L Catterton sells Thorne to P&G in $3.8 billion deal
The LVMH-backed private equity firm exits the supplements brand it backed in 2023, handing Procter & Gamble a foothold in the fast-growing wellness category.
L Catterton, the private equity firm backed by LVMH, has agreed to sell Thorne, the supplements brand best known for magnesium and omega-3 products, to Procter & Gamble in a deal valued at $3.8 billion. Thorne was founded in 1984 and received investment from L Catterton in 2023, meaning the firm has secured a substantial return in under three years.
The sale hands P&G a significant position in the science-backed supplements space, a category that has been consolidating rapidly as consumer goods giants chase the shift of household spending from traditional beauty and personal care toward wellness and longevity products. For P&G, whose core business remains anchored in mass household and personal care brands, Thorne offers a premium, clinically oriented platform with credibility among health practitioners, something harder to build organically.
For L Catterton, the deal underscores the firm's strategy of identifying category leaders in adjacent wellness and lifestyle spaces beyond its traditional luxury and beauty remit, then exiting to strategic buyers at a premium. It also reflects a broader trend of large consumer conglomerates paying up for credible wellness assets rather than building them in-house. Watch whether other luxury-adjacent investors follow L Catterton's playbook of using wellness bolt-ons as a source of outsized returns, and how P&G integrates a premium, practitioner-oriented brand within a portfolio built for mass distribution.
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