L Catterton Announces Sale of Thorne to The Procter & Gamble Company for $3.8 Billion
L Catterton agreed to sell supplements maker Thorne to Procter & Gamble for $3.8 billion in cash, roughly three years after acquiring the science-backed wellness brand.
GREENWICH, Conn., Aug. 4, 2026. L Catterton, the largest global consumer-focused investment firm, announced it has signed a definitive agreement to sell Thorne, a leader in science-backed health and wellness solutions, to The Procter & Gamble Company (NYSE: PG) for $3.8 billion in cash.
L Catterton invested in Thorne in October 2023 after extensive research into the Vitamins, Minerals, and Supplements (VMS) category. The firm identified a significant consumer shift toward proactive, clinical-based products and self-directed health management approaches. Recognizing this trend, L Catterton determined Thorne as ideally positioned to capture this growing market demand.
During the partnership, L Catterton accelerated Thorne's expansion by assembling a new leadership team, enhancing marketing and commercial operations, deepening science and R&D investments, strengthening manufacturing and quality systems, and developing technology infrastructure. Leveraging Thorne's 40-year scientific foundation and practitioner networks, the company created a proprietary AI wellness advisor. Within nearly three years, the partnership solidified Thorne's category leadership while maintaining the scientific standards central to its identity.
Marc Magliacano, Managing Partner at L Catterton, stated: "Our investment reflects identifying enduring consumer shifts and partnering with category-leading brands."
Rajan Shah, L Catterton Partner, added: "We shared a long-term vision with Colin and the team to build on Thorne's foundation while accelerating growth."
Colin Watts, Thorne's Chief Executive Officer, remarked: "L Catterton has been an outstanding partner, investing in our people and strengthening our capabilities."
The transaction is expected to close in the fourth quarter of 2026. Perella Weinberg Partners and Canaccord Genuity LLC served as financial advisors to Thorne, with Kirkland & Ellis providing legal counsel. Jones Day acted as legal advisor to Procter & Gamble.
About L Catterton
L Catterton is the largest global consumer-focused investment firm managing approximately $40 billion in equity capital across private equity, credit, and real estate platforms. The firm can invest between $5 million and $5 billion in well-positioned consumer businesses. With more than 200 investment and operating professionals across 18 offices, L Catterton has completed over 300 investments since its 1989 founding. For more information: www.lcatterton.com.
SOURCE L Catterton