Eats Beat: Crockett Row Food Hall opens in Fort Worth
Those who watched “Shark Tank” Sunday night got to see brothers Bryan and Caleb Lewis land a deal with Barbara Corcoran to help bring their waffle stand concept nationwide.
The Dallas-based Press Waffle Co. specializes in Liege waffles, dough-based waffles with a brioche-like texture that have caramelized clusters of Belgian pearl sugar. Press Waffle Co. serves a variety of these waffles, from sweet to savory. There are three family-owned locations: Legacy Hall in Plano, Food Hall at Crockett Row in Fort Worth and Baybrook Mall in Houston. There will be a fourth family owned location coming soon in Oklahoma City.
On Sunday night, the Lewis brothers pitched their plan to franchise Press Waffle Co. in front of the panel of sharks on “Shark Tank.” Their panel included Mark Cuban, Barbara Corcoran, Kevin O’Leary, Lori Greiner and Robert Herjavec.
The brothers were seeking $200,000 for their franchise concept and ended up fielding four offers: Mark Cuban offered $350,000 for 20 percent stake in the company. Barbara Corcoran offered a choice: $200,000 for 15 percent or $400,000 for 30 percent. Kevin O’Leary offered $200,000 as a loan with 7 to 11 percent interest for a 3 percent stake. Robert Herjavec was willing to offer $600,000, but that amount of money would have resulted in a much higher stake, and the Lewis brothers did not want to give up more than 20 percent of their company.
After more than an hour of negotiation, the Lewis brothers scored a deal with Barbara Corcoran for a $300,000 investment for a 15 percent stake.
“We definitely went in with our eye on Barbara,” Caleb Lewis said in a news release. “We have seen how she has helped restaurant brands like Cousin’s Maine Lobster and Tom & Chee grow exponentially after ‘Shark Tank,’ and we knew that she would be the right partner to help us accomplish the goals we have for this company.”