Private equity firms continue to show strong interest in consumer health and wellness brands globally. In this post, we highlight some of the most acquisitive PE firms in the health & wellness sector, with a particular focus on majority buyouts and control investments rather than minority stakes. The scope of this analysis includes branded, consumer-facing businesses across personal care and hygiene, sexual wellness, oral care, consumer medicine and OTC products, health devices, sleep products, and fitness and recovery categories. We exclude supplements and vitamins, as well as cosmetic skincare and beauty, which were covered in prior analyses.

Acquirers of various structures and sizes are profiled below and categorised into consumer-focused, healthcare-focused, and diversified private equity firms, ordered from largest to smallest by assets under management.

Mason Wells acquired Onyx Brands in October 2021

A number of the most prominent private equity investors in health and wellness are not listed in the sections below because their relevant activity falls primarily within verticals that we have already analysed in prior blog posts. Firms such as L Catterton, TSG Consumer Partners, North Castle Partners, CVC Capital Partners, Advent International, KKR, Bain Capital, Cinven, Bridgepoint, Inflexion, and Verdane are highly active across consumer wellness through major investments in skin care, beauty, supplements, and active-nutrition platforms, all of which are covered in our dedicated sector blog posts. The article below includes acquisitions in health & wellness that were not already covered in those subsectors.

Consumer-Focused Private Equity Firms

A number of private equity firms with a dedicated focus on consumer brands have been active acquirers across the health & wellness landscape. These investors typically target established, consumer-facing businesses operating in categories such as over-the-counter healthcare, personal wellbeing, and condition-specific products. Ranging from specialist lower-middle-market firms to multi-billion-dollar platforms, selected firms and their most relevant health & wellness acquisitions are profiled below.

Bansk Group

Bansk Group is a private investment firm headquartered in New York City, founded in 2019. It manages approximately $5 billion in assets. The firm focuses on consumer packaged goods (CPG) brands in beauty and personal care, consumer health, food and beverage, and household products. Bansk pursues control investments in profitable, growing businesses, targeting equity checks of $100-400 million to support organic and acquisitive growth through a hands-on operational model. It closed its inaugural fund at $800 million in 2023 and Fund II at $1.45 billion in December 2025.

Relevant Health & Wellness Acquisitions:

Arcadia Consumer Healthcare — September 2021: Arcadia Consumer Healthcare markets a portfolio of over-the-counter medicines, as well as premium vitamins, minerals, and supplements.

Yellow Wood Partners

Yellow Wood Partners, headquartered in Boston, Massachusetts, was founded in 2011. The firm manages approximately $2.3 billion in assets under management as of September 2024. It invests exclusively in the consumer industry, including beauty and personal care, household products, food and beverage, and active lifestyle brands, primarily across North America. Typical investments range from $50 million to $150 million in equity per transaction, targeting companies with revenues of $30 million to $200 million in control buyouts and growth equity.

Relevant Health & Wellness Acquisitions:

PlusOne / Beacon Wellness Brands — March 2022: Beacon Wellness Brands (formerly PlusOne) develops and markets sexual wellness devices and accessories under the PlusOne and Deia brands in the sexual wellness category. PlusOne holds the #1 position in North American mass channels for sexual devices with distribution in over 25,000 retail doors including Walmart, Target, CVS, and Walgreens.

Scholl — June 2021: Scholl is a global footcare brand outside the Americas, providing insoles, skin care, and treatments for foot conditions. Yellow Wood acquired it from Reckitt, reuniting it with Dr. Scholl’s.

Dr. Scholl’s — November 2019: Footcare brand offering insoles, treatments for foot conditions, and skin care products primarily in the Americas. Yellow Wood acquired the brand from Bayer, establishing Scholl's Wellness Company as a standalone business

Swander Pace Capital

Swander Pace Capital, founded in 1996, is a private equity firm headquartered in San Francisco, California, managing over $1bn in assets. The firm has raised cumulative equity commitments of approximately $2.2 billion. It focuses on investments in middle-market consumer products companies, particularly in food & beverage and health & wellness sectors, primarily in North America. Investments target manufacturers, marketers, and service providers across the consumer staples value chain.

