Home gyms take up a lot of space and can be difficult to accommodate at home. Erik Hopperstad and Brian Brasch set out to fix this issue with PRX Performance, a weight-lifting rack that folds close to your wall. Will the sharks appreciate the genius of these folding weight racks on
Shark Tank PRX Performance Update
- Entrepreneurs: Erik Hopperstad and Brian Brasch
- Business: Fold-out weight-lifting system
- Ask: $80,000 for 10% equity
- Result: $80,000 for 20% equity
- Shark: Kevin O’Leary
During their pitch, Erik and Brian emphasized that no one had thought of this before. Their folding rack system is attached to any sturdy wall by the studs and folded out to provide you with a weight rack that didn’t take up floor space. Their demonstration clearly illustrated how their PRX Performance rack should be used, and the sharks seemed interested.
The rack sold commercially for $1,099, but there was a model at around $550 for residential purposes. Assembly looked difficult but wasn’t too hard – it took 1-2 hours to install, and it was up to the user to install it.
Erik and Brian also mentioned that there were two companies currently in violation of their patent. However, their patent is still pending. Lori Greiner wanted them to jumpstart the process by reporting these violations, but the other sharks wanted to move past it.
So far, the PRX Performance rack had $170,000 in sales at a 43% margin. Mark Cuban said this was great for them personally, but it was too early to be investible for him. He went out. Robert Herjavec didn’t like the look of the assembly and thought it would scare people away from purchasing it. He went out, too.
Lori Greiner also thought it was too early, so she went out. Daymond John had similar concerns. He said that people would either buy it and never use it, or just go to a gym instead. He went out.
That left Kevin O’Leary. He said his wife ran into the same problem putting in a home gym. He offered $80,000 for 20% equity, with 20% on all sales until he’s paid back. He also said he would help them sue the people infringing on their patent. Erik and Brian accept the deal!
How does the company do after this deal is made? Keep reading our PRX Performance update for more information.
It seems like PRX Performance is doing well! They saw a surge in sales and awareness when the episode aired. They were able to keep up with demand. Our PRX Performance update research found the official update segment from Season 8, where they described how quickly their company took off after the show.
A host of new racks and products allowed the company to extend its lineup. In 2022, they have an estimated $9 million in annual sales. You can find the entire PRx Performance product line on the official website or on Amazon.
Don’t forget to check out our other company updates for the products featured in Season 7 Episode 19. You can find them here:
For even more on companies and products, be sure to stop by our Season 7 Products Page.
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Jennifer is an avid Shark Tank fan that has been watching the show for years. She serves as Senior Editor at Shark Tank Recap and ensures that all our information is accurate and that our posts are up to date. Her favorite Shark Tank products are Le-Glue and Ring!