Tuesday, June 12, 2018

The Profit - Tankfarm & Co. Update

Tonight on The Profit, Marcus Lemonis is in Southern California hoping to make a deal with Tankfarm & Co.   Tankfarm and Co. is a family-owned men's apparel business owned by John and Mike Anderson which had early success by selling to Nordstrom and Urban Outfitters.  They decided to expand and open two of their own locations which caused things to start going south.

Let's take a look at some information related to Tankfarm & Co. as well as what kind of deal was made on the show.

News and Links Related To The Company:
  • Here are some preview videos of the episode from the CNBC site - Video 1, Video 2
  • Here is the Tankfarm & Co. website and Facebook Page
  • T-Shirts on the website range from $20 (blank) to $32 (with graphics).  Other products for sale include shorts, pants, hats, hoodies and mugs.
  • Tankfarm & Co. was started by the John and Mike Anderson in 2003.  
  • Tankfarm & Co. has a location in Seal Beach, CA and previously had a Huntington Beach location which is now closed.
  • In an interview with Zeus Beard, John said they are third generation printers with their grandfather having a printing press company and their dad having a printing company.  John and Mike started as a record label in 2001 and started making shirts for their label Tankfarm.  People loved the shirts, so they decided to focus on that and were soon selling their t-shirts wholesale.
  • John's wife Theresa owns a store right next to Tankfarm & Co. in Seal Beach called Petals & Pop.  (Link).  That store also has a Huntington Beach location.
  • Mike's wife owns a shop across the street called Stitch and Feather.
  • Here are the Yelp reviews for Tankfarm & Co. which have a 4.0 star out of 5 rating.  The newer reviews seem to be worse than the older ones. (Link)

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal - Initial offer - $2 million for 50% of the business, 1 million in equity and a 1 million in a line of credit.  Actual deal - $1 million for 33.4% of the business with $500k in equity and $500k in a line of credit.  Marcus is 100% in charge.
  • Here is the Anderson Brothers Design & Supply website.  Marcus Lemonis is listed as a partner on their team. (Link)
    • You will see that the storefront of the Seal Beach store now says Anderson Brothers Design & Supply.
  • Here is a link to the Grit and Gravel website.
  • Here is a link to the Outsiders brand website.
  • Here is a link to the Ricky Anderson merchandise.

*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page, and also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

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