IM8’s $1 billion non-dilutive growth financing deal and Procter & Gamble’s $3.8 billion acquisition of Thorne HealthTech have raised questions about whether similarly large transactions could become more common in the supplement industry.
“I still think the $1 billion deal is not going to become normalized in the near future,” said Noah Voreades, CEO and cofounder of Thrive Advisory Group. “There’s only a small cohort of companies or private equity firms that can write such large checks.”
Global M&A deal value approached $5 trillion in 2025, with transactions worth at least $1 billion accounting for 57% of the total, according to Pitchbook. That was the highest share in a decade.
The number of deals exceeding $5 billion rose to 122 in 2025, up from 76 in 2024. The momentum continued into early 2026. Much of the broader megadeal activity has been driven by companies investing heavily in AI capabilities and the energy infrastructure needed to support them.
Additionally, major corporations have record amounts of cash on hand and are capitalizing on a lax regulatory environment to make transactions.
A new benchmark?
In the supplement and wellness sectors, large consumer packaged goods (CPG) companies and private equity firms are acquiring brands, contributing to broader market consolidation.
Large CPG and food corporations may be struggling to build new, organic health and longevity categories, so acquiring established brands is a lucrative alternative. GLP-1 weight-loss medications play a role, too, by putting a premium on functional wellness as consumers seek protein, gut health and recovery support.
The environment is also bolstered by major players that are divesting legacy food to put funds on higher-margin, science-backed or direct-to-consumer subscription supplement brands.
Recent $1 billion supplement deals
* Procter & Gamble (P&G) / Thorne: P&G agreed to acquire Thorne HealthTech for $3.8 billion.
* Kirin / Jamieson Wellness: Japanese beverage and beer company Kirin is buying Canada’s Jamieson Wellness for about $1.8 billion, which includes the acquisition of debt.
*Bain Capital / Vitabiotics: Private equity firm Bain Capital agreed to acquire UK-based vitamin brand Vitabiotics. The deal was valued at roughly $1.2 billion.
*Yellow Wood Partners / Nestlé Brands: Nestlé agreed to sell a portfolio of mainstream vitamin and supplement brands (including Nature’s Bounty and Puritan’s Pride) to private equity firm Yellow Wood Partners for $1 billion.
* IM8 secured a $1 billion growth financing commitment from General Catalyst’s Customer Value Fund for $1 billion.
* Unilever / Grüns: Unilever acquired an 80% stake in nutrient-gummy startup Grüns for approximately $890 million.
In the supplement industry, however, billion-dollar deals may still be an anomaly.
“I think the big challenge for companies currently in the queue is they’re going to want to use Grüns and IM8 to justify why they should potentially get a billion-dollar exit,” Voreades said. “This level of exit is not solely revenue driven. It’s about brand reputation, scientific efficacy and brand credibility, which all matter in the final exit calculus.”
Voreades said Thorne’s valuation reflected a combination of tangible and intangible assets that set the brand apart from others in its category.
“I don’t think the billion-dollar-and-above deal is the new benchmark,” he said. “However, it will be a level more brands at certain revenue levels might be looking to exit at.”
Michael Bush, managing partner at GrowthWays Partners, said only a handful of companies will transact at these high valuations.
IM8, the wellness brand backed by David Beckham, was an outlier, Bush said, pointing to its $1 billion financing deal announced in July.
“It was an investment in what was fundamentally a startup built around a celebrity founder,” he noted. “Still, as some of our more mature or fast-growing brands continue to make inroads, there will always be room for large transactions. The core issue, though, is expectation setting around these deals. I’ve recently had a conversation with a founder with a billion-dollar exit goal, but that founder is missing a few key items.”
For example, Bush said companies cannot reach that level of exit unless they have a recognized name and global following, have a product that generates positive EBITDA, and have a brand that is not niche or meets the needs of only a small corner of the commodity market.
“We should all plan for average and shoot for above average, but billion-dollar transactions don’t happen without good reason,” he said. “These are sophisticated buyers with a strong thesis behind their valuations.”
