Unilever exploring $4 billion bid for Thorne supplements

Financial Times··Read original
3▲0 ▼0Impact / 5
Summary · why it matters

Unilever is exploring a $4 billion bid for U.S. dietary supplements brand Thorne, according to the Financial Times. Thorne's private equity owner L Catterton has initiated a sale process that has attracted multiple potential buyers, including Unilever and consumer healthcare group Haleon. The asking price would dwarf the $680 million L Catterton paid to take Thorne private in 2023, with the brand on track for $650 million in annual revenues and having posted compounded annual revenue growth exceeding 30 percent under L Catterton's control. Unilever has made a string of wellness purchases in recent years, including Liquid IV, Nutrafol, Olly, SmartyPants, and Grüns, and its wellbeing unit recorded double-digit revenue growth in 2025. CEO Fernando Fernandez has been reshaping Unilever's portfolio toward beauty and wellness, though past acquisitions like Dollar Shave Club and Graze have not always succeeded.

Impact on assets 4

Consumer Staples▲
Unilever PLC
UNLYD
± MixedCapitalrelevance

Unilever is exploring a $4B bid for Thorne, but past acquisitions like Dollar Shave Club have not always succeeded, making the impact uncertain.

Health Care▲
Haleon PLC
HLN
± MixedCompetitionrelevance

Haleon is mentioned as another potential buyer, but no outcome is certain.

Consumer Discretionary▲

Off-coverage companies 9

Thorne HealthTech, Inc.i
Private▲ PositiveCapitalrelevance

Thorne is the target of a potential $4B acquisition, far above its 2023 take-private price, indicating a positive valuation event.

Dollar Shave Clubi
Private± Mixedrelevance

Grazei
Private± Mixedrelevance

Grunsi
Private± Mixedrelevance

L Cattertoni
Private± Mixedrelevance

Liquid I.V.i
Private± Mixedrelevance

Nutrafoli
Private± Mixedrelevance

Ollyi
Private± Mixedrelevance

SmartyPants Vitaminsi
Private± Mixedrelevance