Kodiak Cakes
Save to PinterestAcquired
Kodiak Cakes was acquired
Majority stake acquired by L Catterton (May 2021); brand operating, site live ©2026 (checked Oct 14, 2026).
Verified October 14, 2026
By SharkTank.news Editorial Team · Verified · How we fact-check
a whole grain flapjack and waffle mix
Key facts
Kodiak Cakes appeared on Shark Tank Season 5 Episode 22, and did not get a deal. As of October 14, 2026 it has been acquired.
- Episode
- Season 5, Episode 22April 4, 2014
- Outcome
- No deal
- Status
- Acquired (verified October 14, 2026)
- Website
- kodiakcakes.com
About Kodiak Cakes
Kodiak Cakes is a breakfast and baking brand known for whole-grain pancake and waffle mixes. The recipe goes back to 1982, when it began as a family product in Utah, and Joel Clark, working with partner Cameron Smith, grew it into a full company. Clark and Smith pitched in Season 5, Episode 22, seeking $500,000 for 10%, which valued the company at $5 million. They got offers, but at prices they did not accept. Kevin O'Leary and Barbara Corcoran together wanted half the company, and Robert Herjavec asked for more than a third. The founders turned down both, and the episode ended without a deal. CNBC later described the pitch in detail. Saying no did not slow the brand down. Kodiak grew from a single mix into a much wider range of breakfast and snack products sold in grocery stores, at Target and online. Company figures show sales nearly doubling from 2013 to 2014. In 2021, a private equity firm bought a majority stake in the company, and the founders kept minority ownership, so this page lists the brand as acquired. Because no deal was made on the show, no shark owns part of Kodiak Cakes from the episode. The appearance is still a useful example of founders who were confident enough in their numbers to refuse every offer. Sales figures and details of the 2021 investment are in the update below.
Shark Tank Deal
After Shark Tank
Kodiak Cakes Shark Tank update: is it still in business?
Kodiak Cakes is the best-known example of a company that walked away from Shark Tank and grew anyway. The brand traces back to 1982 as a family whole-grain pancake mix in Utah; Joel Clark later built it into a company with partner Cameron Smith. In the Season 5 episode that aired April 4, 2014, the founders asked for $500,000 for 10%. According to CNBC, Kevin O'Leary and Barbara Corcoran made a joint offer of $500,000 for 50%, and Robert Herjavec offered $500,000 for 35%; the founders declined. Wikipedia lists the episode outcome as no deal. The appearance still helped. Company figures cited by Wikipedia put sales at $3.6 million in 2013 and $6.7 million in 2014 (Clark told CNBC 2013 was about $3.5 million). The company expanded from its flapjack and waffle mix into frozen waffles, oatmeal, snack bars and baking mixes, and CNBC reported in 2018 that the mix had become a best-seller at Target. In May 2021, private equity firm L Catterton announced it had acquired a majority stake in Kodiak Cakes. Terms were not disclosed, and the founders and management kept significant minority stakes, per the announcement. Is Kodiak Cakes still in business? Yes. As of October 14, 2026, kodiakcakes.com is live and selling a full breakfast and snack line, and the brand is widely stocked at grocery retailers. Because there was no deal on air, no shark holds equity from the show.
Source: en.wikipedia.orgCompany Info
- Founded
- 1982
- Status
- Acquired
Also pitched in Season 5, Episode 22