L Catterton To Acquire Supplement Maker Thorne for $680M
Thorne, which makes wellness supplements and at-home health tests, will become a privately held company once the deal closes
Thorne HealthTech, Inc., a personalized health and wellness solution provider, has entered into a definitive agreement to be acquired by L Catterton, a consumer-focused investment firm with stakes in many fitness and wellness companies. The transaction is valued at approximately $680 million.
L Catterton will commence a tender offer to acquire all outstanding shares of Thorne’s common stock for $10.20 per share in cash. Thorne’s special committee and board of directors have approved the agreement.
Thorne’s science-first approach to wellness uses AI models to offer personalized data, products and services such as at-home health tests and wellness supplements, so consumers can maintain their health.
The deal is expected to be completed in the fourth quarter of 2023. After the transaction closes, Thorne will become a privately held company and its common stock shares will no longer be listed.
Paul Jacobson, co-founder, chairman and CEO of Thorne, commented that the transaction marks the beginning of an exciting new chapter for the company.
“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,” Jacobson said. “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.”
L Catterton’s portfolio spans over 250 investments, with a concentration in the wellness and fitness sector. The firm has invested in boutique fitness brands such as CorePower Yoga and Pure Barre as well as major industry players including Peloton, Hydrow, Tonal, ICON Fitness and ClassPass.
