LeBron James and his business partners have successfully flipped a small investment into a large business worth millions.
According to ESPN, James and longtime friend/business partner, Maverick Carter, teamed up with financial advisor Paul Wachter to invest in small chain pizza restaurant, Blaze Pizza, back in 2012. Five years later, the $1 million investment has turned into a $25 million.
Just a few weeks ago, Blaze Pizza was valued around $250 million, after the company sold a percentage to a private equity firm. Now with the businesses booming, James’ stake in the company is worth anywhere between $35 million and $40 million, which includes Lebron’s 10 percent stake in the company (~$25 million) and endorsements. However, according to ESPN, that amount does not include James’ deal with Larry Levy, who runs his businesses in Miami and Chicago.
“LeBron and I have always been about finding companies that we truly believe in and putting real money into them,” Carter, who was the mastermind behind James’ $30 million earning from stake in Beats by Dre when the company sold to Apple for $3 billion, said of their investment in Blaze Pizza. “We’re not talking putting in $15,000 or $20,000. It’s real money plus the expertise, understanding, and knowledge that we bring, as well as bringing LeBron’s name and likeness to the product.”
Although James was not allowed to endorse Blaze until 2015 after severing business ties with McDonald’s, the company still managed to expand to 200 stores in four years, recently becoming the fastest growing chain in North American food history.
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