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Fairness Opinion Detail

THRN FOOpen source

Thorne Healthtech, Inc. to L Catterton

Consumer Health/Aug 2023/Canaccord Genuity

Deal Information

Target
Thorne Healthtech, Inc.
Acquiror
L Catterton
Sector
Consumer Health
Target Type
Public
Acquiror Type
Financial
Advisors
Canaccord Genuity

Transaction Metrics

Enterprise Value
$681M
EV / LTM Sales
EV / LTM EBITDA
21.2x
EV / Fwd EBITDA

Advisor Transaction Comparables

Comparable transactions cited by the advisor, excluding the subject transaction.

Advisor: Canaccord Genuity

TEV / LTM Adjusted EBITDA selected range: 10.4x - 17.0x

23 comps
Jul 2023Quten Research Institute LLC
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Sanofi S.A.$1.4B---
Apr 2023Blackmores LimitedKirin Holdings Company, Limited$1.2B-23.1x-
Jun 2022Nutrawise Health & Beauty Corp.Jamieson Wellness Inc.$210M-10.0x-
May 2022Nutraceutical Wellness LLC
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Unilever plc----
Feb 2022Orgain LLC
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Nestlé S.A.----
Dec 2021Metagenics, Inc.
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Gryphon Investors Inc.----
Apr 2021The Bountiful Company (core brands)Nestlé S.A.$5.8B-16.8x-
Dec 2020Biogix, Inc.Alliance Pharma plc$110M-15.7x-
Dec 2020Smarty Pants Vitamins, Inc.
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Unilever plc----
Nov 2020Noho Health, Inc.
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Bayer AG$225M---
Oct 2020Natrol, LLC
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Jarrow Formula, Inc.$550M---
Jun 2020Vital Proteins LLC
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Nestlé S.A.----
Apr 2019Olly Public Benefit Corporation
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Unilever plc----
Apr 2018Merck KGaA (consumer health business)The Procter & Gamble Company$4.2B-19.5x-
Mar 2018Nutranext LLC
NA denotes LTM Adjusted EBITDA statistic not publicly available.
The Clorox Company$700M---
Dec 2017Atrium Innovations Inc.
NA denotes LTM Adjusted EBITDA statistic not publicly available.
Nestlé S.A.$2.3B---
Jul 2017The Natures Bounty Co.
NA denotes LTM Adjusted EBITDA statistic not publicly available.
KKR & Co. Inc.----
May 2017Nutraceutical International Corp.HGGC LLC$446M-9.2x-
May 2016Renew Life Formulas, Inc.
NA denotes LTM Adjusted EBITDA statistic not publicly available.
The Clorox Company$290M---
Sep 2015Swisse Wellness Pty Ltd.Biostime Healthy Australia Pty Ltd.$1.2B-10.2x-
Nov 2013Atrium Innovations Inc.Permira Advisers Ltd.$1.0B-10.8x-
Nov 2012Schiff Nutrition International, Inc.Reckitt Benckiser Group plc$1.4B-17.0x-
Aug 2012Avid Health, Inc.Church & Dwight Co., Inc.$650M-11.2x-
Mean-14.3x-
Median-13.4x-