Relevant Health & Wellness Acquisitions:

Mommy's Bliss — June 2021: Mommy's Bliss provides consumer medicine products formulated to soothe babies with digestive issues, with expanded expertise to support kids' digestive health, sleep, and immunity.

Healthcare-Focused Private Equity Firms

Alongside consumer specialists, a number of healthcare-dedicated private equity firms have also been active acquirers of consumer health and wellness businesses. These investors typically approach the segment from a clinical and product-driven perspective, targeting consumer-facing healthcare platforms that sit adjacent to regulated medical markets, including OTC therapeutics, medical devices adapted for home use, and branded sexual and personal health products.

Patient Square Capital

Patient Square Capital, headquartered in Menlo Park, California, was founded in 2020. The firm manages approximately $15 billion in assets and focuses exclusively on the health care sector, investing broadly across subsectors including development-stage therapeutics, commercial-stage pharmaceuticals, medical devices, diagnostics and life science tools, health care providers, and technology-enabled services. Patient Square partners with management teams to support growth in companies developing products, services, and technologies that address health needs.

Relevant Health & Wellness Acquisitions:

Eargo — November 2022: Eargo develops and sells virtually invisible, in-canal hearing aids for mild to moderate hearing loss through direct-to-consumer and omni-channel distribution. In March 2025, Eargo merged with hearX to form LXE Hearing, backed by an additional $100 million investment from Patient Square Capital.

Linden Capital Partners

Linden Capital Partners is a Chicago, Illinois-based private equity firm founded in 2004 that focuses exclusively on investments in the healthcare and life sciences sectors. The firm manages approximately $13 billion of assets across its strategies. Linden targets middle-market healthcare platforms across services, products, distribution, and pharmaceutical segments, primarily in North America, executing leveraged buyouts and related control-oriented transactions.

Relevant Health & Wellness Acquisitions:

LifeStyles Healthcare — December 2022: LifeStyles Healthcare is a global sexual health and wellness company focused on condoms, personal lubricants, and related products sold under brands such as LifeStyles, Manix, Unimil, Blowtex, and SKYN.

Avista Capital Partners

Avista Healthcare Partners is a New York-based private equity firm founded in 2005 as a spin-out from DLJ Merchant Banking that invests exclusively in healthcare businesses. The firm has invested approximately $9 billion across more than 50 growth-oriented healthcare product and technology companies, primarily in North America and Europe, through a series of dedicated healthcare funds including Avista Healthcare Partners VI, a $1.5 billion fund closed in 2024. Avista focuses on control buyout investments in high-growth middle-market healthcare companies across subsectors such as pharmaceuticals, medical devices, outsourced pharma and medtech services, distribution and diagnostics, consumer healthcare, and healthcare technology.

Relevant Health & Wellness Acquisitions:

WellSpring Consumer Healthcare – August 2022: WellSpring Consumer Healthcare develops and markets OTC consumer health brands in therapeutic skincare, digestive health, women's health, and personal hygiene categories in the U.S. and Canada.

Diversified Private Equity Firms

A number of generalist private equity firms with broad sector mandates have also been active investors in consumer health and wellness. While these firms do not specialise exclusively in consumer or healthcare, many have acquired health-oriented brands that align with wider themes such as personal care, preventative health, at-home treatment, and active lifestyle products.

Charlesbank Capital Partners

*KT Tape - acquired by Charlesbank in 2025*

Charlesbank Capital Partners, founded in 1998 after spinning out from Harvard University's endowment management group, is headquartered in Boston, Massachusetts. The firm manages approximately $23 billion in total assets across three strategies: flagship private equity, credit opportunities, and technology opportunities. Its flagship private equity strategy targets middle-market companies in business and consumer services, healthcare, industrials, and technology sectors, primarily in the United States, with typical enterprise values of $150 million to $3 billion and a focus on management-led buyouts.

