Wellness trends are driving private equity interest in nutraceuticals, with firms like Butterfly Equity, Graham Partners and Wise Equity actively transacting in the space.

Wise Equity acquired E-Pharma Trento, an Italian CDMO specializing in nutraceuticals and consumer health, from its Wise Equity VI fund. The company, which operates two plants in Trento with a combined capacity of around 900 million units per year, generated over €55 million in revenue in 2025, with 45% coming from outside Italy. Unifarm retained a minority stake.

In July, Butterfly Equity and Graham Partners invested in Custom Flavors, a California-based maker of liquid and powdered sweet flavors serving the nutraceuticals industry. The deal created a flavor investment platform backing both Custom Flavors and Target Flavors.

Demand for antimicrobial testing is fueling activity in life sciences. Astorg recently completed a carve-out of Thermo Fisher Scientific's microbiology business for approximately $1.1 billion, acquiring a division with over 15,000 customers across more than 100 countries. The business will operate independently and launch under a new corporate brand later this year.