Ice Chips Candy Update | Season 4
Most candy is high in sugar, so while delicious, it can be unhealthy. That’s why Beverly Vines-Haines and Charlotte Clary created a sugar-free candy. Will they land a sweet deal on
Shark Tank Ice Chips Update
- Entrepreneurs: Beverly Vines-Haines and Charlotte Clary
- Business: Sugar-free candy
- Ask: $250,000 for 15% equity
- Result: $250,000 for 40% equity
- Sharks: Barbara Corcoran and Mark Cuban
Beverly and Charlotte brought their Ice Chips candy to the tank. They come in 17 different flavors, none of which use sugar. Instead, they use a sweetener called xylitol.
ICE CHIPS CANDY is a Registered Trademark. NEW TIN DESIGN; Contains 1 each: Berry Mix, Cinnamon, Peppermint, Root Beer Float, Licorice & Lemon; INCLUDES ICE CHIPS BAND In Factory-Wrapped Packaging.
The ladies provided samples to the sharks, and Barbara Corcoran and Robert Herjavec said the candy was simply delicious. Barbara asked if there were any side effects associated with xylitol consumption, and the grandmas did acknowledge that eating a whole tin of Ice Chips might cause “tummy distress.”
Kevin O’Leary asked the women why they felt they were worth a $1.67 million valuation. As it would turn out, their sales in 2011 were $360,000, and their year-to-date sales for 2012 were already $342,000. This lead them to conclude they would definitely double their sales that year, and possibly reach $1 million.
Daymond John wanted to know about cost, margins, and if their money had been made by increasing the number of accounts or simply selling larger and larger orders to existing accounts. The answers, by Daymond’s standards, were all very good, and it was clear that Ice Chips were a hot commodity.
Barbara offered $125,000 for 33%, contingent on another shark joining the offer. Kevin was the first to volunteer, stating he would put up the other $125,000, but that the equity should be 40% to make it worthwhile. Barbara agreed that Kevin’s measure of increasing the equity was the right call, but said she would not do a deal with Mr. Wonderful.
Just then, Daymond threw his hat into the ring, offering $250,000 for 30%, and that he would like to take the manufacturing elsewhere. The ladies acknowledged the offers, but then asked if anyone else had an offer to make. Mark Cuban, quiet throughout the pitch, joined Barbara’s deal, making it two sharks offering $250,000 in exchange for 40% equity.
Robert then went out, because he felt there were already great offers on the table. Kevin, sensing he was being forgotten, asked if he could join Daymond to offer $250,000 for 35% equity. Daymond agreed and asked Beverly and Charlotte if two sharks for less percentage was valuable to them, but they gave a tepid response and Daymond could tell they still preferred Barbara and Mark.
Not wanting to lose the deal, decided to go solo, offering $250,000 for 25% equity instead. Unfortunately, it was all too late, as Beverly and Charlotte accepted the deal with Barbara and Mark. What happened next for their company? Keep reading our Ice Chips update to find out!
We have great news to report in our Ice Chips update! Although the deal with Barbara and Mark never closed, exposure from the show led to over $300,000 in additional sales. This allowed the ladies to purchase machinery, and speed up production time. As of 2023, Ice Chips remains in business, with an estimated annual revenue of $5 million. The candy can be purchased on the Ice Chips website, and on Amazon.
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Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!