P&G to buy Thorne for $3.8 billion in wellness push

Procter & Gamble agreed to acquire supplements maker Thorne for $3.8 billion, deepening its push into premium wellness as consumer demand for self-care and preventive health keeps climbing.

Procter & Gamble agreed to acquire supplements maker Thorne for $3.8 billion, betting on premium wellness as consumer interest in self-care, prevention and personalized health keeps growing. The deal, announced Tuesday, ranks among P&G's largest moves into the health and wellness market and adds a science-backed brand to its existing supplements portfolio.

"Consumer interest in self-care, prevention, wellness, and personalized health continues to grow, and Thorne strengthens our position in premium wellness with a trusted, science-backed brand that complements our existing portfolio," Paul Gama, chief executive officer of P&G Health Care, said.

P&G will buy Thorne from L Catterton's Flagship Fund, the private equity firm that took the company private in a $680 million deal in 2023. The price sits near the top of the range flagged in June, when the Financial Times reported the supplements maker could fetch up to $4 billion and that Haleon had explored a bid. Perella Weinberg served as lead financial advisor to Thorne.

The acquisition hands P&G a brand trusted by more than seven million consumers, 100-plus professional sports teams and multiple U.S. national teams, adding to its existing lineup of Metamucil and Align Probiotic. The transaction is expected to close later this year, subject to customary closing conditions and regulatory approvals.

P&G shares rose about 1 percent in late-morning trading Tuesday as investors welcomed the expansion into a higher-growth category. The move comes a week after P&G forecast slower annual sales growth for fiscal 2027, even as its beauty and wellness division posted strong results on consumers' willingness to spend on discretionary self-care products.

The $3.8 billion price represents a more than fivefold increase over the $680 million L Catterton paid in 2023, a sign of how sharply demand for premium supplements has accelerated. Thorne, founded in 1984, is the top-recommended clinical brand by health-care practitioners and runs a vertically integrated manufacturing facility in South Carolina, giving P&G control over quality and supply.

For P&G, the deal extends a strategy of building out personal health care through trusted brands. The company's portfolio already includes Vicks and Oral-B, and the Thorne acquisition adds a direct-to-consumer and practitioner channel P&G has lacked. Thorne also brings Taia, its AI-powered wellness advisor, and relationships with professional athletes and teams that could help P&G reach younger, health-conscious consumers.

The transaction continues a wave of consolidation in the supplements and wellness space as consumer-goods giants chase growth outside mature categories. L Catterton, backed by LVMH, held Thorne for roughly three years before agreeing to sell, a relatively short hold period that reflects the premium valuations wellness assets now command. Colin Watts, Thorne's chief executive, said P&G was "the right partner" to help the company expand its impact while staying true to the values that have defined it since 1984.

This article is for informational purposes only and does not constitute investment advice.