Barcode, the US drinks brand backed by NBA star Victor Wembanyana, is selling a “controlling” stake to private-equity firm Axum Capital Partners.
Wembanyama will remain involved as a shareholder and “strategic partner”, Charlotte-based Axum said yesterday (4 August).
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Axum called the transaction a “significant milestone” for Barcode, which has drawn support from celebrities including Halle Berry, Kelly Rowland and Carmelo Anthony.
In a statement to Just Drinks, the private-equity house described the acquisition as a “long-term investment” and said it sees Barcode as having a “strong foundation and significant opportunity for growth”.
The size of the stake and other financial terms were not disclosed.
Axum did not identify the seller and declined to provide further information about other shareholders.
The new investor said its priority will be “partnering with Barcode’s leadership team to identify the best opportunities for long-term growth”.
“Right now, our priority is supporting the team, investing in the business and ensuring Barcode has the resources and leadership it needs to succeed in its next chapter,” it told Just Drinks.
The deal is slated to be finalised during the third quarter of this year.
Barcode markets itself as the “first-ever premium, all-natural, performance hydration drink” available in the US.
According to the company, its product is sugar free and contains vitamins D, B6 and B12, as well as magnesium and ashwagandha.
The company was founded in 2021 by US basketball player Kyle Kuzma and former NBA performance director Mubarak Malik.
Meanwhile, Axum was co-founded by former NFL player Muhsin Muhammad, who is now a managing partner at the firm.
Axum firm focuses on backing health and wellness-focused food and beverage brands.
“With the global health and wellness food and beverage market expected to exceed $2 trillion by 2033, Axum is reinforcing its commitment to backing category-defining health and wellness brands,” Muhammad said.
In May, Axum made a growth equity investment in VitaHustle, the nutrition product line co-founded by comedian Kevin Hart and fitness trainer Ron “Boss” Everline.
