L Catterton’s Deep Category Conviction and Brand Vision Allowed for Accelerated Growth and Fortified Thorne’s Position as the Premier Trusted Brand in Science-Backed Wellness

GREENWICH, Conn., Aug. 4, 2026 /PRNewswire/ — L Catterton, the largest global consumer-focused investment firm, today announced that it has signed a definitive agreement to sell Thorne, a leader in science-backed health and wellness solutions, to The Procter & Gamble Company (NYSE: PG) for $3.8 billion in cash. This follows a successful partnership that accelerated the Company’s growth and further strengthened its leadership in the wellness category.

L Catterton invested in Thorne in October 2023 following years of research into the Vitamins, Minerals, and Supplements (VMS) category, recognizing an enduring shift in consumer behavior toward proactive, clinical-based products and an integrative approach to self-directed care. The firm’s conviction that consumers would increasingly seek trusted solutions to support overall health and longevity led it to identify Thorne as the best-positioned brand to meet this consumer demand.

L Catterton helped accelerate Thorne’s next phase of growth by recruiting an exceptional leadership team, expanding the brand’s reach through enhanced marketing and commercial capabilities, further investing in science and R&D, strengthening world-class manufacturing and quality systems, and building technology and data infrastructure that enabled the Company to better serve practitioners and consumers. Given Thorne’s 40-year history of scientific expertise, practitioner relationships, and consumer insights, the Company developed a proprietary AI wellness advisor that educates and enhances the consumer experience. In less than three years, the partnership further strengthened Thorne’s leadership in wellness while preserving the scientific rigor and product quality that have defined the brand since its founding.

Marc Magliacano, a Managing Partner at L Catterton, said, “Our investment in Thorne reflects what L Catterton does best: identifying enduring shifts in consumer behavior and partnering with category-leading brands to help them realize their full potential. As consumers increasingly prioritize proactive, clinically-backed solutions that increase healthspan, we believed Thorne was uniquely positioned to lead the category. We are proud to have partnered with the Company during this important chapter in its growth and are confident it is well positioned for all that is ahead.”

Rajan Shah, a Partner at L Catterton, added, “From the outset, we shared a long-term vision with Colin and the Thorne team to build on the brand’s strong foundation and the trust it had earned with practitioners and consumers alike, while accelerating its next phase of growth. It was a privilege to partner with such an exceptional management team, and we are confident Procter & Gamble is best positioned to build on that momentum.”

Colin Watts, Chief Executive Officer of Thorne, said, “L Catterton has been an outstanding partner over the past several years. They shared our long-term vision for Thorne, investing in our people, strengthening our capabilities across digital, AI, and supply chain, and advancing our scientific rigor, world-class manufacturing, quality standards, and innovation that define Thorne – all while helping us better serve healthcare practitioners and customers. I’m incredibly proud of what we’ve accomplished together and grateful for the role they played in helping prepare Thorne for this next chapter.”

The transaction is expected to close in the fourth quarter of 2026. Perella Weinberg Partners and Canaccord Genuity LLC acted as financial advisors to Thorne, and Kirkland & Ellis served as legal advisor. Jones Day acted as legal advisor to Procter & Gamble.

About L Catterton

L Catterton is the largest global consumer-focused investment firm managing approximately $40 billion of equity capital across multiproduct platforms dedicated to private equity, credit, and real estate. The firm’s funds have the ability to invest between $5 million and $5 billion, across the capital structure, in well-positioned consumer businesses. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 18 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 300 investments in some of the world’s most iconic consumer brands. For more information, please visit www.lcatterton.com.

CONTACT
Julie Hamilton
media@lcatterton.com

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SOURCE L Catterton