Supplements, vitamins, and active nutrition remain high-priority categories for private equity investors globally, driven by strong consumer demand and recurring revenue potential. This post highlights some of the most acquisitive private equity firms in the vitamins, minerals & supplements (VMS) space, with a focus on control investments and full buyouts rather than minority investments and growth capital. The scope of this analysis includes branded, consumer-facing businesses across supplements, vitamins and active nutrition. We have excluded pet supplements and contract manufacturers (which will be the subject of future posts), as well as nutritional beverages which were included in a previous analysis of food & beverage investors. Acquirers of various structures and sizes are profiled and categorised from largest to smallest within each section.

We have also highlighted a selection of strategic buyers in supplements at the end of the analysis.

CVC Partners’ The Quality Group platform acquired RAW Nutrition in April 2025

Consumer Products-Focused Private Equity Firms

A number of private equity firms focused on the consumer goods space have made recent acquisitions in the supplements space. These include larger firms such as L Catterton with nearly $40bn in AUM to smaller players such as WM Partners. Some are focused on a broad range of consumer products categories, others are focused specifically on nutritional & wellness, or more nutritional supplements more specifically.

A number of selected firms are profiled in more detail below.

L Catterton

L Catterton is the world’s largest consumer-focused private equity firm, headquartered in Connecticut, with approximately $37 billion in equity capital under management. Founded in 1989 (with roots from Catterton-Simon Partners) and rebranded following its 2016 merger with LVMH’s private equity arm and Groupe Arnault, the firm operates globally across 18 offices covering North America, Europe, Asia, Latin America, and China. L Catterton typically deploys equity checks of $10m–$150m, with its flagship Buyout fund targeting $75m–$500m in North America and Europe. The firm has completed over 275 investments since inception, across sectors including beauty, haircare, cosmetics, skincare, food & beverage, pet, and fitness.

Relevant Supplements Acquisitions:

Thorne HealthTech – August 2023: Completed a take-private acquisition of Thorne HealthTech through a $680 million tender offer. Thorne is a science-led wellness company providing personalised health testing and dietary supplements via its DTC platform and healthcare channels.

Kainos Capital

Kainos Capital is a Dallas-based, North America‑focused private equity firm specialising exclusively in the food and consumer products sectors. Founded in 2012, it has invested in more than 20 companies across food, beverage, health and wellness, specialty manufacturing, and nutritional supplements and has over $2bn in AUM. The firm typically targets family and founder-owned companies with enterprise values in the middle market - typically generating $10m-$80m EBITDA and requiring equity investments of $50m-$150m - where it aims to double EBITDA within 3‑5 years.

Relevant Supplements Acquisitions:

Ancient Nutrition – January 2025 (via Wellful): Leading U.S. supplements brand focused on collagen, protein, and gut-health products. Acquired through Wellful, a Kainos-backed health and wellness platform.
CellCore Biosciences – March 2022: Practitioner-led wellness company offering a range of dietary supplements and natural health products.
Nutrisystem – October 2020 (exited in 2021): Direct-to-consumer weight-loss brand with a portfolio that included meal replacements and nutritional supplements. Acquired from Tivity Health and later merged with Wellful, Kainos’s broader health platform.

WM Partners

WM Partners is a Florida-based private equity firm founded in 2015, focused exclusively on health and wellness brands. The firm has deployed more than $1.1 billion across its funds. WM Partners targets lower middle-market companies with $15m–$100m in revenue, investing through both majority and minority positions.

Relevant Supplements Acquisitions:

Primal Harvest (Prime6 Brands) – September 2023: Digital-first supplements brand offering gut health, recovery, and beauty-focused products.
Allergy Research Group – July 2023: Practitioner-focused supplement business specialising in hypoallergenic and health-condition-specific formulas. Includes UK-based Nutri-Link.
- Metabolic Maintenance – January 2025: Add-on to Allergy Research Group. Clinical-grade supplement brand focused on mood, stress, and cognitive wellness.

Diversified Private Equity Firms

There are a number of notable investment firms who are active across a wide variety of industries, including within the vitamins, minerals and supplements (VMS) space specifically. The list includes some of the world’s largest private equity firms, such as CVC Capital Partners which has an estimated AUM of €186 billion. Smaller and more regional players are also represented in this list such as Arcola.

CVC Capital Partners

CVC Capital Partners is a global generalist private equity firm headquartered in New Jersey, with approximately €186 billion under management across its private equity platform. Founded in 1981, the firm operates from over 30 offices worldwide, including locations in Europe, the U.S., and Asia. CVC invests through multiple strategies: with its flagship buyout funds typically deploying €200m–€1bn equity cheques and its Catalyst strategy focusing on the mid-market with equity cheques of €75m–€250m.

Relevant Supplements Acquisitions:

Sunday Natural – January 2024: Berlin-based direct-to-consumer brand offering over 1,000 in-house developed vitamins, minerals, and supplements.
The Quality Group – May 2022: Germany’s leading sports nutrition platform, created through the merger of ESN and More Nutrition. The group offers protein powders, weight management products, vitamins, and sports supplements across the DACH region.
- RAW Nutrition – April 2025: Acquired under The Quality Group platform to expand into sports nutrition.

Bain Capital

Bain Capital is a Boston-headquartered generalist private equity firm founded in 1984, originally formed by partners from Bain & Company. The PE platform manages approximately $80bn in assets, as part of Bain Capital’s broader $185bn total AUM. Bain Capital targets control buyouts and carve-outs in mid to large-cap companies, typically deploying $200m-$500m+ in equity per deal, in companies with minimum $15m EBITDA.

