Key Takeaways
- • P&G's $3.8 billion agreement to acquire Thorne HealthTech and IM8's $1 billion growth financing from General Catalyst's Customer Value Fund have prompted questions about whether billion-dollar supplement transactions are becoming a new benchmark.
- • Pitchbook data cited in the article shows global M&A deal value approached $5 trillion in 2025, with $1 billion-plus transactions accounting for 57% of the total, the highest share in a decade.
- • Industry executives interviewed, including Thrive Advisory Group CEO Noah Voreades and GrowthWays Partners managing partner Michael Bush, say billion-dollar supplement exits remain an anomaly limited to companies with recognized brands, positive EBITDA and strong scientific credibility.
- • Large CPG companies and private equity firms are driving consolidation, with Kirin buying Jamieson Wellness for about $1.8 billion, Bain Capital acquiring Vitabiotics for roughly $1.2 billion, and Yellow Wood Partners buying Nestle's mainstream vitamin brands for $1 billion.
Summary
Procter & Gamble's $3.8 billion agreement to acquire Thorne HealthTech and IM8's $1 billion growth financing have raised the question of whether transactions of this scale could become common in the supplement industry, according to NutraIngredients.com. Noah Voreades, CEO and cofounder of Thrive Advisory Group, said he does not expect the $1 billion deal to become normalized in the near future, noting that only a small cohort of companies or private equity firms can write checks of that size.
The article places supplement activity within a broader M&A surge. Citing Pitchbook, it reports global M&A deal value approached $5 trillion in 2025, with transactions of at least $1 billion making up 57% of the total, the highest share in a decade. The number of deals above $5 billion rose to 122 in 2025 from 76 in 2024, and momentum continued into early 2026. Much of that megadeal activity has been tied to AI and energy infrastructure investment, while corporations hold record cash balances.
In supplements and wellness, large consumer packaged goods companies and private equity firms are acquiring brands, consolidating the market. Recent deals cited include Kirin's purchase of Jamieson Wellness for about $1.8 billion including debt, Bain Capital's agreement to acquire UK vitamin brand Vitabiotics at roughly $1.2 billion, Yellow Wood Partners' $1 billion purchase of Nestle's mainstream vitamin brands including Nature's Bounty and Puritan's Pride, and Unilever's acquisition of an 80% stake in gummy startup Gruns for approximately $890 million. The article attributes the trend partly to CPG companies struggling to build organic health and longevity categories, GLP-1 medications increasing demand for functional wellness, and major players divesting legacy food to focus on higher-margin, science-backed or direct-to-consumer subscription brands.
Executives interviewed caution that billion-dollar exits remain rare. Voreades said such exits depend on brand reputation, scientific efficacy and credibility rather than revenue alone, and that Thorne's valuation reflected both tangible and intangible assets. Michael Bush, managing partner at GrowthWays Partners, described IM8, the wellness brand backed by David Beckham, as an outlier built around a celebrity founder. According to Bush, reaching a billion-dollar exit requires a recognized name and global following, a product generating positive EBITDA, and a brand that is not confined to a niche. He added that founders should plan for average outcomes while aiming above them, and that sophisticated buyers underwrite these valuations with strong theses.
The article places supplement activity within a broader M&A surge. Citing Pitchbook, it reports global M&A deal value approached $5 trillion in 2025, with transactions of at least $1 billion making up 57% of the total, the highest share in a decade. The number of deals above $5 billion rose to 122 in 2025 from 76 in 2024, and momentum continued into early 2026. Much of that megadeal activity has been tied to AI and energy infrastructure investment, while corporations hold record cash balances.
In supplements and wellness, large consumer packaged goods companies and private equity firms are acquiring brands, consolidating the market. Recent deals cited include Kirin's purchase of Jamieson Wellness for about $1.8 billion including debt, Bain Capital's agreement to acquire UK vitamin brand Vitabiotics at roughly $1.2 billion, Yellow Wood Partners' $1 billion purchase of Nestle's mainstream vitamin brands including Nature's Bounty and Puritan's Pride, and Unilever's acquisition of an 80% stake in gummy startup Gruns for approximately $890 million. The article attributes the trend partly to CPG companies struggling to build organic health and longevity categories, GLP-1 medications increasing demand for functional wellness, and major players divesting legacy food to focus on higher-margin, science-backed or direct-to-consumer subscription brands.
Executives interviewed caution that billion-dollar exits remain rare. Voreades said such exits depend on brand reputation, scientific efficacy and credibility rather than revenue alone, and that Thorne's valuation reflected both tangible and intangible assets. Michael Bush, managing partner at GrowthWays Partners, described IM8, the wellness brand backed by David Beckham, as an outlier built around a celebrity founder. According to Bush, reaching a billion-dollar exit requires a recognized name and global following, a product generating positive EBITDA, and a brand that is not confined to a niche. He added that founders should plan for average outcomes while aiming above them, and that sophisticated buyers underwrite these valuations with strong theses.
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