Mango Mango – Mango Preserves
DEAL
EPISODE SUMMARY
🕓 Air Date: September 27, 2013
Asking For:
$200,000 for 5%
Investor:
Lori Greiner
Deal:
$200,000 for 15%
PRODUCT SUMMARY
Mango Mango Preserves offers a gourmet preserve called "Mango Mango," which they describe as "a party in a jar" due to its versatility in over a hundred recipes.
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Background Story
Mango Mango Preserves is the brainchild of Lakesha, Nzinga, and Tanecia, three best friends from Hampton, Virginia, who share a passion for event planning and culinary creativity. With over a decade of experience in event coordination, the trio sought to elevate their catering offerings with a unique and versatile product. The idea for Mango Mango Preserves emerged during a challenging time when Lakesha’s husband was deployed to Afghanistan. Faced with the dual responsibilities of raising her daughter alone and managing her event planning business, Lakesha found solace and distraction in the kitchen.
Inspired by their shared love of cooking and their desire to add a special touch to their events, Lakesha, Nzinga, and Tanecia collaborated to create Mango Mango Preserves. Drawing on their expertise in event planning, they envisioned a gourmet preserve that could enhance a wide range of dishes and beverages, adding a burst of tropical flavor to any occasion. Their close friendship and complementary skills fueled their entrepreneurial spirit, driving them to turn their culinary passion into a business venture.
Recognizing the potential of their product to appeal to a broader market beyond their event planning clients, they embarked on the journey of launching Mango Mango Preserves to bring their unique flavor combinations to households and gourmet enthusiasts nationwide. Located in the heart of Hampton, Virginia, Mango Mango Preserves embodies the spirit of creativity, collaboration, and culinary innovation that defines its founders. With a commitment to quality and a dedication to sharing their love of food with others, Lakesha, Nzinga, and Tanecia are determined to make Mango Mango Preserves a household name, one jar at a time.
The Product
Mango Mango Preserves is a gourmet fruit preserve that offers a burst of tropical flavor and versatility to various dishes and beverages. Made from ripe mangoes, this delightful preserve is carefully crafted to retain the natural sweetness and tanginess of the fruit, providing a rich and vibrant flavor profile. Its versatility allows for numerous applications, making it a staple in any kitchen.
It can be spread on toast, bagels, or croissants for a delicious breakfast treat. Mixed with cream cheese, it transforms into a delightful fruit dip, perfect for pairing with crackers or fresh fruit. When shaken with red wine vinegar and olive oil, it creates a mango-luscious vinaigrette, adding a unique twist to salads. Additionally, stirring it with ginger shrimp enhances the savory flavor of seafood dishes.
Available for purchase in natural food stores, specialty shops, and gourmet stores, Mango Mango Preserves comes in a convenient jar packaging, making it easy to store and use. It is priced competitively at a wholesale rate of $3.96 per jar, with a suggested retail price of $6.99, offering customers an affordable way to elevate their culinary creations with tropical flair.
How It Went
The company’s position before Shark Tank
Mango Mango Preserves has shown promising performance since its inception, with a strong foothold in the market for gourmet fruit preserves. The company’s health and position are characterized by steady growth in sales and market presence, driven by its unique product offering and strategic partnerships. As for partners, Mango Mango Preserves collaborates with various natural food stores, specialty shops, and gourmet stores to distribute its products. These partnerships enable the company to reach a wide range of customers who appreciate high-quality, artisanal food products. Additionally, the founders have expressed plans to expand into military commissaries, tapping into a potentially lucrative market segment.
Wholesalers play a crucial role in Mango Mango Preserves’ distribution network, ensuring that the product reaches shelves across different regions efficiently. The company works closely with wholesalers to manage inventory and meet demand effectively. Customers of Mango Mango Preserves include individuals who value gourmet and artisanal food products, as well as food enthusiasts seeking unique flavors to enhance their culinary creations. The product’s versatility appeals to a diverse range of consumers, from home cooks to professional chefs.
In terms of funding, Mango Mango Preserves initially relied on personal investments from the founders to launch and grow the business. As the company expands, it may explore additional funding sources such as loans or investment from external stakeholders to support further growth initiatives. Profitability is a key focus for Mango Mango Preserves, with the company aiming to achieve sustainable financial performance through effective cost management and revenue generation strategies. Available capital for Mango Mango Preserves is likely derived from sales revenue, reinvested profits, and potential external funding sources. This capital is essential for funding ongoing operations, marketing initiatives, product development, and expansion efforts.
The Negotiations:
During the negotiations on Shark Tank, Lakesha, Nzinga, and Tanecia, the founders of Mango Mango Preserves, presented their gourmet fruit preserve to the Sharks with enthusiasm. After showcasing the product’s versatility and receiving positive feedback on its taste, the Sharks began probing into the company’s financials and business model. Despite initial interest from several Sharks, it was Lori Greiner who ultimately made an offer of $200,000 for a 15% equity stake in Mango Mango Preserves.
This offer represented a significant investment in the company’s growth and provided access to Lori’s expertise and resources in the retail industry. While the founders expressed excitement about Lori’s offer, they faced skepticism from other Sharks regarding the company’s high production costs and pricing strategy. Some Sharks questioned the founders’ decision to retain ownership of their production facility rather than outsourcing, expressing concerns about the company’s scalability and profitability.
Ultimately, the founders accepted Lori’s offer, recognizing the value of partnering with an experienced investor like her. The deal provided Mango Mango Preserves with the capital and guidance needed to expand its market presence and achieve long-term success in the competitive gourmet food industry. Despite not securing deals with other Sharks, the founders remained optimistic about the future of their business and expressed gratitude for the opportunity to pitch on the show.
