Key Takeaways
- • Procter & Gamble has agreed to acquire nutritional supplements company Thorne for $3.8 billion in an all-cash transaction, significantly expanding P&G's presence in the fast-growing vitamins, minerals, and supplements market.
- • L Catterton generated a return exceeding $3 billion on its approximately $680 million investment made in 2023, demonstrating substantial private equity value creation over a three-year holding period in the health and wellness sector.
- • The acquisition reflects a broader consolidation trend among consumer goods companies pursuing higher-growth wellness categories, with recent comparable transactions including Unilever's acquisition of Gruns and Nestlé's portfolio review of vitamins and supplements assets.
- • Thorne is on track to generate approximately $650 million in revenue this year, indicating significant operational expansion under L Catterton's ownership prior to the P&G exit.
- • The deal positions P&G to leverage its existing health portfolio—which includes New Chapter, Metamucil, and Align Probiotic—to accelerate Thorne's growth in the premium supplements market.
Summary
Procter & Gamble has agreed to acquire Thorne, a nutritional supplements company, for $3.8 billion in an all-cash transaction. The acquisition delivers a significant exit for private equity firm L Catterton, which took Thorne private in 2023 for approximately $680 million and is positioned to generate a return exceeding $3 billion on the investment within a three-year timeframe.
The transaction underscores persistent private equity success in the health and wellness sector, where consumer demand for preventative healthcare and self-care products continues to drive growth. L Catterton identified opportunities to accelerate Thorne's expansion in the premium supplements market following the 2023 acquisition, with the business now tracking toward approximately $650 million in annual revenue—a substantial increase from its take-private valuation baseline.
For Procter & Gamble, the acquisition meaningfully expands its footprint in the high-growth vitamins, minerals, and supplements category by adding Thorne to an existing health portfolio that includes established brands such as New Chapter, Metamucil, and Align Probiotic. The deal reflects a strategic pivot by major consumer goods companies toward higher-margin wellness categories where consumer spending growth outpaces traditional consumer staples.
The acquisition is part of a broader consolidation wave in nutrition and supplements. Earlier in 2026, Unilever agreed to acquire US supplements company Gruns, while Nestlé undertook a portfolio review of its vitamins, minerals, and supplements assets. These transactions indicate that large consumer goods manufacturers are actively reshaping their health and nutrition operations to capitalize on sustained consumer wellness trends.
L Catterton Partner Rajan Shah noted that Procter & Gamble is well positioned to build on growth achieved during the firm's ownership and support Thorne's next phase of expansion, signaling confidence in P&G's ability to leverage its scale and distribution capabilities to drive further value creation.
The transaction underscores persistent private equity success in the health and wellness sector, where consumer demand for preventative healthcare and self-care products continues to drive growth. L Catterton identified opportunities to accelerate Thorne's expansion in the premium supplements market following the 2023 acquisition, with the business now tracking toward approximately $650 million in annual revenue—a substantial increase from its take-private valuation baseline.
For Procter & Gamble, the acquisition meaningfully expands its footprint in the high-growth vitamins, minerals, and supplements category by adding Thorne to an existing health portfolio that includes established brands such as New Chapter, Metamucil, and Align Probiotic. The deal reflects a strategic pivot by major consumer goods companies toward higher-margin wellness categories where consumer spending growth outpaces traditional consumer staples.
The acquisition is part of a broader consolidation wave in nutrition and supplements. Earlier in 2026, Unilever agreed to acquire US supplements company Gruns, while Nestlé undertook a portfolio review of its vitamins, minerals, and supplements assets. These transactions indicate that large consumer goods manufacturers are actively reshaping their health and nutrition operations to capitalize on sustained consumer wellness trends.
L Catterton Partner Rajan Shah noted that Procter & Gamble is well positioned to build on growth achieved during the firm's ownership and support Thorne's next phase of expansion, signaling confidence in P&G's ability to leverage its scale and distribution capabilities to drive further value creation.
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