Relevant Health & Wellness Acquisitions:

KT Tape — January 2025: KT Tape manufactures kinesiology tape and related performance and recovery products for pain relief and muscle support.

ThermaCare — November 2020: ThermaCare is a brand of air-activated heat therapy wraps providing targeted pain management for muscles, joints, back, neck, and menstrual cramps.

American Industrial Partners

American Industrial Partners, headquartered in New York, was founded in 1988. The firm manages approximately $17 billion in assets under management. It focuses on control investments in industrial businesses with operations in the U.S., Canada, and other developed markets, targeting sectors such as manufacturing, distributors, services, aerospace and defense, building products, chemicals, metals and mining, and industrial technology. 70% of its investments to date have been carve-outs or public-to-privates, and it targets platforms with sales greater than $500 million and EBITDA up to $350 million, or enterprise value up to $2 billion.

Relevant Health & Wellness Acquisitions:

Attindas (Domtar Personal Care) — August 2021: Attindas Hygiene Partners designs, manufactures, and markets absorbent hygiene products including adult incontinence, infant diapers, and related items in the personal care sector.

Trive Capital

Trive Capital is a generalist private equity firm, headquartered in Dallas, Texas and founded in 2012. The firm manages over $8 billion in assets and targets North American middle-market companies. Strategies encompass control buyouts with $10-250 million investments in companies with $40 million to $1.5 billion in revenue, structured capital solutions for $10-250 million needs, and small-cap platforms under $10 million.

Relevant Health & Wellness Acquisitions:

Right Guard and Dry Idea — August 2021: Right Guard and Dry Idea are established antiperspirant and deodorant brands serving the men's and women's personal care segments, respectively. Trive Capital acquired these brands from Henkel and formed Thriving Brands as a platform to pursue additional acquisitions within personal care categories.

Compass Diversified

Compass Diversified is headquartered in Westport, Connecticut, United States, with an additional office in Costa Mesa, California. The firm was founded in 1998 and went public via IPO in 2006. It focuses on acquiring controlling or majority stakes in middle-market companies primarily in North America across niche industrial, branded consumer, and healthcare sectors. Compass Diversified employs a platform-building strategy, acquiring initial platforms and pursuing add-on acquisitions, while investing through its balance sheet with a typical hold period of five to seven years. Target investments feature equity cheques between $75 million and $800 million in companies with annual EBITDA of $10 million to $80 million.

Relevant Health & Wellness Acquisitions:

The Honey Pot Company — January 2024: The Honey Pot Company produces plant-derived feminine hygiene products, including washes, wipes, pads, and tampons. (Note: it is rumoured that Compass Diversified is seeking to sell the Honey Pot Company, despite its strong performance)

NexPhase Capital

NexPhase Capital is headquartered in New York, and was formed in 2016 by former principals of Moelis Capital Partners. The firm has raised and manages approximately $2.6 billion in capital. It targets control buyouts in lower middle-market, growth-oriented companies in North America across consumer, healthcare, and software sectors. Typical equity investments range from $25 million to $150 million in companies with EBITDA up to $30 million, prioritizing those with 5-25%+ organic growth potential, high capital efficiency, and build-up opportunities in fragmented industries.

Relevant Health & Wellness Acquisitions:

Tubby Todd Bath — July 2022: Tubby Todd Bath is a consumer marketer of clean and effective baby and family personal care products, focused on sensitive skin conditions including eczema, offering healing ointments, creams, lotions, soap, suncare, and haircare products.

Juggernaut Capital Partners

Juggernaut Capital Partners is a private equity firm headquartered in Washington, D.C. With approximately $1.4 billion of assets under management, the firm focuses on lower‑middle‑market and middle‑market investments primarily in North America, with a sector emphasis on consumer, healthcare, and business services that support consumer products companies. Juggernaut specialises in both buyout and growth investments, typically seeking majority or substantial minority positions.

Relevant Health & Wellness Acquisitions:

French Transit – 2017: Platform company specialising in personal care and health device brands, including Crystal Body Deodorant and Naväge Nasal Care (acquired in March 2023, saline nasal irrigation device).

