PRX Performance, a Fargo-based cross fitness equipment manufacturer, landed a deal with Kevin O’Leary on Shark Tank in an episode that debuted tonight on ABC. O’Leary, also known as “Mr.Wonderful,” invested $80,000 for 20 percent equity in addition to 20 percent of all distributions. He was the only shark to make an offer.
“There were 69,200 companies that applied to be on the show, 120 made it on the show, 60 of them got a deal, and 29 closed on a deal,” Brasch said at a live viewing of the episode Sunday night. “We are part of the 29 that closed.”
Brasch and Erik Hopperstad, co-founders of the company, appeared in front of the sharks in June of 2015 when the episode was filmed in Los Angeles. They haven’t been able to speak about the deal for eight months.
“It’s nice to finally be able to talk about it,” said Brasch, hugging and high-fiving friends and family who have been waiting in anticipation. Meanwhile, PRX Performance marketing director Rachel Rice watched the website hits climb from 653, 1,005, to as high as 3,000 during the viewing.
Brasch said the money will go towards inventory and research and development for two new products that will be launched this month. He and Hopperstad have been in the process of building a strategy plan with O’Leary, during visits with him in Toronto.
“He really is Mr. Wonderful,” Brasch said. “Not just as an investor and a mentor, but he just has a good heart.”
Hopperstad, O’Leary and Brasch
Brasch said this shortly before announcing that PRX Performance and O’Leary have partnered to support Unseen, a Fargo non-profit working to fight human trafficking around the world. Brasch heard of Unseen after their executive director, Than Baardson, spoke at a Co-Starters meet-up where Brasch is a mentor.
“Seeing Than, and how high-caliber of a person he is, we wanted to help support those who have given their lives to helping others,” Brasch said.
O’Leary has created a video where he talks about Unseen and the fight against human trafficking which was released on his personal YouTube channel. Watch it here:
The Unseen team, who were present at the time of the announcement, were shocked.
“This has been a huge, huge answer to prayer,” Baardson said. “It’s really unbelievable.”
Read more about PRX Performance on Shark Tank here.
Photos courtesy of PRX Performance.
