NEW
YORK, Oct. 16, 2023 /PRNewswire/ -- L
Catterton, a leading global consumer-focused investment firm, today
announced the successful completion of its acquisition
of Thorne HealthTech, Inc. ("Thorne") (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validly tendered and not validly withdrawn in the Offer,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not validly withdrawn pursuant to the Offer.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.
Forward-Looking Statements
This communication contains forward-looking statements. All
statements other than statements of historical facts contained in
this communication are forward-looking statements. In some cases,
you can identify forward-looking statements by terms such as "may,"
"will," "should," "would," "expect," "plan," "anticipate," "could,"
"intend," "target," "project," "contemplate," "believe,"
"estimate," "predict," "potential" or "continue" or the negative of
these terms or other similar expressions. Forward-looking
statements contained in this communication include, but are not
limited to, statements regarding Thorne's acquisition by L
Catterton or its affiliates (the "Transaction") and the delisting
and deregistration of Thorne's common stock. These forward-looking
statements involve risks and uncertainties. If any of these risks
or uncertainties materialize, or if any assumptions prove
incorrect, actual results could differ materially from the results
expressed or implied by these forward-looking statements. Because
forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified, you
should not rely on these forward-looking statements as predictions
of future events. All forward-looking statements in this
communication are based on information available as of the date of
this communication, and neither Thorne nor L Catterton
assumes any obligation to update the forward-looking statements
provided to reflect events that occur or circumstances that exist
after the date of this communication, except as required by
law.
Contact:
Julie Hamilton
Julie.hamilton@lcatterton.com
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SOURCE L Catterton