Lery responded Offering identical investment funds while applying for 9% capital, positioning below Barbara's equity demand. Xin Wang proposed to reduce Barbara's quota to 5%, but remained firm in its original capital requirement.

The discussion highlighted the market value of Jica Foods, and Kevin mentioned its 25 times multiple on benefits. The guest shark Gwyneth Paltrow recognized the potential of the product, referring to Jicama's recipes in his published cookbook. Mark Cuban and Lori Greiner appreciated the product and chose not to submit offers.

Xin presented a revised offer of 7% capital to both sharks. Kevin and Barbara rejected this proposal simultaneously. Negotiation changed when Xin emphasized his need for marketing and sales expertise. Kevin declared his ability to expand detailed connections. Barbara coincided with this statement by highlighting its network of the food industry and the marketing experience of previous Shark tank Investments.

Xin contributed expertise in packaging and brands, while Melissa provided quality control experience in the pharmaceutical sector. His participation in Acearfoods, a starting accelerator program for healthy food companies, demonstrated his commitment to market growth.

Melissa entered the negotiations with a structured counter -offer in Barbara. Shark tank The guest investor proposed 6% equity combined with 2% advisory shares. Barbara adjusted these terms by requesting 3% advisory shares by keeping the base equity at 6%. This modification created a total ownership position of 9% for the investment of $ 300,000 from Barbara.

The agreement included Barbara Marketing Support and industry connections. The Agreement valued Jica Foods significantly lower than her initial $ 10 million appliance. Both Kevin and Barbara He remained committed to the final decision, with the history of Barbara's food industry, demonstrating decisive.

The consequences of the deal

According to Shark Tank's blog, the closing state of the agreement remained without confirming even six months after the episode was published. Despite this, Jica Foods expanded its detail to 1,600 locations. The company achieved the shelf space at Whole Foods, Sprouts, Vins, Pavillons and Albertsons in the West of the United States.

The same media opportunity reported that financial metrics showed continued growth until 2024. The company's net value reached $ 5.1 million in January 2024. Its product line expanded Beyond Jicama's basic options to include different flavors and formats. The detail presence went from 700 shops during the shoot to more than 1,600 locations in early 2024, marking a significant expansion of the market.

Shark tank Season 16 It is transmitted to the ABC network.