Loop Recycled Products

James Shannon and Kevin Snook, from Niagara Falls, Ontario, asked for $375,000 for 12.5% of Loop Recycled Products, a company that recycles more than 4.5 million kilograms of leftover paint a year collected from municipal depots, retail return programs and mobile collection events, turning it into new paint sold under the Loop brand in over 15 shades at retailers including Giant Tiger and Walmart. Their paint retails for $17 a gallon compared to premium paint at $60 a gallon, with overall gross margins of about 35% and revenue of about $3.6 million; they are also developing a paint-in-a-bag format for discount retailers and to reduce shipping costs, and they get paid a fee to process the paint they later resell.

Michele Romanow and Manjit Minhas both went out, citing the small size of the Canadian recycled paint market relative to their investment targets. Michael Wekerle offered $500,000 for 20%, and Joe Mimran and Jim Treliving, who had also gone out on their own citing market size, later joined Michael Wekerle's investment as partners; the founders accepted the joint offer of $500,000 for 20% from all three Dragons.

We haven’t confirmed whether Loop Recycled Products is still operating.