Good morning, PE Hubsters! Rafael Canton with the US edition of the Wire from the New York newsroom. Private equity dealmaking in the food market has slumped this year due to inflation, supply chain disruptions, and overseas wars, but the better-for-you subsector remains a bright spot. Consumer attitudes are shifting toward healthier diets, with 76 percent of Americans preferring food over prescription medications for health, per a 2025 Deloitte survey. Firms like Axum Capital Partners, based in Charlotte, North Carolina, focus exclusively on health and wellness brands. Axum recently invested in Vita Hustle, co-founded by Kevin Hart, and acquired Barcode, co-founded by NBA player Kyle Kuzma and Mubarak Malik. "Every consumer today is focused on what they're putting into their body," said Muhsin Muhammad, co-founder and managing partner of Axum. Brian Levin of Intrepid Investment Bankers confirmed wellness is a lasting trend across consumer categories.

Separately, OceanSound Partners-backed PAR Excellence Systems announced the acquisition of Terso Solutions, a provider of RFID inventory-tracking technology to the healthcare industry.