How Much is Hy-Conn Worth? A Complete Guide

Hy-Conn is a cutting-edge fire hose hardware manufacturing technology that offers quick connections for hoses and fire hydrants. In 2024, the multimillion-dollar business became well-known following a Shark Tank pitch. Learn what transpired with Hy-Conn and its life-saving business idea following the failure of its Shark Tank deal.

Key Takeaways

• During his Shark Tank pitch, Jeff Stroope, the owner of Hy-Conn, requested $500,000 for a 40 percent equity stake in his business.
• Mark Cuban offered Stroope a $1.25 million deal for a 100% equity stake.
• A three-year, $100,000 annual salary and perpetual 7.5% royalties were part of the agreement.
• Once certain conditions were fulfilled, he included a portion of the company’s earnings.
• Disagreements over licensing caused the deal to fall through.
• According to NerdWallet, the business, Hy-Conn LLC, is purportedly worth $5 million.

Whatever Happened to Hy-Conn?

The meteoric rise of Hy-Conn, a pioneer in the field of quick-connect hose fittings, is truly remarkable. Jeff Stroope, the company’s founder, made an appearance on Season 2 of Shark Tank. A commercial garden hose connector was part of his original pitch for the time-saving fire hydrant hose, which caught the shark’s attention.

The invention had three interested parties, including investment firms, and the highest offer was $1.25 million. The firefighter, who was born in Arkansas, accepted Mark Cuban’s offer after the 12-minute pitch. We regret to inform you that the agreement between Hy-Conn and Mark Cuban was not finalized.

Pitch from Hy-Conn to Shark Tank

While building Hy-Conn, Jeff Stroope served for over 25 years as both a fire brigade captain and a maintenance supervisor. He made an appearance on Shark Tank (2011) with Mark Cuban, Robert Herjavec, Daymond John, Barbara Corcoran, and Kevin O’Leary from the ABC Network.

Stroope compared the functionality of his connector to that of a conventional hose connector in his presentation. The procedure reduced the processing time for the connection by at least eight seconds.

Barbara Corcoran and Daymond John, two of the sharks, dropped out. The industry did not believe in the Hy-Conn hose connector, according to Daymond John, who claimed that each unit cost at least $7,000. In contrast, Barbara Corcoran voiced her apprehension regarding the possibility of fire departments allocating funds for such acquisitions.

Kevin O’Leary and Robert Herjavec, who ultimately decided not to participate, rejected Mark Cuban’s offer of $1.25 million in addition to a royalty percentage and an employment arrangement. A 5% perpetual royalty and $500,000 were part of Kevin O’Leary’s offer for the prototype Hy-Conn garden hose connectors.

What Became of Hy-Conn Following Shark Tank?

The deal started to fall through after Shark Tank season 2 when Stroope started to have second thoughts about collaborating with Cuban. According to reports, the deal fell through because Mark Cuban wanted to license the product and have another company make it, which went against the founder’s original plan.

In a Facebook post that was later removed, Stroope discussed the deal and the reasons behind its failure.

He stated, “With all due respect, in my opinion, Mark let his ‘ego’ overwhelm the reality of what he would do during the recording of the show.” The moment the cameras stopped rolling, he knew he didn’t want to be the one to pay for it.

Also, he clarified that he had no ill will or resentment toward Mark Cuban. Unfortunately, this is just a part of doing business that I must endure. Robert Herjavec once said on Shark Tank that you should never treat money disrespectfully.

According to Looper, Hy-Conn’s once-promising alliance with 101 Ventures likewise fizzled out. It had been announced that production had started by the company. No information regarding the partnership deal or its dissolution has been made public.

The website is still up and running, but whether or not the company actually sells anything is unknown. It appears that big box stores, specialty shops, and internet vendors buy Hy-Conn connectors in bulk from the company’s website. Developing cutting-edge hydrant systems remains a priority for Hy-Conn, according to Jeff Stroope’s LinkedIn profile.

Conclusion: How Much is Hy-Conn Worth?

Jeff Stroope, the inventor of Hy-Conn, has not disclosed its financial information because it is a private company. However, the company, which operates in the US, Canada, and Costa Rica, is said to have a $5 million net worth, according to NerdWallet and BTCC Academy.