$1Mfor 10%
Protein Candy
Valued at $10M
The pitch
Zach Fiksel & Matthew Lindzon from Toronto, ON, pitched Chimney Stax Baking Co. in Season 11, Episode 4, asking the Dragons for $125K for 25% of the company.
- Asked for$125K for 25%
- Valuation$500Kimplied by the ask
- OutcomeDealwith Joe Mimran
- Final deal$125K for 15%valued at $833Kplus a royalty: 10% royalty until repaid, then converts to 15% equity
Offers in the Den
| Dragon | Offer | Result |
|---|---|---|
| Michael Wekerle | Concerned about short shelf life; out | Out |
| Jim Treliving | Felt they needed direction rather than cash; out | Out |
| Joe Mimran | $125,000 for a 10% royalty until repaid, then 15% equity | Accepted |
| Manjit Minhas | $125,000 for a 6% ongoing royalty, no equity | Declined |
| Michael Cohen (Dragon) | $125,000 for 50% voting control until repaid, then 25% equity | Declined |
Matthew Lindzon and Zach Fiksel, of Toronto, ON, asked for $125,000 for 25% of Chimney Stax Baking Company, which makes hand-rolled, rotisserie-baked bread rolls in sweet and savoury flavours, served with a dip or as a sandwich, from a food truck and at events across the Greater Toronto Area. Sweet rolls sell for $6, savoury for $7, dips for $1 to $2, and sandwiches for $10 to $14. The specialty ovens used to bake the rolls are imported from Europe at about 2,300 Euros each. Over the past 12 months, operating about 90 days of the year, the company generated $160,000 in sales with a 20% profit margin, and the founders hope to expand into mall kiosk locations rather than storefronts.
Michael Wekerle went out over concerns about the product's short shelf life, and Jim Treliving went out feeling the founders needed guidance more than capital. Manjit Minhas offered $125,000 for a 6% ongoing royalty with no equity, and a fourth Dragon offered $125,000 for 50% voting control until repayment, then converting to 25% equity. Joe Mimran offered $125,000 for a 10% royalty until his investment was repaid, after which he would convert to a 15% equity stake, and the founders accepted this offer.
Pitch details from CBC’s Dragons’ Den pitch page.
Chimney Stax Baking Co. today
- StatusOut of businessLast checked September 2026
Chimney Stax originally secured a deal with Joe Mimran in Season 11 after reporting $160,000 in sales over about 90 days. By this Season 12 follow-up, sales had doubled, the company had secured a spot at the Canadian National Exhibition in Toronto selling 400 to 700 chimney cones a day, and they were opening their first permanent kiosk location at Vaughan Mills mall with plans to franchise across the country.