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L Catterton to Take Thorne HealthTech Private in $680 Million Deal

Published September 9, 2023
Published September 9, 2023
Ave Calvar via Unsplash

Thorne HealthTech, a leading science-driven wellness company, has entered into a definitive agreement under which L Catterton will commence a tender offer to acquire all outstanding shares of common stock in a deal worth $680 million.

WHO: Thorne HealthTech is a leader in developing innovative solutions for delivering personalized approaches to health and wellness. A science-driven wellness company, Thorne empowers individuals with the support, education, and solutions they need to achieve healthy aging—living healthier longer. Thorne utilizes testing and data to create improved product efficacy and to deliver personalized solutions to consumers, health professionals, and corporations. Predicated on the power of the individual, Thorne leverages artificial intelligence models to provide insights and personalized data, products, and services that help individuals take a proactive and actionable approach to improve and maintain their health over their lifetime. Thorne is the only supplement manufacturer that collaborates with Mayo Clinic on health and wellness research and content, and is trusted by more than five million customers, 47,000+ healthcare professionals, and thousands of professional athletes. 

L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Founded in 1989, the firm has made over 250 investments in some of the world's most iconic consumer brands. Current beauty portfolio: Honest Company (2018), Vitamin Pack (2018), Pibiplast (2018), Etvos (2020), Public Goods (2020), Function of Beauty (2020), CI Flavors (2021), Beauty Industry Group (2021), Bellami Hair (2022), RescueMD (2022), DIBS Beauty (2023), Irene Forte (2023), and GlossGenius (2023).

IN THEIR OWN WORDS: "We are very pleased to have reached an agreement with L Catterton, which offers immediate liquidity at a significant premium to our stockholders," said Sarah Kauss, a member of Thorne's Board of Directors and Chair of the Special Committee of Thorne's Board of Directors. "The transaction is the result of a thorough process overseen and directed by an independent Special Committee of the Board of Directors and is a wonderful outcome for Thorne and its stockholders."

"This transaction is an excellent outcome for all of our stakeholders and marks the beginning of an exciting new chapter for Thorne," said Paul Jacobson, Chairman and Chief Executive Officer of Thorne. "For over a decade, we have worked tirelessly to deliver on our mission to bring science-based solutions to the prevention space and empower consumers to live healthier lives longer. L Catterton has an impressive track record of fostering the growth and success of leading global consumer brands. Together with their deep expertise in the health and wellness industry, global reach, and extensive operational capabilities, I am confident L Catterton is the right partner to fuel Thorne's long-term growth."

"We have admired Thorne for many years given its uncompromising approach to science and innovation as well as its commitment to transforming consumers' lives and approach to health and wellness," said Marc Magliacano, a Managing Partner in L Catterton's Flagship Fund. "As one of the pioneers of the wellness movement, Thorne continues to lead by example and is on the precipice of breakthrough products and technologies that will allow consumers to significantly extend their healthspans through personalized wellness programs developed by Thorne's proprietary dataset and protocols."


  • Under the terms of the agreement, L Catterton will commence a tender offer to acquire all of Thorne's outstanding shares of common stock for $10.20 per share in cash. L Catterton will acquire any shares of Thorne that are not tendered in the tender offer through a second-step merger for $10.20 per share in cash. Upon completion of the transaction, Thorne will become a privately held company and its shares of common stock will no longer be listed on any public market.
  • The transaction value of approximately $680 million represents a 94% premium to the unaffected closing share price on July 20, 2023, and a 113% premium to the 30-day volume weighted average price as of the unaffected date of July 20, 2023. 
  • CG Sawaya Partners (operating under Canaccord Genuity) served as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati served as legal advisor to Thorne and the Special Committee of the Board of Directors. BofA Securities served as financial advisor and Kirkland & Ellis LLP served as legal advisor to L Catterton.

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