"I like buying companies from inventors" - When Shark Tank's Mark Cuban gave a buyout offer to Pizza Pack

Mark Cuban offered to buy Pizza Pack for $1.5 million during the season 14 premiere of Shark Tank in September 2022. Entrepreneur Tate Koenig pitched his collapsible pizza storage container, seeking $100,000 for 10% equity. After hearing the product details and sales figures, Cuban expressed a different interest than typical equity investment.

"Tate, I hate investing in companies run by inventors and you just jump from product to product to product, but I like buying companies from inventors. I want you to think what you would want me to pay to buy your company out completely," Cuban stated during the negotiation.

Cuban emphasized the gravity of the moment.

"What you're about to tell me is the biggest response to a question you will ever make in your life. You have a chance to be worth who knows how much money if you give me a number that's reasonable. So Tate, what's your number?" he added.

Koenig countered with a $5 million valuation, prompting Cuban to offer $1.5 million for 100% ownership. Despite this substantial offer, Koenig ultimately accepted a deal with Lori Greiner for $100,000 in exchange for 13% equity.

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Shark Tank entrepreneur turns down Mark Cuban buyout offer for Pizza Pack

The product demonstration showed how Pizza Pack solved a common household problem through its collapsible design and divider trays. The container featured an airtight seal to maintain freshness, included five divider trays, and collapsed to save refrigerator space.

Pizza Pack marked Koenig's second attempt at securing Shark Tank funding. His previous venture, the Cheese Chopper, appeared in season 12 episode 21, but failed to attract investment.

Koenig emphasized how the lids doubled as reusable pizza plates, and the product was made from food-grade, BPA-free silicone that was dishwasher-safe and eco-friendly. Pizza Pack launched in April 2022 and generated $250,000 in sales within months of operation.

Each unit cost $4 to manufacture and retailed for $24.99, representing a healthy profit margin. The company maintained an efficient customer acquisition cost of $2.83 and projected $60,000 in profit from existing sales. The company's distribution channels already included the company website, Amazon, and Walmart's online marketplace.

Koenig mentioned having pending utility and design patents to protect the product, though he acknowledged some knockoff competition existed in the market. The Shark Tank company founder revealed he owned 35% of Pizza Pack during questioning from the Sharks.

Barbara Corcoran quickly removed herself from contention, and Robert Herjavec followed, explaining his preference against investing in single-product companies. Kevin O'Leary structured a royalty offer: $100,000 for 10% equity plus a $2 royalty per unit until recouping his investment, followed by a $0.50 per unit royalty in perpetuity.

Daymond John initially offered $100,000 for 25% equity, later reducing his ask to 20% during negotiations. Lori Greiner expressed enthusiasm by calling the product "a hero" and offered $100,000 for 15% equity, eventually lowering it to 13%.

When Koenig asked Mark Cuban $5 million for a complete acquisition, the Sharks reacted with surprise at this figure. Cuban called the number "insane," and then made a counteroffer of $1.5 million to buy Pizza Pack completely, which the entrepreneur rejected.

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Post-Tank development

The deal with Greiner never closed after due diligence, per Shark Tank Blog. Despite this, Pizza Pack experienced strong sales momentum. The company sold approximately 22,000 units shortly after the episode aired in September 2022. Retail distribution expanded through major partners, including Amazon and Walmart.

The Shark Tank company expanded its product line beyond the original container to include pizza-themed merchandise and reintroduced the Cheese Chopper as part of its broader kitchen products portfolio. In October 2023, Pizza Pack launched pink-colored containers for Breast Cancer Awareness Month, with a portion of proceeds directed to the Breast Cancer Foundation.

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Fans can watch new episodes of Shark Tank on ABC network.