Thorne acquired by Procter & Gamble
Procter & Gamble agreed to acquire Thorne, a US supplements brand, on Aug 4, 2026.
Transaction summary
- Target
- Thorne
- Acquirer
- Procter & Gamble
- Seller
- L Catterton
- Announced
- 2026-08-04
- Geography
- United States
- Tags
- SupplementsVitaminsVMSWellness
- Type
- Acquisition
- Deal type
- Control
- Stake acquired
- -
- First added
- 2026-08-08
- Latest update
- 2026-09-17
Parties at the deal date
Seller
L Catterton is one of the world's leading consumer products focused private equity firms. L Catterton has deep expertise in consumer products, having made more than 200 investments since 1989, and being co-owned by LVMH (which owns brands including Louis Vuitton). We are able to provide our portfolio companies with access to substantial in-house and external resources to drive operational improvements and further growth. L Catterton has five current consumer brand investing platforms: a Flagship Buyout fund focused on $50-400m investments in North American and European companies, a North American Growth fund focused on $10-50m investments, a Latin American Fund focused on $40-75m investments, a Western Europe fund focused on EUR 25-75m investments, and an Asia fund focused on $50-150m investments. L Catterton also has a real estate fund that invests as a co-developer in large scale, mixed-use projects anchored by luxury retail. L Catterton was formed in 2016 through the merger of L Capital (the PE arm of LVMH) and Catterton, a US Private Equity firm.
Snapshot preserved for this transaction; current company profiles may differ.
Value and multiples
100% enterprise value
USD 3.8B
100% enterprise value | USD
Basis: Public source
Reported price is assumed to be 100% EV unless stated otherwise. Partial-stake estimates are qualified in the basis notes.
EV / revenue
5.85x
Period: Forward 2026
Basis: Derived from source data
EV / EBITDA
-
EBITDA basis not stated
Basis: Derived from source data
Amounts paid and other reported values
Original reported amounts and bases; a stake payment is distinct from the estimated whole-company valuation.
Consideration: USD 3.8B
P&G FY2026 Form 10-K, subsequent event: USD 3.8bn consideration. https://www.sec.gov/Archives/edgar/data/80424/000008042426000103/pg-20260630.htm
Basis
- USD 3.8bn consideration is treated as publicly disclosed or derived directly from public source data.
- Valuation covers 100% of the target; the amount invested or paid for a stake is separate.
- Implied EV / revenue is 5.85x, calculated from USD 3.8bn value and USD 650m revenue.
- Revenue and multiple inputs are not fully disclosed in public transaction materials reviewed; treat the multiple as an estimate.
- P&G FY2026 Form 10-K confirms the USD 3.8bn consideration and announcement date. The forward multiple uses the approximately USD 650m 2026 revenue forecast reported by TIKR. FY2025 revenue exceeded USD 500m, implying less than 7.6x historical revenue. Both calculations use purchase price, not an independently established enterprise value. No 2026 transaction EBITDA multiple is supported by the sources reviewed.
Source summary
Procter & Gamble FY2026 Form 10-K — Thorne subsequent event
ConfirmedP&G discloses its 4 August 2026 agreement to acquire Thorne for USD 3.8bn. Completion remains subject to approvals and closing conditions.
Open sourceTIKR — Thorne revenue and forecast (7 August 2026)
EstimatedTIKR reports FY2025 revenue above USD 500m and a forecast of approximately USD 650m for 2026. Using the USD 3.8bn purchase price, FundComb calculates below 7.6x FY2025 revenue and approximately 5.85x forecast 2026 revenue.
Open source