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Andy and Eric Bert sought $120,000 for 10% equity in Bertello, a pizza oven business on Shark Tank season 11. Their outdoor pizza oven showed $640,000 in Amazon sales, with $400,000 coming in the last three months before filming. The portable oven's retail price stood at $250 against an $84 manufacturing cost.
After Mark Cuban and Robert Herjavec passed on the deal, Barbara Corcoran offered $120,000 for 25% equity. When it came to Kevin O'Leary's turn, he saw potential beyond the numbers.
"I also have an offer. I'd get behind this as Chef Wonderful and sell a lot of it because I'm an amazing chef, but I want more. It's really you, Eric, and a bunch of money required for inventory and probably more optimization on digital that you've never done. But I want 30%. If I get behind this, the numbers will be up tenfold," O'Leary stated.
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The brothers negotiated O'Leary down to 25%, matching Barbara's equity ask while gaining his QVC expertise. The deal was eventually finalized.
Shark Tank's Kevin O'Leary secured pizza oven deal by matching 25 percent equity
Andy and Eric Bert started their Shark Tank pitch by cooking pizzas in Bertello’s compact outdoor oven. The unit heated to 900 degrees Fahrenheit, producing finished pizzas in two minutes flat. O'Leary stepped up to make his own pizza during the presentation. The brothers explained their manufacturing process, highlighting their direct-to-consumer sales strategy through Amazon.
The Shark Tank presentation revealed their business structure, with Eric owning 80% as the structural engineer behind the design, while Andy held 20% and managed the financial aspects. They showcased sales data from the previous three months, which accounted for $400,000 of their total revenue. Each unit generated substantial profit above the $84 production cost.
Mark Cuban assessed the numbers first, acknowledging the solid sales performance on Amazon. He opted out due to his focus on technology investments rather than consumer goods. Robert Herjavec studied the market dynamics but decided the outdoor cooking space didn't fit his portfolio.
Barbara Corcoran questioned their presentation style but recognized the product's market appeal and strong financial performance. Kevin O'Leary showed immediate interest, linking his media presence and cooking background to potential marketing opportunities.
The brothers detailed their inventory management system, explaining how they handled the growing demand through their Amazon partnership. They addressed production scalability, confirming their ability to increase manufacturing output with additional capital investment. The Shark Tank investors learned about their quality control measures and customer satisfaction rates, which supported their pricing strategy.
Barbara Corcoran moved first with a straightforward offer of $120,000 for 25% equity. She pointed to her track record with direct-to-consumer products and her ability to scale businesses through digital channels. Her proposal matched the company's valuation expectations while offering proven retail expertise.
Kevin O'Leary countered swiftly with $120,000 for 30% equity. He emphasized his QVC connections and media presence as "Chef Wonderful." The Bert brothers listened as O'Leary mapped out his vision for television marketing and retail expansion. He stressed his cooking background and ability to demonstrate the product across multiple platforms.
The Bert brothers assessed both offers carefully, considering the five-percentage-point equity difference. They returned with a counter to O'Leary, suggesting 25% equity to match Barbara's offer. O'Leary accepted the modification, securing the deal at $120,000 for 25% equity.
Post-tank performance
Bertello generated $75,000 in sales within 24 hours of the broadcast, per Shark Tank Blog. Three days later, when COVID-19 lockdowns began, the company shifted to aggressive digital marketing strategies.
The pandemic timing worked in their favor as home cooking surged. Sales jumped from their initial $640,000 to $6.3 million over the next 16 months. The QVC partnership through O'Leary's connections moved thousands of units, expanding their customer base beyond Amazon.
By December 2022, Shark Tank company maintained steady growth with $4 million in annual revenue. Their product line expanded to include various oven sizes and accessories. April 2024 marked another milestone as total sales crossed $10 million. The company continued its Amazon success while building additional retail channels through O'Leary's network.
The Bert brothers later confirmed O'Leary's value in their operations. Eric Bert credited him specifically for their QVC success, saying they wouldn't have accessed primetime television shopping without his involvement. The partnership validated their choice to accept his offer over Barbara's matching proposal.
Shark Tank season 16 is airing on ABC network.
