Kevin Hart reprised his role as a “shark” on ABC’s popular television show, “Shark Tank,” flexing his investing prowess.
During the season finale, the actor and comedian partnered with long-time shark and owner of the Dallas Mavericks, Mark Cuban, to make a $600,000 deal.
A Personal Journey
The Transformation Factory was the only brand during the season 13 finale to receive an offer and the first-ever sea moss brand featured in the show’s history.
Alexiou Gibson’s (owner of Transformation Factory) personal relationship with sea moss was most compelling to the sharks. During his weight loss journey, Gibson credited using sea moss as a supplement as essential to him losing 300 pounds.
“Like most teens, I believed that I was invincible,” Gibson explained. “I thought I would be fine and had time to get healthy later. It wasn’t until my doctor told me that I wouldn’t live to see my 30th birthday that I understood how serious I needed to be about living.”
Impacted by the story and impressive financial history of earning over $3 million in revenue and $1.4 million in profit in a little under a year of business, the sharks were ready to “swarm” and make a deal.
“I think a story behind the product makes a product that much better,” Hart suggested.
According to a press release, Gibson received initial offers from Kevin O’Leary and Kevin Hart after pitching that he was seeking a $500,000 investment for a five percent stake in his company.
Before Hart and O’Leary’s opening offer, the sharks were a little confused about how his product would appeal to customers. Being a documented health and wellness advocate, Kevin Hart stepped up to the plate to put the other sharks on game with the benefits of the gel.
Getting The Numbers Right
Hart was touched by the story but wasn’t so moved by Gibson’s evaluation of his company. He countered Gibson’s offer by offering $500,000 for 20 percent. Another veteran shark, Barbara Corcoran, offered to join in on that deal splitting the investment amount and equity evenly.
Shark Tank would not be Shark Tank if there wasn’t a little competition to add some razzle-dazzle to the situation. Kevin O’Leary countered Hart’s offer with the same investment amount but requested a higher stake in Transformation Factory at 30 percent.
Although O’Leary’s deal came with access to his extensive food industry portfolio, Gibson declined based on O’Leary’s higher equity proposal.
The Quiet Assist
Gibson focused on Hart and Corcoran’s offer but countered by asking for $800,000 for their requested 20 percent equity ask. Hart countered again with $600,000, but Corcoran dropped out, noting the amount of work it would take to get the product into the retail stores.
Like Luka Dončić of the Dallas Mavericks, Cuban swept in for the assist and joined Hart to close the deal.
Captivated by Hart’s belief and Cuban’s willingness to invest, Gibson landed the deal, “growing his business with them is a dream come true.”
Kevin Hart Is No Rookie
The deal with Gibson and the Transformation Factory makes this Kevin Hart’s second “Shark Tank” deal in recent history.
In January 2022, he made an appearance on the show where he made a $500,000 investment in Black Sands Entertainment, a production company whose spotlight focuses on Black history, AfroTech previously reported.
The “Shark Tank” deals are in addition to Hart’s documented history of investment, including food company HUNGRY (alongside Jay-Z) and Ellis Island Tea, the largest Black-woman-owned beverage manufacturer.