Plum businessman hooks investor on ABC's 'Shark Tank'
He got a deal.
Plum’s Joe Altieri appeared on the ABC show “Shark Tank” on Sunday night, seeking an investment for his Murrysville window screen company, FlexScreen.
After making his pitch and fielding questions from the show’s five “shark” investors, Altieri, 43, considered offers from Kevin O’Leary, Lori Greiner and Barbara Corcoran.
Saying he favored the “beautiful ladies,” Altieri chose to partner with Greiner after she matched Corcoran’s offer.
The offer was for $400,000 in cash plus $400,000 as a line of credit in exchange for a 50% stake in Altieri’s retail business.
Altieri came in asking for $800,000 in exchange for 6% of his company, through which he developed and patented a flexible window screen. He appeared in the closing segment of Sunday’s show.
Altieri said he liked the deal first proposed by Corcoran creating a separate retail company because he likes working with window manufacturers. He said he chose Greiner over Corcoran because of her connections in the hardware space.
“It’s going to change everything about our company,” he said after leaving the tank. “Partnering with Lori is going to be fantastic. I’m just so excited I can’t even contain myself.”
Robert Herjavec and Mt. Lebanon native Mark Cuban didn’t make offers. Altieri got a clap from Cuban when he introduced himself as being from Pittsburgh, but Cuban went out saying he’s not a “window guy.”
Greiner’s initial offer was for $400,000 upfront, a $400,000 line of credit for three years at 6% interest, and a 10% equity stake in the company.
“A lot of my entrepreneurs are in the hardware space,” she said. “I think that we could really do something great with this.”
While impressed with his sales over four years, the sharks expressed concern with the company’s low profit and margins and because the screens are custom-made.
Despite that, O’Leary made two offers. Initially, he offered $800,000 for 20% of the business but contingent on working with a big window maker. After Greiner’s offer, O’Leary changed his to an $800,000 loan at 9% interest with a 6% equity stake.
Corcoran was upset she lost the deal to Greiner, who she said stole her idea.
“It wasn’t fair. You played dirty, and I don’t like it,” Corcoran said as the credits rolled. “But I’m a lot prettier than you, so I’m going to get over it.”
Brian C. Rittmeyer, a Pittsburgh native and graduate of Penn State University's Schreyer Honors College, has been with the Trib since December 2000. He can be reached at brittmeyer@triblive.com.
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