P&G Buys Thorne for $3.8B as Wellness M&A Surges

The wellness industry is experiencing a surge in mergers and acquisitions, with Procter & Gamble's recent acquisition of Thorne for $3.8 billion being the latest example.

Thorne, founded in 1984, was previously taken private by L Catterton in a deal valued at $680 million after an initial public offering in 2021. The company's annual revenue surpassed $500 million in 2025.

The acquisition is part of a larger trend of large consumer packaged goods companies seeking out science-backed, high-growth brands to add to their portfolios as consumer priorities shift toward longevity and functional health.

Mike Ross, PwC's U.S. consumer markets deals leader, notes that 'we're seeing CPG companies becoming much more intentional about what belongs in their portfolios,' driven by growing demand for better-for-you products and the adoption of GLP-1 medications.