$1Mfor 10%
Protein Candy
Valued at $10M
The pitch
Shelley Wallace from Burnaby, BC, pitched Hagensborg Chocolates Ltd. in Season 10, Episode 18, asking the Dragons for $300K for 20% of the company.
- Asked for$300K for 20%
- Valuation$1.5Mimplied by the ask
- OutcomeDealwith Manjit Minhas and Michele Romanow
- Final deal$300K for 50%valued at $600K
Offers in the Den
| Dragon | Offer | Result |
|---|---|---|
| Manjit Minhas and Michele Romanow | $300,000 for 50 percent | Accepted |
| Joe Mimran | Valuation too high for a competitive market | Out |
| Michael Wekerle | Avoids expiry-date companies | Out |
| Jim Treliving | Does not know the chocolate business | Out |
Shelley Wallace, from Burnaby, BC, asked for $300,000 for 20 percent of Hagensborg Chocolates Ltd., a gourmet chocolate company known for its Truffle Pig line, sold at $3.49 per bar in retailers including Whole Foods, London Drugs and Loblaws across Canada, the US, Japan and Australia. Revenues last year were $1.4 million with a 52 percent gross product margin but only a 5 percent net margin, with about $160,000 a year in salaries; Shelley plans to take the brand organic and fair trade, projecting $2 million in revenue next year.
Joe Mimran went out over the high valuation in a competitive market, Michael Wekerle went out citing a personal aversion to expiry-date businesses, and Jim Treliving went out saying he did not know the chocolate business. Manjit Minhas offered $300,000 for 50 percent, and Michele Romanow joined the offer; Shelley accepted the joint offer of $300,000 for 50 percent equity.
Pitch details from CBC’s Dragons’ Den pitch page.
Hagensborg Chocolates Ltd. today
- StatusStatus unknownLast checked ########
We haven’t confirmed whether Hagensborg Chocolates Ltd. is still operating.