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Alternative Assets  + Direct Investment  + M&As  + Private Equity  |  August 29, 2023
L Catterton to Take Supplement Maker Thorne Private for $680M
Joe Palmisano
By: Joe Palmisano

L Catterton to Take Supplement Maker Thorne Private for $680M

Consumer-focused private equity firm L Catterton agreed to take nutritional supplement maker Thorne HealthTech private in an all-cash deal valued at $680 million.

L Catterton will pay $10.20 per share, representing a 94% premium to the unaffected closing share price on July 20, 2023, and a 113% premium to the 30-day volume weighted average price as of July 20.

New York-based Thorne went public in September 2021 in a $70 million IPO at a $525.1 million valuation.

“We are very pleased to have reached an agreement with L Catterton, which offers immediate liquidity at a significant premium to our stockholders,” said Sarah Kauss, a member of Thorne’s Board of Directors and Chair of the Special Committee of Thorne’s Board of Directors.

L Catterton has $34 billion in assets under management across private equity, credit and real estate. Its investments in the health and wellness sector include the yoga studio chain CorePower Yoga; Energy Brands, the company behind Smart Water; OneSpaWorld; and Saje Natural Wellness.

The transaction is expected to be completed in the fourth quarter of 2023.

CG Sawaya Partners (operating under Canaccord Genuity) served as exclusive financial advisor and Wilson Sonsini Goodrich & Rosati served as legal advisor to Thorne and the Special Committee of the Board of Directors. BofA Securities served as financial advisor and Kirkland & Ellis LLP served as legal advisor to L Catterton.

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L CattertonThorne HealthTech

About Joe Palmisano

Joe Palmisano is editorial director of Connect Money, where he oversees daily coverage of alternative assets, direct investments, financial advisory and the economy. He brings three decades of experience as a financial journalist, analyst and portfolio manager. Before joining Connect Money, Palmisano wrote for The Wall Street Journal, covering foreign exchange, global fixed-income and equity markets. He later served as a senior research analyst and portfolio manager, producing market analysis and managing foreign exchange and U.S. equity portfolios for FX Concepts. His work has also appeared in SFO Magazine and CMT Association publications. Palmisano earned a bachelor’s degree in finance from The American University and holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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