L Catterton, a leading global consumer-focused investment firm, today announced the successful completion of its acquisition of Thorne HealthTech, Inc. (NASDAQ: THRN), a leader in delivering innovative solutions for a personalized approach to health and wellness.
“As consumer investors, we closely follow enduring secular trends, including the consumer’s increasing prioritization of health and wellness,” said Marc Magliacano, co-Managing Partner of the Flagship Fund at L Catterton. “As we begin this partnership with Thorne, returning this leading clinical brand to the private market, we look forward to focusing our resources and strategic planning on executing on Thorne’s vision of delivering clinically backed outcomes utilizing specialized health tests and personalized supplement and wellness programs to patients around the globe.”
The Offer and the Merger
The tender offer to purchase all of the issued and outstanding shares of Thorne’s common stock (“Shares”) in exchange for $10.20 per Share, net to the seller in cash, without interest and less any required withholding taxes (the “Offer”), expired as scheduled at one minute past 11:59 p.m., Eastern Time, on October 12, 2023 and was not extended (such date and time, the “Expiration Time”). L Catterton previously announced that, as of the Expiration Time, 52,596,517 Shares were validly tendered and not validly withdrawn in the Offer, representing 97.3% of the issued and outstanding Shares as of the Expiration Time. In accordance with the terms of the Offer, L Catterton and its affiliate, Healthspan Merger Sub, Inc., accepted for payment all such Shares that were validly tendered and not validly withdrawn pursuant to the Offer. Following completion of the Offer, L Catterton completed the acquisition of Thorne through the previously planned second-step merger. Thorne’s common stock will be delisted from the Nasdaq Global Select Market and deregistered under the Securities Exchange Act of 1934, as amended.
Advisors
BofA Securities served as financial advisor and Kirkland & Ellis LLP served as legal advisor to L Catterton.
About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital and three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.
