The $34 Million Bagel: What Really Happened To Bantam Bagels After Shark Tank?
Bantam Bagels is one of the most famous success stories to ever emerge from the tank, but the full picture is far more complex than a simple 'Shark Tank win.' Launched in 2012, the New York-based company captivated millions with its innovative, bite-sized, cream cheese-stuffed bagels. Their appearance on the show led to a massive deal, a meteoric rise in retail, and a jaw-dropping $34 million acquisition that cemented the founders' legacy as entrepreneurial champions. However, as of late 2021, the brand was quietly discontinued by its parent company, revealing a challenging post-acquisition reality that few viewers ever hear about. This is the complete, updated story of Bantam Bagels, from a tiny NYC shop to a multi-million-dollar exit and its ultimate discontinuation in the current market.
The story of Bantam Bagels is a masterclass in leveraging television exposure for explosive growth, yet it also serves as a cautionary tale about the difficulties of maintaining profitability within a major conglomerate. For many, the $34 million exit is the final chapter, but the true, fresh update reveals a dramatic conclusion involving financial underperformance and a major corporate divestiture.
The Founders and The Shark Tank Pitch
The Bantam Bagels concept was born from a simple late-night craving, transforming into a beloved national brand thanks to the vision of its co-founders, Nick and Elyse Oleksak. Their personal and professional journey is integral to the Bantam Bagels saga.
Complete Biography of Nick and Elyse Oleksak
- Names: Nick Oleksak and Elyse Oleksak (née Eisenberg).
- Origin: New York City, New York.
- Company Founded: 2012.
- Product Concept: The idea for the cream cheese-stuffed mini bagel, or 'Bantam,' came to Nick in a dream in 2012.
- First Retail Location: A small shop in Bleecker Street, Greenwich Village, New York City.
- Prior Careers: Both founders came from the financial sector. Elyse was a Vice President at Merrill Lynch, and Nick worked at Bank of America. They left their Wall Street careers to pursue Bantam Bagels full-time.
- Shark Tank Appearance: Aired January 9, 2015 (Season 6, Episode 13).
- Notable Achievement: Elyse Oleksak is the author of the book A Shark Ate My Bagel, which chronicles her entrepreneurial journey.
- Current Status: Following the acquisition and subsequent discontinuation, the founders have moved on to other ventures, often sharing their entrepreneurial wisdom and experience from the Bantam Bagels journey.
When the Oleksaks walked into the tank, they were seeking $275,000 for an 11% stake in their company. They showcased their "mini stuffed bagels," which eliminated the mess and hassle of traditional bagels and cream cheese. The Sharks were immediately impressed by the taste, but the company's valuation and the logistical challenges of scaling a perishable food product were major sticking points.
The company had already achieved $200,000 in sales in the nine months prior to filming, demonstrating strong proof of concept. After a flurry of offers, the Oleksaks accepted a deal from the "Queen of QVC," Lori Greiner.
The Golden Deal with Lori Greiner
Lori Greiner, known for her ability to turn products into QVC phenomena, saw the mass-market potential of the frozen, bite-sized snack. The final deal was a significant negotiation from the initial ask:
- Investor: Lori Greiner
- Investment: $275,000
- Equity Stake: 25% of the company
The "Shark Tank Effect" was immediate and profound. Following the episode's air date, Bantam Bagels saw an explosion in online orders and retail interest. Lori Greiner's investment helped the company secure crucial distribution deals, most notably with Starbucks, which began carrying the mini bagels in thousands of its locations nationwide. This move transformed Bantam Bagels from a niche New York treat into a national breakfast staple, skyrocketing their sales and brand recognition.
The $34 Million Exit: A Shark Tank Hall of Fame Success
The true measure of Bantam Bagels' success came just a few years after their appearance on the show. The founders executed one of the most lucrative exits in Shark Tank history, proving the immense power of the show's platform combined with a great product.
The Massive T. Marzetti Company Acquisition
In October 2018, Bantam Bagels was acquired by the T. Marzetti Company, a wholly-owned subsidiary of the Lancaster Colony Corporation.
- Acquiring Company: T. Marzetti Company (a subsidiary of Lancaster Colony Corporation)
- Acquisition Date: October 22, 2018
- Acquisition Price: $34 million in cash
- Lori Greiner's Return: While the exact return on Lori Greiner's $275,000 investment is not public, her 25% stake in the company was valued at approximately $8.5 million at the time of the sale, marking a staggering return on investment (ROI).
The acquisition was a major validation of the founders' vision and the brand's potential. Lancaster Colony aimed to leverage the Bantam Bagels brand to expand its presence in the frozen breakfast and snack categories. The founders, Nick and Elyse Oleksak, remained with the company for a period to help manage the transition and continue product innovation.
At this point, Bantam Bagels was hailed as a monumental Shark Tank victory, with the founders achieving the ultimate entrepreneurial dream: a multi-million-dollar cash exit.
The Shocking Final Chapter: Discontinuation and Divestiture
For years after the acquisition, Bantam Bagels products—including their core 'Bagel Bites' and other frozen offerings—were widely available in major grocery chains and continued to be featured in Starbucks. However, the story took a dramatic and unexpected turn in the years following the massive sale, which represents the most current and vital update for the brand.
Why Lancaster Colony Discontinued Bantam Bagels
Despite the initial success and major retail presence, Bantam Bagels struggled to maintain the profitability required by its new corporate parent. In 2021, Lancaster Colony Corporation made the decision to exit the Bantam Bagels business entirely.
The primary reasons cited for the discontinuation were stark:
- Financial Underperformance: The business was not meeting the financial expectations of the parent company.
- No Path to Profitability: Lancaster Colony stated there was "no foreseeable path to profitability" for the Bantam Bagels line under their umbrella.
- Loss of Major Customer: The brand was discontinued by its "largest customer" (widely speculated to be Starbucks), which had a sustained and negative impact on sales volume and the bottom line.
In June 2021, Lancaster Colony announced its plan to divest the business, which meant discontinuing the product line and seeking to sell the company's production equipment. While the founders walked away with a massive payday, the brand itself ceased to exist under its corporate owner, highlighting the brutal reality that even a $34 million acquisition does not guarantee a product's long-term survival in the competitive frozen food market. The Oleksaks' entrepreneurial journey was a massive personal success, but the brand’s corporate life ultimately ended due to market and financial challenges.
The Bantam Bagels Legacy Today
As of the current date, December 24, 2025, the Bantam Bagels product line is largely discontinued by Lancaster Colony, and the brand is considered defunct in the mass retail market. The company's net worth is often estimated in the $30-$35 million range, reflecting the value of the acquisition that enriched the founders and early investors, including Lori Greiner.
The Bantam Bagels story remains a powerful, multi-layered case study in entrepreneurship, covering the entire spectrum from a brilliant idea and a successful Shark Tank pitch to a huge acquisition and a challenging corporate failure. It is a testament to the founders’ ability to create immense value and execute a perfect exit, even if the product itself did not survive the corporate environment.
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