One reason people find it difficult to use fitness equipment at home is lack of space. MAXPRO Fitness eliminates this barrier with its minimalist resistance line that creates up to 300 pounds of resistance. Founder Nezar Akeel had the opportunity to pitch on Shark Tank and landed a deal with Mark Cuban. MAXPRO Fitness is now valued at $16 million.
Background of Nezar Akeel
Nezar Akeel is a Mechanical Engineer from Detroit, Michigan. He holds a BS from Wayne State University and an MS from Rensselaer Polytechnic Institute.
Akeel began his career in Alexandria, Egypt, as CEO of Alexandria Automotive Casting Co. He left the company two years later to start his second company, N&N International, which he continued for five years.
Next, Nezar was hired by IAC Group as Vice President of Operations for North Asia and has served as Chairman of Nippon Plastics Technologies since 2016.
Founded MAXPRO Fitness
Business travel caused Akil to miss out on exercise. Akil had been searching in vain for portable fitness equipment that would fit into his daily workouts. Nezar had been toying with the idea for more than two decades until 2014 when he finally started to think seriously about it.
Ultimately, he created an all-in-one fitness tool with an adjustable resistance cord from 5 to 300 pounds. The device also has sensors that share workout data with the MAXPRO Fitness app. The company launched in 2019 and generated $4 million in revenue in its first year.
Shark Tank Appearance
In 2021, MAXPRO Fitness signed an endorsement deal with Shaquille O’Neal. On the surface, the company seemed to be doing well, but it was burning $100,000 per month. Nezar Akeels appeared in Season 13, seeking $500,000 for a 2.5% stake.
The Sharks were impressed with the product, and Robert Herjavec certainly wanted to give it a try. He revealed that the company was selling well but had taken on considerable debt to finance inventory and advertising.
Daymond John offered $500,000 but demanded a $25 per unit royalty until he got his money back, which would then be converted into a 4% equity stake. Nezar didn’t like the deal and turned down the offer. Cuban jumped in with an offer of $500,000 for a 3% equity stake and a 5% consulting share, which the entrepreneur gladly accepted.
After Shark Tank
With Shaquille on board, MAXPRO Fitness has never had a problem attracting media attention, but Shark Tank has once again significantly increased their order volume. It appears that the deal with Mark Cuban has not yet been completed, as the company is not yet listed on markcubancompanies.com.
Despite this, Nezar is still operating and hopes to grow the business while paying down debt. You can check out their products at MaxProFitness.com and Amazon.com. Their app is available for download for Android and iOS devices. The company has also partnered with Affirm to offer payment plans to help customers spread the cost.
The Original Resistance Line has 404 customer reviews on Amazon with a 4.1-star rating. MAXPRO Fitness had revenues of over $10 million in 2021 and is worth an estimated $16 million. Recent sales figures have not been released, but annual sales are likely between $5 million and $10 million.
Categories: Shark Tank
Source: svlsf.edu.vn