What Happened to PRx Performance After Shark Tank?
What is PRx Performance?
PRx Performance is a home gym squat rack that folds up against the wall when not in use, conserving valuable floor space. It is simple to transform a garage into a gym while still parking a car inside.
Erik and Brian developed a home gym storage system for their training equipment, which they then expanded into a business and commercial facility.
The groundbreaking Profile ONE and Profile PRO Racks from PRx Performance are suitable for setting up a home gym. You don’t have to give up your garage, cellar, or other little space to get some exercise. Their revolutionary squat racks fold up against the wall and take up only 4 inches of wall space when not in use.
Store the barbells and gym equipment in the garage, attic, or basement, and utilize the floor space in the house for other stuff. With this device, one’s house will no longer be confined.
Who founded PRx Performance?
Erik Hopperstad and Brian Brosh established a home gym storage system for personal training equipment, which they then expanded into a company and commercial facility.
Erik and Brian have the same goal: to create training equipment that is simple to install, operate, and utilize.
They primarily service the fitness industry, but their products are readily available on sites such as Amazon for consumers looking for heavy-duty weight lifting equipment that won’t take up too much space in their homes.
The founders of the Fargo, North Dakota-based firm have some commercial experience: Brosh is the president of Branick Tools, a manufacturer of automotive supplies, while Hopperstad, the creator of PRX Performance, is a division manager for Weekes Forest Products.
Eric Jorgenson, another business partner who does not go onstage, has a strong background in the sporting products industry.
The racks are composed of high-quality, exceptionally strong steel. They mount against a wall and fold out to accommodate a variety of weight lifting movements such as pull-ups, squats, bench press, dead lift, and shoulder presses.
After the workout, everything rolls up and the free weights are stored. They sell their products online at Amazon and Scheele Sporting Goods in the mid-northern United States.
What Happened to PRx’s Shark Tank Pitch Performance?
Erik and Brian decided to pitch their product to Sharks in episode 17 of Season 7 of PRx Performance on Shark Tank in order to expand retail distribution.
Erik and Brian entered the Shark Tank pitch asking for $80,000 in exchange for a 10% ownership in their firm, which is worth $800,000.
They were amazed that no one thought of this sooner! Traditional weight lifting apparatus has been changed.
The PRX system folds out to accommodate a wide range of weight lifting exercises.
They want to know which Shark is looking to change things up in the fitness business. Erik demonstrates a variety of routines as well as how the rack folds up.
The domestic model costs $550, while the commercial model costs $1099. The assembly, which takes around 1-2 hours, is the responsibility of the end-user.
The competition pushes people to fill their garages with tools, but two companies are infringing on their patents. Lori Greiner would like to know if the patent process is being sped up.
So far, they claim to have generated $170,000 in sales with a profit margin of 43%. Mark Cuban says they’re doing well for two businesspeople, but it’s too soon for him to go.
Robert Herjavec was enthusiastic about the fitness sector, but he worries that the gathering will scare people away. He’s out because he can’t even find a stud in a wall. Lori Greiner believes she knows how to find a stud, but it’s too late for her; she’s out.
According to Daymond John, there are two categories of users: those who purchase it and never use it, and those who go to a gym and he went out.
Kevin O’Leary adores his wife. He came into the problem since his wife was putting in a gym in his lake cabin, and he loves the solution.
When he inquires about how they intend to reimburse him, they respond that they hope to sell 300 units each year at an average price of $700.
Kevin O’Leary offers $80,000 in return for 20% stock and 20% of all sales until he’s paid back, plus he’ll show them how to pursue patent infringers all the way back to the Stone Age. They accept and strike a deal with Kevin O’ Leary.
What Happened to PRx Performance Following the Shark Tank?
Erik and Brian strike a deal with Kevin O’ Leary after accepting his offer, and they quickly learn that the Shark Tank impact places a significant demand on resources.
They stepped up, and visit to their website increased by more than 20 times, from roughly 120 views per day to over 3,000 daily visitors from the East Coast alone.
Fortunately, they had a huge stock of devices on hand and were able to keep up with the sales surge.
They discovered Kevin to be a friendly and knowledgeable colleague who gave valuable support in the areas of social media management and marketing. According to the couple, Kevin’s investment would be recovered in 18 months.
In the future, they hope to improve their goods and extend their web presence.
They want to keep taking up (minimal) space in people’s garages and spare rooms, with Kevin’s continuous help and support, bringing fitness to America one PRX Performance product at a time.
They produced The Talon, a barbell clip, on Kickstarter in 2016.
PRx Performance was placed 674 on the Inc. 5000 list of the country’s fastest growing private enterprises in August 2018, with a 742 percent growth in revenue over the preceding three years.
They were again included on the list in 2019. They are still doing strong, with sales of $9 million as of December 2021.
PRx Performance’s Competitors
The Bowflex is the primary rival of PRx Performance.
PRx Performance’s Net Worth
During the pitch, the firm was valued at $800,000; following Kevin O’ Leary’s investment, the company was valued at $400,000. The company’s net worth might have been more than that of pitch.
PRx Performance FAQs
What is PRx Performance?
PRx Performance is a business that prepares and produces fitness machines that can be rolled up after use.
Where are they based?
They are based in Fargo, North Dakota.
Who created it?
Erik and Brian created the company. They met while running track together at Concordia College in Moorhead, Minnesota.
How does PRx Performance work?
First, the user assembles it. It is composed of a steel rack that can be hooked up to a wall; it stores the weights after use.
What are its products?
It produces weight training equipment that folds up after use; the product is light and durable. The company offers gymnastic rings for workouts and home gyms for workouts.
How much does it cost?
The company offers both 100-pound and 350-pound models, priced at $550 and $1099 respectively. Its domestic version is designed for residential use, while the commercial version is designed for commercial use.
What is PRx Performance return policy?
The firm offers cash refund if the user changes his/her mind, but the shipping cost is not refundable.
What is PRx Performance warrant?
The firm offers a limited one-year warranty.
What is PRx Performance’s routine?
The company’s original routine is a series of exercises with the aid of the rack they sell.
How do I use PRx Performance?
The user attaches it to the wall to store (or extract) a barbell safely. The user can do several exercises like squats, bench press, dead lift, and upright rows.
Does it work?
The company says that the product is fun and easy to use, with a minimalist design.
Does it promise results?
It puts a wide variety of machines on display and promises impressive results, even if it requires low weight lifting activities.
How do I make payment to PRx Performance?
Users can pay by credit card, PayPal, either by online or offline payment.
Where is it manufactured?
The company is based in Fargo, North Dakota.
What are the recommended ages to use PRx Performance?
It is recommended for users from 12 years old and above.