Wellness Market Consolidation
Unilever Reportedly Pursues Thorne in Potential $4 Billion Bid, Expanding Wellness Portfolio
Anonymous
Key Points
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Thorne’s growth and customer base highlight rising demand for premium, science-backed supplements: the company has shown roughly 30% annual growth, surpassed $500 million in revenue last year, and is projected to reach about $650 million in revenue this year. Notably, around 60% of Thorne’s revenue comes from customers under 40, and about half of those under-40 customers subscribe to recurring purchases.
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Thorne was taken private by L Catterton in 2023 for roughly $680 million, and the business is described as founded in 1984 and headquartered in South Carolina; FT has signaled a potential valuation as high as $4 billion, illustrating the premium bidders are willing to pay for established wellness brands.
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The broader market context underpins the deal interest: the U.S. dietary supplements market was about $68.74 billion in 2025 and is projected to reach roughly $131.08 billion by 2033, growing at a CAGR of around 8.5% from 2026 to 2033—part of why suiting brands with science-backed positioning are highly sought after by big consumer-goods players.
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Haleon has been named among strategic bidders for Thorne, underscoring intense industry consolidation in the wellness and beauty space; Unilever and L Catterton have not commented on the FT report, while Haleon has publicly declined to comment on rumors.
Unilever is exploring a bid for Thorne, a U.S. dietary supplements brand, at a valuation of up to $4 billion, according to Financial Times. The move would be one of Unilever's biggest bets yet on health and wellness, as CEO Fernando Fernandez pushes the company away from slow-growing food staples.
Thorne was taken private by LVMH-backed private equity firm L Catterton in 2023 for just $680 million. In roughly three years, its estimated value has nearly sextupled. The company is on track to generate about $650 million in revenue this year, Reuters reported, up from over $500 million last year — a growth rate of around 30% annually.
L Catterton's $680M Bet Turns Into a $4B Prize
Thorne was founded in 1984 in Idaho as a maker of hypoallergenic, professional-grade supplements. L Catterton first bought a majority stake in 2016 and pushed the brand into direct-to-consumer sales. It then took Thorne fully private in October 2023 at $10.20 per share — a 94% premium to its unaffected stock price — paying roughly $680 million total, according to TipRanks.
The turnaround has been striking. Thorne now generates about 30% annual revenue growth. Around 60% of its revenue comes from customers under 40, and about half of those younger customers subscribe to repeat purchases, according to Financial Times. That kind of loyal, recurring revenue base is exactly what big consumer goods companies crave.
Unilever's Wellness Push Goes Beyond Vitamins
Unilever already owns a shelf full of wellness brands. It bought Olly in 2019, SmartyPants in 2020, and Nutrafol in 2022. In April 2026, it paid roughly $1.2 billion for Grüns, a nutritional supplements startup. Thorne would sit at the top of that lineup — a clinical-grade brand aimed at science-savvy consumers, according to Yahoo Finance.
CEO Fernando Fernandez, who took over in March 2025, has made the pivot clear. Unilever has demerged its ice cream business and shifted its foods division toward a partnership with McCormick. That move freed up capital for premium acquisitions. A $4 billion Thorne deal would imply a price-to-sales ratio of about 6.2x — steeper than the roughly 4x Unilever paid for Grüns, reflecting Thorne's stronger brand reputation in professional healthcare channels.
Haleon and Rivals Circle as Bidding War Looms
Unilever is not alone. Haleon, the consumer health company spun off from GSK, is also reported to be among the strategic bidders. A Haleon spokesperson said the company does "not comment on rumor or speculation," according to LSE. Procter & Gamble has also been named as a potential suitor, with final bids from competing parties expected by the end of Q3 2026.
The fierce interest reflects where the money is headed. The U.S. dietary supplements market was worth about $68.74 billion in 2025 and is projected to hit $131.08 billion by 2033, growing at a compound annual rate of roughly 8.5%, according to TipRanks. For companies like Haleon and Unilever, missing out on a brand like Thorne could mean falling behind in one of consumer goods' fastest-growing segments.
The Risk: Can Unilever Keep Thorne's Science-First Edge?
Not everyone sees the deal as a sure win. Unilever's track record with direct-to-consumer brands has been uneven. Its acquisition of Dollar Shave Club and snack brand Graze both struggled after being absorbed into a large corporate structure. Analysts warn that Thorne's value lies in its credibility with healthcare professionals and younger consumers — an image that could fade under a giant parent company.
Thorne CEO Colin Watts has said the brand's mission is to "empower individuals to live healthier for longer," according to Financial Times. Gen Z and Millennial consumers, who drive 60% of Thorne's revenue, tend to distrust brands that feel corporate. Unilever and L Catterton have not commented on the reported deal. If the bid succeeds, the pressure will be on Unilever to prove it can scale Thorne without blunting what makes it work.
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