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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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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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