Private equity firm L Catterton is considering selling the dietary supplement company Thorne for an estimated $4.0 billion. This potential sale comes less than three years after L Catterton acquired Thorne in October 2023 for an enterprise value of approximately $680 million, representing a nearly 5.9x increase in value. At the time of the take-private, Thorne's revenue was $255 million and earnings were roughly $20 million. Industry analysis suggests current revenue for Thorne is around $780 million, implying a forward revenue multiple of approximately 5.1x at the $4.0 billion asking price.
Thorne, a 42-year-old brand, has seen significant growth under L Catterton's ownership. Quarterly revenue has reportedly increased from about $72 million at the time of the take-private to roughly $195 million, indicating an annualized revenue of around $780 million. The company has sustained a compound annual growth rate of over 30% since the acquisition, with revenue more than doubling from $229 million in 2022 to over $500 million in 2025. Thorne's CEO, Colin Watts, expects the company to become a "billion-dollar brand over the next few years," driven by a generational shift towards wellness among millennial and Gen Z consumers.
The identity of potential buyers remains undisclosed, but large consumer goods companies such as Unilever and Procter & Gamble have been mentioned. Unilever, active in the wellness sector with previous acquisitions like Liquid IV, has an estimated annual M&A budget of approximately $1.5 billion, making a $4.0 billion acquisition significant. Mars, with its growing wellness division, has also been speculated as a potential buyer. Thorne's direct-to-consumer sales have surged by 63%, with the number of direct customers growing from around 4 million at the end of 2023 to about 7 million currently. The company's future growth strategies include expansion into brick-and-mortar retail and international markets.
