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Unilever is exploring a bid for Thorne, the supplements maker valued at up to $4bn, as the consumer goods group hunts for acquisitions to accelerate growth in the wake of a divisive deal to combine its food division with McCormick.
The Dove and Domestos maker is among several bidders circling the long-established US supplement brand, which has been put up for sale by its private equity owner L Catterton, according to people familiar with the matter.
South Carolina-based Thorne sells dietary supplement pills — such as magnesium and omega-3 — primarily in the US. The business, which was founded in 1984, is expected to reach $650mn in revenues this year.
LVMH-backed L Catterton is seeking a sale that values Thorne as high as $4bn, some of the people said. Achieving that would represent a remarkable return on a business it acquired for $680mn through a take-private deal in 2023.
That deal came just two years after Thorne listed on the Nasdaq at $10 per share, marginally below the level at which it was taken private. CNBC reported this year that Thorne had increased annual revenues at a compound rate of more than 30 per cent under L Catterton’s ownership.
The auction was expected to draw interest from other consumer goods groups, the people said, who cautioned that no final decisions had been taken yet. Unilever and L Catterton declined to comment.
Thorne, whose core customers are young adults, sought to bolster its credentials as a science-driven brand by partnering with sports associations and teams.
Chief executive Fernando Fernandez is the latest Unilever boss to try and tilt the FTSE 100 group’s portfolio towards faster-growing beauty and wellbeing brands.
A deal for Thorne would come after acquisitions of brands, including hydration sachet maker Liquid IV, hair growth supplement Nutrafol and three vitamin brands: Olly, SmartyPants and Grüns. Sales in Unilever’s wellbeing division rose at a double-digit rate in 2025.
However, Unilever has been criticised in the past for overpaying for challenger brands such as Dollar Shave Club, which it acquired for $1bn in 2016 before selling it in 2023, after failing to integrate it into the group.
Its acquisition of another subscription-based brand, Graze, also went awry. The business made an operating loss every year under Unilever’s ownership.
Beauty and wellness are among the few product categories that have proved resilient in a generally subdued environment for consumer demand. They also tend to carry higher profit margins than packaged food and homecare brands.
Unilever shares tumbled 7 per cent after it unveiled a deal in March to combine its food business with US spice maker McCormick. Investors have expressed concern over the indebtedness of the combined business, in which it will own a 65 per cent stake.
