Procter & Gamble (NYSE: PG) announced on Tuesday that it will acquire the nutritional supplement brand Thorne from LVMH-backed private equity firm L Catterton in a $3.8 billion cash deal.
This acquisition marks a significant bet by the Tide detergent maker on the health and wellness market, aiming to capitalize on the growing consumer demand for self-care products. Procter & Gamble CEO Shailesh Jejurikar revealed the news in an interview, praising Thorne’s asset quality as a historically well-run company.
Thorne will join Procter & Gamble’s health care division, complementing existing supplement brands such as Metamucil, Align probiotics, and New Chapter vitamins. Financially, the deal delivers a substantial return for L Catterton, which privatized Thorne in 2023 for $680 million and is now selling it for $3.8 billion, generating over $3 billion in investment returns in just a few years. L Catterton partner Rajan Shah expressed confidence that Procter & Gamble is the ideal home to accelerate Thorne’s growth.
Founded in 1984, Thorne has seen rapid growth in recent years. The company was valued at approximately $525 million when it went public in 2021, and it projected annual sales of $290 million before its privatization in 2023. According to Thorne’s data, its 2025 fiscal year revenue has already exceeded $500 million, and reports from April suggest that this year’s sales could reach $650 million. Thorne CEO Colin Watts earlier stated that the brand has the potential to join the billion-dollar brand club in the coming years.
Notably, the majority of Thorne’s revenue comes from consumers under the age of 40, with particularly strong growth in its direct-to-consumer channel. This aligns with Procter & Gamble’s strategy to engage younger demographics and revitalize its brand portfolio. While Thorne represents a small portion of Procter & Gamble’s vast product lineup, the acquisition underscores the company’s commitment to owning high-end brands that resonate with younger consumers. In Procter & Gamble’s latest fiscal quarter, flat sales volumes led to a revenue miss, with the health care segment being the weakest performer in terms of volume.
From a competitive standpoint, consumer giants are increasingly vying for a share of the vitamins, minerals, and supplements market. In April, Procter & Gamble competitor Unilever (NYSE: UL) announced the acquisition of U.S. gummy supplement brand Grüns, while Nestlé (OTC: NSRGY) is conducting a strategic review of its slow-growing, low-margin supplement brands. Additionally, the “Make America Healthy Again” movement, championed by U.S. Health and Human Services Secretary Robert F. Kennedy Jr., has boosted public interest in supplements like vitamins. Earlier reports indicated that consumer health company Haleon (NYSE: HLN) had also made a bid for Thorne, though Jejurikar declined to comment on whether Procter & Gamble won a competitive bidding war.