Supplements represent a huge and growing market in the world of health and wellbeing. That means that the companies developing these supplements, such as Thorne HealthTech, are popular targets for investment firms like L Catterton. Now Thorne is getting ready to leave the public market and enter private ownership, hoping this will allow it to achieve further success with its products (https://longevity.technology/news/thorne-to-be-acquired-by-l-catterton-for-680-million-in-cash/).
In its current form, Thorne HealthTech traces its history to February of 2021, when the original Thorne announced its merger with Onegevity. This gave the health and wellness company access to a new, multi-omnic AI and machine learning platform that it has since used to develop tests that individuals can take to evaluate their own health data and biological age. It’s also well-known for its broad range of supplements, designed to help every person optimize their health.
As a sign of Thorne’s success, it is the only supplements manufacturer to have a direct partnership with the famous and well-regarded Mayo Clinic. Other partnerships included one with a professional cycling team, the UFC mixed martial arts organization, USA Boxing, USA Rowing and even the Department of Defense, each involving the use of different technologies or approaches aiming to improve health and wellbeing in specific circumstances.
L Catterton is a private equity firm that has made hundreds of investments since its founding in 1989, most of them in consumer-focused brands. Among its most recent expenditures is the backing of Tally Health, another big name in longevity, trying to help regular people live longer. L Catterton’s annual budget consists of around $34 million in equity capital. Its agreement with Thorne will see shares purchased at a price of $10.20 each. That means the overall value of the acquisition will be around $680 million.
Thorne HealthTech (NASDAQ: THRN) announced that it was going public just a few months after the Onegevity merger in 2021, but now it is returning to private hands. There are still various legal requirements and regulatory approvals to meet before the acquisition can be formally completed in the fourth quarter of 2023, with an investigation underway by an investor rights law firm to ensure that Thorne has met all its fiduciary duties and legal obligations. If the planned acquisition does go ahead, it will represent a major new chapter in Thorne’s attempts to improve consumer health and longevity.
