M&A · Healthcare · Pharmaceutical Preparations
L Catterton to acquire Thorne Healthtech, Inc.
Announced Aug 28, 2023 · Closed Oct 16, 2023
Deal value$680MEV $546M
Premium94.0%To unaffected price
EV / Adj. EBITDA—2.1x EV / Revenue
ConsiderationAll cash$10.20 per share
Transaction
- Acquirer
- L Catterton
- Target
- Thorne Healthtech, Inc.
- Buyer type
- Private equity
- Offer price per share
- $10.20
- Enterprise value
- $546M
- Status
- Closed Oct 16, 2023
Deal protections
- Break fee (target pays)
- $25.2M · 3.7%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Canaccord Genuity
Sector context · Healthcare
- Comparable deals
- 90 in the prior 24 months
- Premium
- 94.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.7% vs. 3.5% sector median
Timeline
- AnnouncedAug 28, 2023
- Tender offerSep 14, 2023
- ClosedOct 16, 2023
Valuation · fairness opinions
Precedent transactions$4.91$8.14
Discounted cash flow$6.42$11.88
Offer $10.20
Implied value per Thorne Healthtech, Inc. share by analysis, from Canaccord Genuity · DCF discount rate 11%–15%.