P&G to acquire Thorne for US$3.8B as wellness push intensifies

USA— Procter & Gamble (P&G) has agreed to acquire Thorne, a science-driven wellness company specialising in vitamins, minerals and supplements, for US$3.8 billion in cash from private equity firm L Catterton.

The deal will expand P&G’s presence in the health and wellness market as consumers increasingly seek products supporting preventive care, self-care, and personalised health.

The transaction is subject to customary closing conditions, including regulatory approvals, and is expected to close in the fourth quarter of 2026.

Expanding P&G’s health portfolio

Thorne has built a strong reputation among consumers, health care practitioners and professional partners through its focus on scientific research, product quality and personalised wellness solutions.

P&G said the acquisition will strengthen its Health Care portfolio and enable it to reach more consumers seeking science-backed products.

“Thorne has built a highly trusted brand at the forefront of personalised health,” said Paul Gama, chief executive officer of Health Care at P&G.

“Together, we see an opportunity to bring Thorne’s science-backed wellness solutions to more consumers while continuing to build on the quality, credibility and innovation that have made the brand successful.”

P&G’s existing supplements portfolio includes New Chapter, Metamucil and Align Probiotic.

The company has been seeking growth in health and wellness as demand for products linked to healthier lifestyles and preventive care increases.

Thorne’s growth under L Catterton

L Catterton acquired Thorne for US$680 million in 2023 and supported its expansion through investments in science and research and development, manufacturing, digital capabilities and artificial intelligence-powered consumer tools.

During its ownership, Thorne also strengthened relationships with health care practitioners and developed a proprietary AI wellness adviser.

The company, which was founded in 1984 and went public in 2021, was forecasting annual sales of US$290 million in 2023 before L Catterton took it private.

Thorne is now expected to generate about US$650 million in sales this year, according to CNBC.

The acquisition provides L Catterton with a return of more than US$3 billion on its investment.

 “We are confident P&G is best positioned to build on the growth acceleration we have overseen at Thorne,” said L Catterton partner Rajan Shah.

Competition intensifies in supplements

The deal comes as major consumer goods companies increase their focus on the vitamins, minerals and supplements (VMS) market.

P&G’s move follows Unilever’s announcement in April that it would acquire US nutritional supplements brand Grüns for an undisclosed amount, while Nestlé is conducting a strategic review of its VMS brands.

Thorne had also attracted interest from consumer health companies, including Haleon, which reportedly submitted a bid for the business in June.

P&G’s acquisition comes after the company forecast slower annual sales growth, although its beauty and wellness businesses continued to perform strongly.

Analysts have said premium nutritional supplements could also help P&G reach younger consumers as spending on discretionary self-care products rises.