Unilever explores $4B bid for supplement maker Thorne

Unilever ↘ 1.47% is among multiple bidders considering an offer for Thorne, the U.S. dietary supplements company that could be valued at up to $4 billion, according to the Financial Times News Corp ↘ 0.33% on Friday. The report, citing people familiar with the matter, said that L Catterton is pursuing a sale process for the brand it took private less than three years ago.investing+1

Both Unilever and L Catterton declined to comment to the Financial Times.investing

A Fast-Growing Supplements Brand

The potential deal would represent a dramatic rise in Thorne's valuation. L Catterton acquired Thorne HealthTech from the Nasdaq in October 2023 for approximately $680 million. Under private ownership, the company has grown rapidly — surpassing $500 million in annual revenue in 2025 and tracking toward $650 million in sales in 2026, according to CNBC ↘ 1.47%.nutraingredients+2

Axios first reported in March that L Catterton was exploring a sale at the $4 billion price point, a figure that would represent nearly six times what the private equity firm paid for the business.axios+1

Unilever's Wellness Push

A bid for Thorne would align with Unilever's aggressive push into the health and wellness category. The company completed its $1.2 billion acquisition of Grüns, a U.S. greens supplement brand, on June 1. Unilever already owns several supplement and wellness brands including Onnit, OLLY, SmartyPants Vitamins, and Liquid I.V..unilever+1

The interest in Thorne comes during a period of broader portfolio restructuring at Unilever. The company combined its food division with McCormick ↘ 3.12% in a deal announced in March, and recently completed a €1.5 billion share buyback. CEO Fernando Fernandez has defended the strategy of refocusing the company around beauty, personal care, and wellbeing.x+3

What's Next

With multiple bidders reportedly circling Thorne, a deal could emerge as one of the largest acquisitions in the supplements industry. L Catterton's sale process is expected to attract interest from both strategic buyers and rival private equity firms, given the brand's growth trajectory and the booming consumer wellness market.