Foundation Consumer Healthcare – 2014: Platform company co-founded to acquire and scale branded OTC consumer medicine and women's health brands, including Breathe Right Nasal Strips (acquired in September 2020, nasal strips), Children's Dimetapp (acquired in September 2020, cough/cold medicine), Anbesol (acquired in September 2020, oral care), Alavert (acquired in September 2020, allergy medicine), and Dristan (acquired in September 2020, nasal decongestant).

Gridiron Capital

*Doctor Hoy’s - acquired by Foundation Wellness, a Gridrion Capital portfolio company, in 2022*

Gridiron Capital is a private equity firm headquartered in New Canaan, Connecticut, founded in 2006. It manages $2.1 billion in assets across 13 pooled investment vehicles. The firm targets middle-market companies in business services, consumer products and services, and industrial growth sectors primarily in North America for platforms and globally for add-ons. It pursues buyouts, founder recapitalizations, and corporate divestitures of companies with enterprise values over $150 million, deploying targeted equity investments of $100 million or more, with no minimum for add-on acquisitions.

Relevant Health & Wellness Acquisitions:

Foundation Wellness — April 2019: Foundation Wellness designs, markets, and manufactures premium orthotics and branded footcare solutions. In February 2022, the platform acquired Doctor Hoy's Natural Pain Relief, a manufacturer of natural pain-relieving topical gels.

Mason Wells

Mason Wells is a private equity firm headquartered in Milwaukee, Wisconsin, founded in 1998. The firm manages approximately $1.9 billion in assets across its private equity funds. It focuses on control-oriented buyouts of lower middle-market companies primarily headquartered in the Midwestern United States. Mason Wells targets four industry sectors: consumer packaged goods, engineered products and services, outsourced business services, and packaging materials and converting. Platform companies typically have revenues of $25 million to $300 million and EBITDA of $5 million to $30 million, with plans for 10 to 15 such investments per fund.

Relevant Health & Wellness Acquisitions:

Onyx Brands — October 2021: Onyx Brands is a designer, marketer, and manufacturer of branded health and personal care products, with a focus on foot care, nail care, and bath and body products.

Inspirit Capital

Inspirit Capital is a private equity firm headquartered in London, United Kingdom, founded in 2019. The firm focuses on control investments in corporate carve-outs and special situations involving small and medium-sized businesses, primarily headquartered in the UK or Ireland, divested by large global corporations, targeting those with revenue greater than £20 million and enterprise values up to £100 million. Typical equity investments range from £3 million to £10 million per deal, with capacity for larger transactions through co-investments from its limited partners. Inspirit targets non-core divisions that are complex to separate, aiming to transform them into standalone entities through operational execution.

Relevant Health & Wellness Acquisitions:

This Works — December 2023: This Works is a UK-based natural skincare and wellness brand specializing in sleep and body clock-aligned products such as pillow sprays and serums. The brand was valued at up to £9.3 million.

Westward Partners

Westward Partners is a private equity firm headquartered in Seattle, Washington, founded in 2010, managing approximately $290 million in assets. The firm targets control buyouts in lower middle-market companies with revenues of $20-500 million and EBITDA of $5-25 million. Investments focus on business services, consumer, manufacturing, and retail sectors primarily in the Northwestern United States. Westward closed its debut fund, Westward Partners Fund I, at $76 million in 2019.

Relevant Health & Wellness Acquisitions:

Superfeet — June 2021: Superfeet manufactures high-performance orthotic insoles for sports, wellness, and everyday use in the foot health and performance category.

KKA Partners

KKA Partners is a private equity firm headquartered in Berlin, Germany, founded in 2018. The firm closed its second fund, KKA Value Fund II, at €230 million in 2023. It focuses on majority buyouts and control positions in long-established, profitable lower mid-market Mittelstand companies in the DACH region (Germany, Austria, Switzerland). Target sectors include healthcare, smart industries, business services, and consumer branded goods and services. Investments target companies with €5-15 million EBITDA (sweet spot), €2 million minimum for add-ons, equity checks of €20-30 million, and enterprise values of €50-120 million.

