Melni Connectors Electrical Component Update | Shark Tank Season 6
Mark Melni, Byron Dunn, and Armand Eckert have a product that they believe will change the electrical industry for good. Their compression connectors are safer for linemen to use and cut down on time. Will their product earn them a deal on
Shark Tank Melni Connectors Update
- Entrepreneurs: Mark Melni, Byron Dunn, and Armand Eckert
- Business: Electrical compression connectors
- Ask: $500,000 for 5% equity
- Result: $500,000 for 12% equity
- Sharks: Mark Cuban
Mark, Byron and Armand presented their Melni Connectors to the sharks with a demonstration from electrical lineman Byron. He explained that when you have two ends of wire, they must be covered with a compression connector. Using a heavy crimper, the lineman clamps down on the tool, placing thousands of pounds of force onto the connector to crimp it. The only problem is that it’s time consuming and often causes shoulder injuries for the linemen. Their product requires almost no effort to use and it’s safer too.
At the time of filming, the company had just received its first purchase order from an irrigation company for $585,000. While this was certainly good news, it didn’t justify the $10 million valuation. Mark told the sharks that he can produce a single unit for $15.00, while he sells it for $39.00.
Kevin O’Leary liked the product, but absolutely disagreed with the company’s $10 million imputed valuation, so he went out. Barbara Corcoran said the guys didn’t communicate the product well enough to her in their presentation, so she went out next. Lori Greiner didn’t feel like she was the right partner and Robert Herjavec had issues with their business plan, so they both dropped out as well.
With most of the sharks out, Mark Cuban admitted that he was extremely unfamiliar with the industry but he was still interested. He offered $500,000 for 12% equity of the company, contingent that was that he would have the option to buy additional equity if the company grew within the next few years. Mark, Byron and Armand accepted his deal, but what happened next for the company? Keep reading our Melni Connectors update to find out!
We have good news to report in our Melni Connectors update! It turns out that Mark Cuban did finalize his deal with the Mark, Byron and Armand. Estimated annual revenue sales are about $2.5 million, and the future seems bright for their company. Products are available on the Melni Connectors website.
Would you like to find out about the other companies featured on Season 6 Episode 25? Follow the links below for our other company updates from the episode.
For even more on companies and products, be sure to check out our Season 6 Products Page!
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