Procter & Gamble is buying supplements maker Thorne for $3.8 billion in cash from private-equity owner L Catterton, CEO Shailesh Jejurikar told CNBC on Tuesday. The deal deepens P&G's push into health and wellness as other consumer goods giants also target the same supplements market.
Procter & Gamble is acquiring supplements maker Thorne for $3.8 billion in cash from L Catterton, the private equity firm backed by LVMH. Jejurikar confirmed the acquisition on CNBC's Squawk on the Street, framing it as a move to grow P&G's health business. Following the announcement, P&G shares traded up about 1% in afternoon trading.
According to CNBC, Jejurikar said of the target: "We are really happy with the asset itself", adding that Thorne is a long-running, well-managed operation. Thorne slots alongside P&G's existing supplements brands, Metamucil, Align Probiotic and New Chapter, inside a healthcare division that also houses Oral-B and Vicks. Most of Thorne's revenue comes from shoppers under 40, and the brand has also seen a surge in direct-to-consumer sales.
Thorne's climb from IPO to buyout to sale
Thorne, founded in 1984, went public in late 2021 at a $525 million valuation. L Catterton then took the company private in 2023 in a deal valued at $680 million. Thorne's annual revenue surpassed $500 million in 2025, according to Thorne.
CNBC reported in April that the brand was set to reach $650 million in sales this year. The deal would represent a return of more than $3 billion for L Catterton, Reuters reports. Thorne was also the subject of a bid from consumer health company Haleon, people familiar with the matter told Reuters in June, though Jejurikar declined to say whether P&G had won a bidding war for it.
P&G joins a crowded race for the wellness shopper
P&G is not alone in chasing the vitamins, minerals and supplements category. Rival Unilever announced a deal in April to buy U.S. supplements brand Gruns, while Nestle is reviewing its low-growth, low-margin supplements brands. The health and wellness sector is expanding faster than P&G's household staples business, said Jay Woods, chief market strategist at Freedom Capital Markets, who added that premium supplements could help P&G reach younger consumers.
In its most recent quarter, volume was flat and revenue came in worse than expected for P&G. Its healthcare segment was the worst performer by volume.
Deal terms
Perella Weinberg Partners and Canaccord Genuity advised Thorne on the sale, with Kirkland & Ellis as its legal counsel, while Jones Day acted as legal advisor to P&G. The transaction is expected to close in the fourth quarter of 2026.
L Catterton manages approximately $40 billion of equity capital across private equity, credit and real estate platforms. Rajan Shah, a partner at the firm, said L Catterton was confident P&G was best positioned to build on the growth acceleration it had overseen.
Sources: CNBC, Investing.com, Investing.com
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