Unilever $UL weighs Thorne bid at up to $4B, FT reports

Unilever $UL is exploring a bid for Thorne that could value the U.S. dietary-supplements maker at up to $4B, according to Financial Times reporting dated June 26. The potential transaction clears the finance crawler’s M&A threshold because the reported valuation is well above $500M and involves a global consumer-products issuer.

Thorne is owned by private-equity firm L Catterton. FT reported that the company is projected to generate about $650M of revenue this year, after L Catterton bought it for $680M in 2023 following its short period as a Nasdaq-listed company. FoodBev’s summary of the FT report also identified Thorne as a Summerville, South Carolina company founded in 1984, with products across powdered beverages, softgels and capsules.

The numbers frame why the story matters for Unilever shareholders. A $4B price would be roughly 6.2 times the reported $650M revenue base before any debt, earn-out or synergy adjustments. That multiple would put the asset in the high-growth wellness bucket rather than the slower staples category that still dominates many consumer-products portfolios.

The reported bid also fits Unilever’s recent shift toward wellness, beauty and higher-margin personal-care assets. FT noted that Unilever has bought brands such as Liquid I.V. and Nutrafol in adjacent categories. A Thorne transaction would add a science-positioned supplements brand at a larger ticket size and would test investor tolerance for more capital allocation into non-food growth brands.

No binding transaction has been announced. FT reported that no final decision has been made and that Unilever and L Catterton declined to comment. The next market-moving documents would be a formal offer announcement, financing terms, regulatory filings, or a statement from L Catterton confirming a sale process. Until then, the report is a credible M&A signal, not a completed acquisition.

Not investment advice. Verify all figures with primary sources before acting.