Holey Confections

Samantha and Tyler Armstrong
Ottawa, ON

The pitch

Samantha and Tyler Armstrong from Ottawa, ON, pitched Holey Confections in Season 18, Episode 13, asking the Dragons for $500K for 10% of the company.

Asked for$500K for 10%
Valuation$5Mimplied by the ask
OutcomeDealwith Manjit Minhas and Vincenzo Guzzo
Final deal$500K for 25%valued at $2M

Offers in the Den

Dragon	Offer	Result
Wes Hall	Not a fan of sugar, no offer made	Out
Michele Romanow	$500,000 for 30% with a pivot to an e-commerce/shipping model	Declined
Arlene Dickinson	Great entrepreneurs but too early	Out
Manjit Minhas and Vincenzo Guzzo	Joint offer of $500,000 for 30% supporting their current franchise/real estate business model	Declined

Tyler Armstrong and Samantha Armstrong, from Ottawa, ON, asked for $500,000 for 10% of Holey Confections, maker of 140-layer specialty donuts with homemade glaze and toppings, sold for up to $6 each. The business started during the pandemic selling through Instagram, doing $175,000 in sales in its first year, growing to $659,000 in sales the following year, and is projected to hit $1 million this year; the company now operates three locations in the Ottawa region, including one main commercial bakery supplying two satellite stores, and the founders want to franchise nationally.

Wes Hall made no offer, saying he is not a fan of sugar. Michele Romanow offered $500,000 for 30% but suggested pivoting away from franchising toward a low-fixed-cost e-commerce shipping model, which the founders did not want given freshness concerns. Arlene Dickinson went out, saying the business was too early. Manjit Minhas and Vincenzo Guzzo jointly offered $500,000 for 30% to support the existing franchise and real estate business model, which was negotiated down and accepted at $500,000 for 25%.

Pitch details from CBC’s Dragons’ Den pitch page.