What Happened to Atlantic Candy Company After the Shark Tank Pitch?
What was Atlantic Candy Company?
The Atlantic Candy Company has been a significant player in the candy business since the 1980s when it was known as Whetstone Candy Company.
Based in Saint Augustine, Florida, they are a prominent manufacturer of popular candies for Hershey, Mauna-Loa, Nestle, and M&M Mars.
Their Toy Box contains a delectable delicacy in addition to a fun toy, such as a pocket pet. Due to the fact that the toys are contained in a Safe Capsule, they are appropriate for children of all ages.
Who Founded the Atlantic Candy Company?
Jared Whetstone is a third-generation chocolatier and the Atlantic Candy Company’s brand manager. His grandpa founded Whetstone Chocolates in 1967. In the early 1980s, the company was renamed Whetstone Chocolates.
Originally known as Whetstone Candy, the company was founded in the late 1980s by Jared’s father, Hank Whetstone Jr. Whetstone, the elder, is a pioneer in the candy industry.
They migrated to their new state-of-the-art facility in St. Augustine, Florida, in 1997, where they focus on contract production for Nestle, Hershey, Mars, and other candy brands.
They contributed significantly to the invention of the technology that results in the Hershey Kiss, Hershey Nugget, and M&M Hollow characters, among other items.
Their factory now has a capacity of 40 million units per year but will expand to 160 million in 2017.
Their newest product, “The Awesome Ball,” is a patented chocolate toy. Henry Whetstone owns the patent.
In the early 2000s, Nestle introduced a comparable design, but the FDA suspended sales due to safety concerns.
The Awesome Ball is a two-piece plastic capsule with a little chocolate-wrapped toy inside. The Atlantic Candy Company’s design is notable for being “a secure product design.”
They are widely sold throughout Europe, with the European rights being controlled by a company called Ferrero.
What Happened to Atlantic Candy Company on Shark Tank Pitch?
Jared appeared on Shark Tank season 8 episode 4 seeking $1 million in exchange for a 10% ownership in his business. This suggests a valuation of $10 million.
He informs the Sharks about his popular chocolate-encased balls or eggs in Europe.
Each year, he says, around 2 billion are sold internationally. Unfortunately, this and related goods have been banned in the United States due to safety concerns; however, with the new design, that will change.
Mark makes an attempt to reassure Jared, who is clearly terrified.
Kevin asked whether they could view any examples. Jared returned with the tray, and Robert offered Lori a taste, stating that she preferred chocolate in the morning. Jared handed out the remainder of the samples to the Sharks.
The Sharks all love the chocolate, and they are taken aback when they discover little plastic toys inside with a picture of each Shark.
Toys embedded in chocolate were deemed illegal in the 1930s as a result of youngsters choking on metal toys.
Lori identified the eggs as Kinder Eggs on her recent trip to Germany. Due to the fact that the chocolate does not completely enclose the egg, they are able to circumvent the law.
Kevin is fascinated by the figures. They earned $2.5 million last year, according to Jared.
They’d been manufacturing products for a decade under a contract with an Australian manufacturing company that expired in 2015.
Atlantic Candy Company could now create chocolate in the shape of a toy. The primary source of concern was that the patent had only two years remaining on it.
Mark mentioned that he was concerned about the rush because he was unfamiliar with contract production and retail. Mark walked out of the home. Jared conveyed his sincere appreciation.
Damon stated to Jared that the challenge he faced was the distinction between retail and contract manufacturing. Atlantic Candy Company has extensive experience in contract production but none in retail. Daymond also left.
Lori also emerged, expressing concern about the patent’s impending expiration. She recognized that only a few months remained.
Robert exits, fearful that they would be without a sales crew for the next Christmas season.
Kevin reminded him that while they had created the plant, the remainder of the infrastructure would require considerable time and money to develop. Kevin apologized and walked away.
After the Sharks wished him luck, Jared exited the stage. He revealed to the camera during the post-show interview that it was a disaster and that his plan had fallen apart as he took the stage.
What Happened to Atlantic Candy Company After the Shark Tank Pitch?
In August 2016, an Australian candy company that had previously contracted with Atlantic Candy launched a $2 million lawsuit against the company.
They alleged, among other things, that Jared’s father interfered with discussions with another contractor. The dispute was settled in December of 2017.
Atlantic’s Toy Box Chocolates will be available in Wal Mart, Target, Office Depot, and a number of other retailers by 2021. Its annual revenue is expected to reach $4 million.
What is the Net Worth of Atlantic Candy Company?
Jared made his appearance on Shark Tank season 8 episode 4 in pursuit of $1 million in exchange for a 10% ownership in his company. This suggests a valuation of $10 million.
Who are Atlantic Candy Company’s Competitors?
In Europe, Ferrero Rocher and Lindt both sell identical chocolate eggs.
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Atlantic Candy Company FAQS
1. What is Atlantic Candy Company’s Annual Revenue?
Its annual revenue is expected to reach $4 million as of 2021.
2. Where is Atlantic Candy Company’s Headquarters?
The Atlantic Candy Factory is headquartered in St. Augustine, Florida.
3. Who is Atlantic Candy Company’s Owner?
Henry Whetstone owns the company.
4. When was Atlantic Candy Company aired on Shark Tank?
Jared appeared on Shark Tank on October, 14th 2016.
5. How much was Henry Whetstone seeking in the Shark Tank?
Henry Whetstone sought $1 million in exchange for a 10% ownership in Atlantic Candy Company.
6. How much did Henry Whetstone received on the Tank?
Jared did not receive any deals from the Sharks.
7. What happened to Atlantic Candy Company?
In August 2016, an Australian candy company sued Atlantic Candy Company for $2 million.
They alleged, among other things, that Jared’s father interfered with discussions with another contractor. The dispute was settled in December of 2017.
8. What happened to Atlantic Candy Company after the Shark Tank?
Atlantic Candy Company redesigned their product, Toy Box. Atlantic’s Toy Box Chocolates will be available in Wal Mart, Target, Office Depot, and a number of other retailers by 2021. Its annual revenue is expected to reach $4 million.
9. Is Atlantic Candy Company still in business?
Yes, Atlantic Candy Company is still in business as of 2021.
