Private equity dealmaking in food has slumped due to inflation and supply chain issues, but the better-for-you subsector remains a bright spot. Consumer demand for healthier options is driving investment, with 76 percent of Americans preferring food over prescription medications for health, per a 2025 Deloitte survey. Axum Capital Partners, based in Charlotte, North Carolina, focuses exclusively on health and wellness brands.

In May, Axum invested in Vita Hustle, co-founded by Kevin Hart and headquartered in El Segundo, California. In August, it acquired Barcode, a Los Angeles-based plant-based hydration drink co-founded by NBA player Kyle Kuzma and Mubarak Malik, former performance director for the New York Knicks and Los Angeles Lakers. Axum co-founder Muhsin Muhammad, a former NFL player, said consumers are increasingly focused on ingredients.

Brian Levin of Intrepid Investment Bankers noted wellness is a lasting trend across consumer categories, accelerated by the federal Make America Healthy Again (MAHA) initiative. Fondaction portfolio company Temple Lifestyle Brands acquired Canadian organic kombucha brand Rise Kombucha in 2025. Mathieu Sasseville of Fondaction said demand for cleaner labels and functional ingredients is a long-term trend.