Relevant Health & Wellness Acquisitions:

Blackroll — January 2021: Blackroll develops and sells fascia training and recovery products, including foam rollers and massage balls.

Selected Strategic Buyers in Health & Wellness

Strategic buyers in the health and wellness consumer products sector have been active across OTC remedies, oral care, pain management, hygiene, and personal care. While activity has been more selective than in adjacent segments such as skincare or supplements, a number of large consumer and healthcare groups have completed acquisitions in these categories since 2020.

Procter & Gamble’s acquisition of Native Deodorant for $100m in 2017 pre-dates the scope of our analysis, but the acquisition is so well-known in DTC circles we felt we would be remiss to exclude it. While P&G is not highly acquisitive, it more recently acquired Wonderbelly, a clean-label digestive health OTC brand, in January 2026. In the same month, Clorox announced the $2.25 billion acquisition of GOJO Industries, the owner of the Purell hand sanitiser brand.

Only eight months earlier in May 2025, Church & Dwight had acquired another hand sanitiser brand, Touchland, for $700 million plus up to $180 million in contingent consideration. The company has been active in this space for some time, having acquired TheraBreath, an alcohol-free mouthwash brand, in December 2021 for $580 million and others before this.

It is no surprise that Colgate-Palmolive is active in oral care. It acquired Hello Products, a natural oral care brand offering toothpaste, mouthwash and toothbrushes, in January 2020 for $350 million.

Prestige Consumer Healthcare, a US-listed owner of branded OTC products, acquired Akorn’s consumer health business in July 2021, including TheraTears and Zostrix.

On the other side of the Atlantic, Unilever recently turned heads with its acquisition of Wild, a UK-based refillable deodorant and body care brand, in April 2025 for approximately £230 million. Two months later it acquiredacquired Dr. Squatch, the men’s personal care brand focused on soaps, deodorants and body care, from Summit partners for $1.5 billion.

Also in the UK, Reckitt Benckiser acquired Biofreeze, a U.S. topical pain relief brand, in July 2021 for $1.1 billion. The transaction also included TheraPearl, a hot and cold therapy brand.

Dublin-based Perrigo, a global consumer self-care and OTC pharmaceutical company, completed the €1.8 billion acquisition of HRA Pharma in April 2022. HRA owns consumer health brands including Compeed, ellaOne and Mederma.

Essity, a Swedish hygiene and health products company, has been active in women’s health and hygiene. In November 2025, Essity acquired Edgewell’s feminine care business, including Carefree, Stayfree, o.b. and Playtex, for $340 million. In 2022 it acquired Modibodi and Knix, both specialising in leakproof apparel for periods and incontinence.

Other active strategics across Europe include Cooper Consumer Health, a pan-European consumer healthcare group, which acquired Viatris’ OTC business, which included medicine brands such as Betadine, Saugella, CB12 and Armolipid, in July 2024. STADA, a European pharmaceutical and consumer healthcare platform, acquired multiple consumer healthcare portfolios from GSK in 2020 and from Sanofi in 2021 and 2023, covering cough, cold, pain relief and other OTC categories across Europe.

Strategic M&A in health and wellness remains more targeted than in other consumer categories, but the buyers that are active are typically global platforms. For founders of differentiated consumer health brands, the right acquirer can provide scale, credibility, and long-term brand stewardship. As with other consumer sectors, identifying the optimal buyer requires a deep understanding of both category dynamics and corporate acquisition strategies, making specialist M&A advice essential in achieving the best outcome.

Private Equity Acquirers in Health & Wellness CPG

Consumer-Focused Private Equity Firms

Healthcare-Focused Private Equity Firms

Diversified Private Equity Firms

Selected Strategic Buyers in Health & Wellness

GW Hahnbeck Announces The Sale of Leading Cold Plunge & Sauna Brand