L Catterton, the LVMH-backed private equity firm that took Thorne private for $680 million in 2023, is seeking a valuation of up to $4 billion
NurPhoto / Getty Images
According to the Financial Times, the consumer goods giant has set its sights on acquiring Thorne, a U.S. dietary supplements brand. L Catterton, Thorne's private equity owner, has initiated a sale process that has attracted multiple potential buyers, of which Unilever is one.
The asking price, $4 billion, would dwarf the $680 million L Catterton paid to take Thorne private in 2023 — a deal that would yield enormous gains for the LVMH-backed firm. Thorne, which has been in operation since 1984, is on track for $650 million in annual revenues and offers products such as magnesium and omega-3 supplements. Since coming under L Catterton's control, Thorne has posted compounded annual revenue growth exceeding 30 percent.
Consumer healthcare group Haleon has also submitted a bid for Thorne, according to Reuters. A Haleon spokesperson said the company does not comment on rumor or speculation. Unilever and L Catterton both declined to comment.
Buying Thorne would add to a string of wellness purchases Unilever has made in recent years, having brought Liquid IV, Nutrafol, Olly, SmartyPants, and Grüns — the last acquired in April — into its portfolio. Unilever's wellbeing unit recorded double-digit revenue growth in 2025.
CEO Fernando Fernandez, who took the role in March 2025, has been reshaping Unilever's portfolio toward beauty and wellness. The announcement of a March deal merging Unilever's food division with U.S. spice giant McCormick wiped 7 percent off the company's share price, with shareholders voicing worry about how much debt the new entity — in which Unilever will own a 65 percent stake — would carry.
Unilever's pursuit of challenger brands has not always gone smoothly. Dollar Shave Club stands as one cautionary example: Unilever paid $1 billion for the brand in 2016 only to offload it seven years later, having never successfully folded it into the broader business. Graze, a subscription snack brand Unilever also bought, fared no better — the company never turned a profit during the years Unilever held it.
As consumer spending has softened broadly, beauty and wellness have stood out for their durability, and margins in those categories typically exceed what packaged food and homecare products generate.
Join 500,000+ readers who start their day with Quartz.
By subscribing, you agree to our Terms of Service and Privacy Policy.
