US sports-drinks brand Barcode sold to PE firm Axum

Barcode, the US drinks marque backed by NBA prima Victor Wembanyana, is selling a "controlling" involvement to private-equity steadfast Axum Capital Partners.

Wembanyama volition stay progressive arsenic a shareholder and "strategic partner", Charlotte-based Axum said yesterday (4 August).

Axum called the transaction a "significant milestone" for Barcode, which has drawn enactment from celebrities including Halle Berry, Kelly Rowland and Carmelo Anthony.

In a connection to Just Drinks, the private-equity location described the acquisition arsenic a "long-term investment" and said it sees Barcode arsenic having a "strong instauration and important accidental for growth".

The size of the involvement and different fiscal presumption were not disclosed.

Axum did not place the seller and declined to supply further accusation astir different shareholders.

The caller capitalist said its precedence volition beryllium "partnering with Barcode's enactment squad to place the champion opportunities for semipermanent growth".

"Right now, our precedence is supporting the team, investing successful the concern and ensuring Barcode has the resources and enactment it needs to win successful its adjacent chapter," it told Just Drinks.

The woody is slated to beryllium finalised during the 3rd 4th of this year.

Barcode markets itself arsenic the "first-ever premium, all-natural, show hydration drink" disposable successful the US.

According to the company, its merchandise is sweetener escaped and contains vitamins D, B6 and B12, arsenic good arsenic magnesium and ashwagandha.

The institution was founded successful 2021 by US hoops subordinate Kyle Kuzma and erstwhile NBA show manager Mubarak Malik.

Meanwhile, Axum was co-founded by erstwhile NFL subordinate Muhsin Muhammad, who is present a managing spouse astatine the firm.

Axum steadfast focuses connected backing wellness and wellness-focused nutrient and beverage brands.

"With the planetary wellness and wellness nutrient and beverage marketplace expected to transcend $2 trillion by 2033, Axum is reinforcing its committedness to backing category-defining wellness and wellness brands," Muhammad said.

In May, Axum made a maturation equity concern successful VitaHustle, the nutrition merchandise enactment co-founded by comedian Kevin Hart and fittingness trainer Ron "Boss" Everline.

"US sports-drinks marque Barcode sold to PE steadfast Axum" was primitively created and published by Just Drinks, a GlobalData owned brand.