Private-equity firm Axum Capital Partners has formed what it says is “a strategic partnership” with drinks incubator and accelerator L.A. Libations.
Charlotte, North Carolina-based Axum said yesterday (13 August) that the agreement will see L.A. Libations CEO and co-founder Danny Stepper join its advisory board.
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In a statement yesterday (13 August), Axum said, the tie-up will give the companies in its portfolio “direct access to world-class expertise across brand strategy, commercialization, operations, retail expansion, and distribution”.
Just Drinks has asked for further details on the partnership.
Axum focuses on backing health and wellness-focused food and beverage brands.
It was co-founded by former NFL player Muhsin Muhammad, who is a managing partner at the group.
Last week Axum agreed to acquire a controlling stake in US sports-drinks brand Barcode, backed by NBA player Victor Wembanyama.
In this week’s statement, Lance Johnson, a partner at Axum, said: “Danny and the L.A. Libations team bring an exceptional combination of strategic vision, operating expertise, and commercial relationships that will create meaningful value for our portfolio companies.”
Stepper said he was attracted by Axum’s investment approach and founder-focused model.
“I’ve been impressed with Axum’s differentiated investment strategy and its commitment to partnering with founders to build enduring consumer brands,” he said.
Founded in 2009, L.A. Libations operates as a CPG brand incubator and accelerator focused on health-conscious consumers.
According to its website, the firm works with drinks businesses around brand strategy, packaging, marketing, sales, operations, merchandising and go-to-market execution.
It also founded the venture-capital firm Taste Tomorrow Ventures last year.
Stepper has more than two decades of experience, having worked with groups including The Coca-Cola Company, Disney and Relativity Media.
Through L.A. Libations, he has “helped launch, scale, and commercialise innovative health and wellness brands across North America”, Axum added.
Molson Coors took a minority stake in L.A. Libations in 2019 as part of its push beyond beer, and entered what it said was a “long-term partnership”. The companies have launched several non-alcoholic products together such as the functional seltzer brand Huzzah.
