Key Takeaways
- • L Catterton divests Thorne to Procter & Gamble for $3.8 billion in cash, exiting its October 2023 investment in the science-backed wellness company in less than three years, with close expected in Q4 2026.
- • Gryphon Investors sells Jensen Hughes, a global safety engineering and consulting firm, to New Mountain Capital, concluding a 10+ year ownership period (December 2015–present) during which the company more than tripled to approximately 2,000 employees across 110 offices in over 100 countries.
- • Advent and a consortium including HarbourVest Partners acquire FNZ Bank, a German banking and custody platform managing €155 billion in assets under custody for 2.1 million end customers and supporting 50,000+ financial advisers and 200 asset managers.
- • L Catterton's value creation strategy at Thorne focused on leadership, marketing, R&D, manufacturing, digital infrastructure, and proprietary AI capabilities, positioning the platform for acquisition by a major consumer goods company.
- • New Mountain's Jensen Hughes acquisition provides exposure to mission-critical consulting in fire protection, nuclear risk engineering, and regulated sectors with an established international footprint.
Summary
L Catterton has agreed to sell Thorne, a science-backed wellness company, to Procter & Gamble for $3.8 billion in cash, marking a relatively quick exit from an October 2023 investment. The transaction, expected to close in Q4 2026, represents a near-complete realization of value within a 2.5-year hold period. During its ownership, L Catterton invested in multiple operational levers, including enhanced leadership, expanded marketing and R&D capabilities, upgraded manufacturing infrastructure, digital systems, and the development of proprietary AI wellness advisory tools. Thorne, which has operated for over 40 years in the vitamins, minerals, and supplements market, leveraged this support to strengthen its market position and broaden reach into both practitioner and consumer channels. The transaction underscores continued M&A activity in consumer health and demonstrates the appeal of AI-enhanced wellness platforms to large diversified consumer companies.
In a separate transaction, Gryphon Investors has agreed to sell Jensen Hughes, a global safety engineering and consulting firm, to New Mountain Capital. Gryphon's decade-plus stewardship—beginning in December 2015—saw Jensen Hughes more than triple in size through organic growth and targeted acquisitions. The company has expanded to approximately 2,000 employees operating across 110 offices in more than 100 countries, providing specialized services in fire protection engineering, nuclear risk engineering, and related consulting for regulated and mission-critical sectors. New Mountain's acquisition provides entry into a diversified platform with significant international reach and expanded technical capabilities serving clients across government, industrial, and infrastructure-related verticals.
Separately, Advent and a consortium including HarbourVest Partners have agreed to acquire FNZ Bank from wealth management technology provider FNZ. The German banking and custody platform operates at substantial scale, supporting over 50,000 financial advisers, 200 asset managers, and more than 400 distribution partners while administering €155 billion in assets under custody for 2.1 million end customers. The acquisition positions Advent and its consortium partners to capture embedded fintech infrastructure within the European wealth management ecosystem.
In a separate transaction, Gryphon Investors has agreed to sell Jensen Hughes, a global safety engineering and consulting firm, to New Mountain Capital. Gryphon's decade-plus stewardship—beginning in December 2015—saw Jensen Hughes more than triple in size through organic growth and targeted acquisitions. The company has expanded to approximately 2,000 employees operating across 110 offices in more than 100 countries, providing specialized services in fire protection engineering, nuclear risk engineering, and related consulting for regulated and mission-critical sectors. New Mountain's acquisition provides entry into a diversified platform with significant international reach and expanded technical capabilities serving clients across government, industrial, and infrastructure-related verticals.
Separately, Advent and a consortium including HarbourVest Partners have agreed to acquire FNZ Bank from wealth management technology provider FNZ. The German banking and custody platform operates at substantial scale, supporting over 50,000 financial advisers, 200 asset managers, and more than 400 distribution partners while administering €155 billion in assets under custody for 2.1 million end customers. The acquisition positions Advent and its consortium partners to capture embedded fintech infrastructure within the European wealth management ecosystem.
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