The transaction, which is expected to close later this year, subject to customary closing conditions and regulatory approvals, marks the latest chapter in the company’s rapid growth under private equity ownership and strengthens P&G’s position in science-backed wellness and personalized health.
“For more than 40 years, Thorne has earned the trust of healthcare practitioners, consumers, and partners by putting science, quality, and the people we serve at the center of every decision,” said Colin Watts, chief executive officer of Thorne, in the company’s press release.
“As we looked to the future, we kept coming back to one question: What will best position Thorne to continue fulfilling its mission? We believe P&G is the right partner to help us expand our impact while staying true to the values and standards that have always defined Thorne,” he added.
Paul Gama, CEO of P&G Health Care, described the transaction as “an important step for P&G’s Personal Health Care business,” adding that “consumer interest in self-care, prevention, wellness, and personalized health continues to grow, and Thorne strengthens our position in premium wellness with a trusted, science-backed brand that complements our existing portfolio,” according to the press release.
From private equity to P&G
The agreement comes less than three years after consumer-focused investment firm L Catterton completed its acquisition of Thorne for $680 million and took the company private.
Announcing that transaction in October 2023, Marc Magliacano, co-Managing Partner of the Flagship Fund at L Catterton, said: “As consumer investors, we closely follow enduring secular trends, including the consumer’s increasing prioritization of health and wellness.”
Magliacano added that the firm looked forward to “executing on Thorne’s vision of delivering clinically backed outcomes utilizing specialized health tests and personalized supplement and wellness programs to patients around the globe,” according to L Catterton’s press release.
The acquisition by P&G follows a period of significant growth for Thorne under L Catterton’s ownership. According to CNBC, the company surpassed $500 million in annual revenue in 2025 and is “on pace to reach $650 million in annual revenue this year.” CNBC also reported that Thorne has sustained a compound annual growth rate of more than 30% since being taken private in 2023.
Speaking to CNBC, Watts said: “Our expectation is this is going to be a billion-dollar brand over the next few years.”
Riding the wellness wave
Thorne’s growth has mirrored broader shifts in the dietary supplement market, with younger consumers placing greater emphasis on performance, personalization and proactive health.
According to CNBC, approximately 60% of Thorne’s total revenue now comes from consumers under the age of 40.
Discussing the changing consumer landscape with CNBC, Watts said: “When I started looking and working in this market 25 years ago, this was a boomer-driven market; you basically focused on servicing the boomers, that’s how you won in the market. So the reality is, today’s market is a Gen Z, millennial market.”
He added: “One of the big Gen Z millennial trends is, they don’t think about supplementation as prevention. They think about it as performance. It’s like, ‘I want to sleep better. I want to have more energy. I want to deal with my anxiety. I want to work out better.’”
During NutraIngredients+’s 6th Annual Business Leader’s Forum in January of this year, Watts highlighted similar trends, noting that “the growth of active nutrition has been impacted by a generational shift that has its ‘fingerprints all over’ the category and has Thorne switching its focus from Boomers to Zoomers (Gen Z) and millennials who prioritize proactive health.”
He added: “This performance market is not just sports, and it’s certainly not professional athletes. It’s the everyday consumer. It involves energy, recovery, cognition, strength, resilience, […], and in some ways for us, it’s become quite foundational about the way our product operates."
Science at the center
That positioning has become central to Thorne’s strategy as it has expanded beyond its traditional healthcare practitioner roots.
Speaking during NI+’s latest Innovation in Action Business Leaders Forum last month, Ken Rowe, chief R&D officer at Thorne, said the company’s innovation strategy is anchored in “product excellence.”
“We have to be fresh, we have to be fast, but we also want to be rigorous in the science, scientifically sound for both our practitioner and consumer channels...I think the pivot here is on communication,” Rowe said.
During the forum, NutraIngredients+ heard that recent launches account for roughly 20% of Thorne’s sales, with the company launching 28 products in 2025 and expecting to launch between 20 and 25 products this year.
