The Australian Securities Exchange-listed company announced its plans to acquire Vitable for A$2.5m (US$1.7m) today (Sept. 24), subject to shareholders’ approval during its general meeting in early November.
The acquisition payout, to be paid in shares, includes both unconditional and conditional components, namely an unconditional payout of A$1.25m and another A$1.25m subject to net revenue and direct EBITDA growth.
An additional A$1m will be considered if Elixinol’s market capitalization exceeds A$20m within three years post-acquisition. Elixinol’s current market capitalization stands at A$3.63m.
Vitable, founded in 2019, is a personalized supplement business operating a direct-to-consumer subscription model. It combines online health assessment with its proprietary recommendation technology to provide personalized daily supplement packs.
Its service and personalized supplements are currently available across Australia, New Zealand, Singapore, the United Kingdom, Hong Kong and the Philippines, with about 7,850 active subscribers and 1.84 million customer health assessments completed through its platform. The company’s international expansion was supported by A$5.5m in funding back in 2021.
Elixinol, on the other hand, operates whole foods, fiber, protein and better-for-you pantry products through brands such as Hemp Foods Australia, Mt Elephant, as well as functional supplements including collagen, protein and metabolic support via the brand The Healthy Chef. Earlier this month, it also sold its US business to Ananda Health to focus on its core business.
Based on Elixinol’s observations, global strategic interest and capital injected in the personalized health sector have been growing.
“This isn’t just an acquisition; it’s a step change. Vitable takes Elixinol’s everyday wellness portfolio and transforms it, adding a subscription relationship, a personalization engine, and a first-party health data asset that very few companies our size have access to and we’re doing this at exactly the right moment,” said Gavin Evans, independent non-executive chairman of Elixinol Wellness.
Some prominent examples include P&G, which acquired Thorne to boost its personalized health portfolio for US$3.8bn in August 2026, and US company Hims & Hers Health, which also acquired Australia’s Eucalyptus for up to US$1.15 billion in June 2026 to bring its personalized care service to international markets.
Direct customer relationships, recurring revenue and personalization are at the center of these deals.
Right now, we’re seeing some of the biggest names in global consumer health: Procter and Gamble, Nestle, Unilever, deploying billions of dollars into precisely this category – personalized subscription-led wellness.
We’re leaning into that same wave early and on terms that are genuinely disciplined for our shareholders, because that’s the other thing I want you to hear clearly today. This is a capital light, largely deferred, performance-based structure. It protects our existing shareholders and it aligns Vitable’s team directly with the outcomes we’re all chasing together.
After a really challenging period of financial reset and fixing the underlying P&L, the exit of the non-core and underperforming US CBD business, we’re now starting to scale via acquisition, just as we told the market we would.
Gavin Evans, independent non-executive chairman of Elixinol Wellness
Vitable to add over $5m of revenue
Elixinol added that Vitable could add over A$5m of revenue, enabling the company to exceed A$20m in annual revenue.
This is supported by Vitable’s recurring subscription revenue and direct consumer capability.
The combined business is targeting A$27m in revenue and approximately A$3m of EBITDA by 2028.
“Vitable brings Elixinol an established subscription-based consumer platform, proprietary personalisation capability and direct consumer relationships. These capabilities are highly complementary to our existing Australian health and wellness brands and create clear opportunities to grow customer value across the Group,” said Elixinol Wellness’ CEO and Executive Director Natalie Butler.
“Having reset the business and sharpened our focus on Australia, this acquisition marks the next phase of Elixinol’s growth,” she added. “It adds recurring revenue, a direct relationship with thousands of consumers and the ability to deliver increasingly personalised wellness offers.”
Potential new services
Acquiring Vitable can also support cross-selling of Elixinol’s existing products to Vitable’s consumers and vice versa.
In addition, there are plans to include at-home tests providing biomarker results to Vitable’s service. This would enable the tracking of health outcomes in relation to supplement usage and, in turn, improve its personalized health supplement recommendations.
