Key Takeaways
- • Procter & Gamble is acquiring supplements manufacturer Thorne from private equity firm L Catterton for $3.8 billion in an all-cash transaction, announced August 4, 2026.
- • Kirkland & Ellis LLP and Jones Day are serving as legal advisers on the deal, highlighting the involvement of two major global law firms in structuring the transaction.
- • The acquisition represents P&G's strategic expansion into the high-growth nutritional supplements and wellness category, broadening its portfolio beyond consumer staples.
- • L Catterton, the investment vehicle backed by LVMH luxury conglomerate, is divesting Thorne after building the company's market position in the premium supplements space.
Summary
Procter & Gamble announced the acquisition of Thorne, a supplements and wellness company, from L Catterton for $3.8 billion in cash on August 4, 2026. The transaction marks a significant strategic move for P&G into the nutritional supplements sector, a market segment that has experienced sustained consumer demand and premium pricing power in recent years.
L Catterton, the private equity and growth equity platform associated with LVMH, has held Thorne as a portfolio company focused on direct-to-consumer wellness products. The sale price of $3.8 billion reflects the valuation L Catterton achieved during its ownership period and represents a full exit from the investment.
Kirkland & Ellis LLP and Jones Day are providing legal counsel on the transaction, indicating the complexity and scale of deal structuring involved. Both firms are among the most active advisers in major M&A transactions and bring substantial experience in consumer goods and healthcare sector acquisitions. The involvement of two leading firms suggests multi-faceted legal work across regulatory, corporate, and transactional dimensions.
The acquisition aligns with P&G's broader strategy to diversify its revenue streams and participate in faster-growing consumer health categories as traditional consumer staples face competitive pressures and shifting consumer preferences toward wellness-oriented products.
L Catterton, the private equity and growth equity platform associated with LVMH, has held Thorne as a portfolio company focused on direct-to-consumer wellness products. The sale price of $3.8 billion reflects the valuation L Catterton achieved during its ownership period and represents a full exit from the investment.
Kirkland & Ellis LLP and Jones Day are providing legal counsel on the transaction, indicating the complexity and scale of deal structuring involved. Both firms are among the most active advisers in major M&A transactions and bring substantial experience in consumer goods and healthcare sector acquisitions. The involvement of two leading firms suggests multi-faceted legal work across regulatory, corporate, and transactional dimensions.
The acquisition aligns with P&G's broader strategy to diversify its revenue streams and participate in faster-growing consumer health categories as traditional consumer staples face competitive pressures and shifting consumer preferences toward wellness-oriented products.
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