Yellow Wood Partners agreed to acquire Nestlé's mainstream vitamins, minerals, and supplements business for $1bn. The deal covers seven brands, Nature’s Bounty, Osteo Bi-Flex, Ester-C, Gard, Nuun, Puritan’s Pride, and Sisu, plus Nestlé’s US private-label supplements business and its dedicated manufacturing, packaging, warehousing, and distribution operations. Nature’s Bounty is the anchor, described as the second-largest overall vitamins brand and the leading women’s health brand in the US, present in more than 20% of American households.

The business operates predominantly in the US, with a presence in other markets including Canada and China. The transaction marks Yellow Wood’s sixth carve-out from five major global consumer companies, following deals with Bayer, Reckitt, Unilever, and Haleon. At $1bn against $1.2bn of annual sales, the price implies a multiple below one times revenue.

Nestlé acquired several of these brands, Nature’s Bounty among them, as part of its $5.75bn purchase of The Bountiful Company in 2021, retaining the premium Solgar from that same deal. The divestiture follows a run of disposals under Nestlé CEO Philipp Navratil, including the sale of half of Nestlé’s water business in a $3.4bn transaction with Platinum Equity earlier this year.