3 hours ago - Sports

Charlotte private equity firm acquires Wemby-backed BARCODE

Ashley Mahoney

Barcode Partner, and San Antonio Spurs Draft Pick, Victor Wembanyama attends the Barcode and Comsport Draft Party at Laduree Soho on June 22, 2023 in New York City. (Photo by Slaven Vlasic/Getty Images for Barcode) — San Antonio Spurs player Victor Wembanyama. Photo: Slaven Vlasic/Getty Images for Barcode

Axum Capital Partners, a Charlotte-based private equity firm, is acquiring controlling interest in BARCODE, the hydration brand backed by NBA All-Star Victor Wembanyama.

The big picture: Former Carolina Panthers player Muhsin Muhammad II is a co-founder and managing partner of Axum, which launched a $300 million fund focused on food and beverage companies fostering health and wellness last fall.

Axum is also an investor in Charlotte-based Clean Juice, Le Botaniste in New York City and Belgium, Texas-based Salata Salad Kitchen and California-based VitaHustle.

The latest: BARCODE's deal with Axum is expected to close in the next couple of months.

Context: Former Lakers star Kyle Kuzma and former Knicks and Los Angeles Lakers director or performance Mubarak Malik co-founded BARCODE in 2021.

Wembanyama became the face of the brand in 2023 when he was drafted No. 1 overall by the San Antonio Spurs. The team announced the brand as their "exclusive performance water" in 2024.

Between the lines: Axum's leadership also includes former Charlotte Hornets player Derrick Brown. The company utilizes Muhammad and Brown's transition from the locker room to the board room to connect with other athletes.

What they're saying: "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 a statement.

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Charlotte private equity firm acquires Wemby-backed BARCODE

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