Procter & Gamble has agreed to acquire wellness and supplements brand Thorne from L Catterton in an all-cash deal valued at $3.8 billion, marking one of the largest exits in the vitamins and supplements space this year.

L Catterton, the consumer-focused investment firm backed by LVMH, took Thorne private in 2023 for $680 million, after the company had gone public in 2021 at a $525 million valuation. Since then, Thorne's annual revenue has surpassed $500 million as of 2025.

The $3.8 billion sale price represents nearly a sixfold increase over L Catterton's original take-private valuation. The deal is expected to close in Q4 2026, subject to customary closing conditions and regulatory approval. Perella Weinberg Partners and Canaccord Genuity advised Thorne, Kirkland & Ellis advised L Catterton, and Jones Day advised P&G.

Notably, Thorne wasn't the only strategic in the running — Unilever had reportedly been exploring a competing bid before P&G's offer prevailed.

This deal signals two things: continued appetite among strategic consumer-goods acquirers for premium, science-backed wellness brands, and a strong exit outcome for private equity in the VMS (vitamins, minerals, supplements) category. For P&G, the acquisition adds Thorne to a health portfolio that already includes Metamucil, Align Probiotic, and New Chapter — deepening its position in a category consumer-goods giants are increasingly racing to build out through M&A rather than organic growth.

Sources: PR Newswire, Bloomberg, CNBC, Kirkland & Ellis