Sal, John, and Anthony have over sixty years of painting experience leading to the creation of the Paint Brush Cover. They enter Shark Tank looking for expertise and investment to take the case that keeps paint brushes moist to the next level.
The three have a personal lab(the garage) where they developed The Paint Brush Cover! Sal, John, and Anthony needed something to make the painting job more manageable, and faster. In the process, they revolutionized the painting industry with a case that keeps the paint on the brush wet up to three months or more.
No more ruined brushes with the Paint Brush Cover
I can't tell you how many paint brushes I have ruined throughout my life that would survive today if I had the Paintbrush Cover. The Sharks see the value as well, with Barbara Corcoran commenting, “Why hasn't someone thought of this before?”, and the guys are responding, “Exactly!”
Season: 5 Episode 522
First Run: 2014/4/4
Other companies on this episode: Monkey Mat, Plated, Kodiak Cakes
Shark: Mark Cuban, Barbara Corcoran, Kevin O'Leary, Lori Greiner, Daymond John
Company: The Paint Brush Cover
Entrepreneurs: Sal Depaola, John Depaola, Anthony Caputo
From: New York City
Ask: $50k for 10% equity
Deal: Lori Greiner for $100,000 20% equity an $100,000 for the first order
Sales coming into Shark tank are 17,000 units for $35,000. Fifty percent of that revenue is the three months leading up to their appearance on the show. Each unit costs forty-one cents to make and wholesales for two dollars with retailers charging $3.99.
The three friends are going door-to-door selling their invention to stores directly. Practically every retailer that they pitch turns into a sale.
Sal, John, and Anthony are going to use the money to restock inventory. They have a letter of intent for hundreds of thousands of the Paint Brush Cover.
What do the Shark Tank Investors say about the Paint Brush Cover?
The Sharks compete for the deal, with Kevin O'Leary initially offering fifty thousand dollars for a 10% royalty, and later raising the offer to $100,000 for a 10% royalty and 5% equity.
Robert Herjavec jumps in and offers $50,000 for 20% equity.
Lori Greiner puts the pressure on offering them $100,000 for 20% plus another $100,000 for the first purchase order, but they have to take the deal right now.
Barbara Corcoran tries to get in on the deal and is willing to offer $300,000, plus a $500,000 line of credit, but the guys take Lori's offer before she backs out of the deal.