Private equity firm L Catterton is shopping Thorne, the U.S. supplement maker, to buyers including Unilever, in a deal that could fetch up to $4 billion. The auction comes just three years after L Catterton took Thorne private for $680 million, potentially delivering nearly six times the original investment.

Thorne, founded in 1984, markets science-based dietary supplements like magnesium and omega-3 primarily to younger adults. Under private ownership, the South Carolina company grew annual revenues at over 30% compound rate and is projected to hit $650 million in sales this year. The brand has courted its target demographic through sports partnerships and association sponsorships.

The wellness and beauty sector has proven resilient amid soft consumer spending, typically commanding higher margins than traditional packaged goods. This makes Thorne appealing to both strategic players like Unilever and financial buyers. Unilever has been actively acquiring wellbeing brands including Liquid IV and Nutrafol, with its wellbeing division posting double-digit growth in 2025.

However, Unilever faces skepticism after previous missteps with challenger brands. The company paid $1 billion for Dollar Shave Club in 2016 before divesting it in 2023, and subscription snack business Graze lost money annually under its ownership. Thorne's rapid value creation since going private underscores the premium private equity can achieve in favorable market segments.