P&G Buys Supplement Maker Thorne for $3.8 Billion

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8.5.2026

Quick Facts

P&G will pay $3.8 billion in cash for Thorne, which surpassed $500 million in annual revenue in 2025 and is on pace for $650 million this year.
L Catterton took Thorne private in 2023 for $680 million, making the sale a return of more than $3 billion for the firm.
About 60% of Thorne’s revenue comes from consumers under 40, a demographic P&G has struggled to reach through its legacy brands.

Procter & Gamble announced Tuesday it will acquire supplement maker Thorne for $3.8 billion in cash from LVMH-backed private equity firm L Catterton. The deal is expected to close in the fourth quarter of 2026, pending regulatory approval.

P&G CEO Shailesh Jejurikar announced the acquisition on CNBC’s Squawk on the Street. “We are really happy with the asset itself,” Jejurikar said. “It’s a really well-run operation, and it’s been around for a long time.”

Thorne’s Growth Trajectory

Founded in 1984, Thorne went public in late 2021 at a $525 million valuation. L Catterton acquired the company in 2023 for $680 million. Since then, Thorne has posted a compound annual growth rate of more than 30%, crossing $500 million in annual revenue in 2025.

Thorne CEO Colin Watts told CNBC the brand is on pace to reach $650 million in revenue this year and could become a billion-dollar brand within a few years. The company operates more than 300 SKUs from a vertically integrated manufacturing facility in South Carolina and counts over 100 professional sports teams among its clients.

Strategic Fit for P&G

P&G’s health portfolio already includes Metamucil, Align Probiotic, New Chapter, Oral-B, and Vicks. Thorne fills a premium tier and brings a loyal base of health-care professionals and athletes.

Paul Gama, CEO of P&G Health Care, said the deal strengthens P&G’s position in premium wellness. “Consumer interest in self-care, prevention, wellness, and personalized health continues to grow,” Gama said. Thorne’s direct-to-consumer sales have surged in recent years, adding a channel P&G has been building toward across its business.

Last week, P&G forecast slower annual sales growth even as its beauty and wellness division posted gains. Its healthcare segment was the worst performer by volume in the most recent quarter. Rachel Wolff, senior analyst at Emarketer, called the deal “a clear indicator of where consumer demand is currently strongest” and said it would help offset softness in other categories.

Competition and Valuation

Thorne drew competitive interest before P&G won out. Consumer health company Haleon submitted a bid, according to Reuters sources from June. The Financial Times reported in June that Thorne was being valued at up to $4 billion. Jejurikar declined to confirm whether P&G won a bidding war. P&G shares rose about 1% in afternoon trading after the announcement.

Perella Weinberg served as lead financial advisor to Thorne. L Catterton partner Rajan Shah said the firm was confident P&G was best positioned to continue the growth it had overseen since taking Thorne private.

A Crowded Market

The vitamins, minerals, and supplements sector is attracting major consumer goods players. Unilever announced a deal in April to buy U.S. supplement brand Gruns for an undisclosed sum. Nestlé is conducting a strategic review of its lower-margin VMS brands. Jay Woods, chief market strategist at Freedom Capital Markets, said the health and wellness sector is growing much faster than P&G’s household staples and that premium supplements offer a path to younger consumers.