Relevant Supplements & Nutrition Investment:

1440 Foods – December 2023: Sports and active nutrition company that includes supplement brands such as Body Fortress.

Cinven

Cinven is an international private equity firm operating out of 8 offices in Europe and the US. Founded in 1977, the firm focuses on the Consumer, Healthcare, Business Services, Financial Services, Industrials, and TMT categories. With €44bn in AUM, Cinven seeks to invest behind long-term, structural trends that can withstand market fluctuations.

Relevant Supplements Acquisitions:

Vitamin Well - August 2024: Swedish provider of protein bars and sports & health beverages.

3i Group

3i Group is a London-based investment firm founded in 1945, specialising in mid-market private equity. It manages approximately £39 billion in assets, including £32 billion in private equity, through six offices and a team of around 65 investment professionals across Europe and North America. 3i is a generalist investor, focusing on control buyouts in companies with enterprise values of €100 million to €500 million. The firm also manages a dedicated Growth Capital fund, typically deploying £50m–£150m equity cheques into minority positions.

Relevant Supplements Acquisitions:

Havea Group (platform investment in 2017, sold to BC Partners in 2022): Natural health products group offering supplements, medical devices, and personal care products through brands like Aragan, Biolane, Densmore, and Calmosine.
- ixX pharma – September 2021: Belgian food supplements company with a premium practitioner-led range (e.g. ImmunixX, PEA-ixX), distributed via pharmacies and direct sales.
- Laudavie (Calmosine) – November 2020: French brand focused on baby and children’s supplements, particularly calming and digestive aids. Sold in pharmacies.

PAI Partners

PAI Partners is a Paris-headquartered private equity firm with roots in Paribas Affaires Industrielles, the investment arm of Paribas founded in 1872. The firm became independent in 2001 and currently manages over €28bn in assets. PAI focuses on €100m-€500m control investments in mid and large-cap companies valued between €300m and €1bn+, across four core sectors: consumer goods, healthcare, business services, and industrials. It operates through a pan-European platform with offices in Paris, London, Madrid, Milan, Munich, Stockholm, Luxembourg, and New York.

Relevant Supplements Acquisitions:

Nutripure – July 2024: France-headquartered sport & wellness platform offering a comprehensive direct-to-consumer ecosystem of food supplements and sports nutrition products across health & metabolism, recovery, and endurance categories.

Morgan Stanley Capital Partners

Morgan Stanley Capital Partners is the North America focused middle‑market private equity platform within Morgan Stanley Investment Management, targeting majority control buyouts and growth equity investments in the U.S. and Canada. Founded in 1986 and backed by Morgan Stanley’s resources, MSCP generally seeks companies generating $15m–$60m EBITDA, typically deploying $20m–$150m equity checks. The team focuses on founder and family-owned businesses across consumer, healthcare, business services, and industrials sectors.

Relevant Supplements Acquisitions:

FoodScience – November 2024: Vermont-based manufacturer of nutritional supplements for both humans and pets, sold under brands including VetriScience, DaVinci, and Pet Naturals. The business was acquired from Wind Point Partners.

Gryphon Investors

Gryphon Investors is a San Francisco–based generalist private equity firm founded in 1995, managing over $10bn in assets and operating across North America and select global markets. The firm makes control investments in middle-market companies, typically deploying $50m–$500m equity cheques. The firm also runs a Junior Capital strategy, providing non-control minority investments, such as mezzanine or structured equity, typically in the range of $5 million to $25 million.

Relevant Supplements Acquisitions:

Metagenics – October 2021: Acquisition of a practitioner-recommended global nutritional supplement brand offering over 850 formulations:
- Nutri Advanced – July 2022: Metagenics acquired Nutri Advanced, a UK-based nutritional supplements retailer.

Verdane

Verdane is an Oslo-headquartered, pan-European private equity firm founded in 2003, with over €8 billion in assets under management. The firm operates across seven offices in Europe and typically deploys equity tickets of €20m-€150m, with capacity for larger investments. Verdane backs companies aligned with its core themes of digitalisation and decarbonisation, and can take either minority or majority positions.

Relevant Supplements Acquisitions:

InnoNature – December 2021: Hamburg-based women’s health brand producing certified-organic dietary supplements, superfood shakes, and natural cosmetics.

CapMan

CapMan is a Helsinki-based private equity firm founded in 1989, managing approximately €6.1 billion in assets, with offices in Helsinki, Stockholm, Copenhagen, Oslo, London, and Luxembourg. The firm focuses on mid-market investments in the Nordic region through three strategies: Buyout, targeting majority stakes in unlisted companies with revenues of €50–500 million and typical equity cheques of €20–70 million; Growth, backing founder-led businesses with revenues of €5–100 million, typically investing €5–20 million; and Special Situations, investing in companies undergoing operational or ownership transitions. CapMan is a generalist investor and typically commits 1–5% of each fund’s size from its own balance sheet alongside its investors.

Relevant Supplements Acquisitions:

MMSports – July 2021: Majority investment in Sweden’s leading sports nutrition and supplement company.

Wind Point Partners

*FoodScience - acquired by Wind Point Partner in 2021*

Wind Point Partners is a Chicago-based private equity firm founded in 1984, managing over $7bn in assets. The firm focuses on control investments in middle-market companies with enterprise values between $100m–$500m, typically deploying $75m–$300m equity cheques. Wind Point targets sectors across consumer products, industrial products, and business services.

Relevant Supplements Acquisitions:

FoodScience – March 2021 (exited in 2024 to Morgan Stanley Capital Partners): Vermont-based manufacturer of nutritional supplements for both humans and pets, sold under brands including VetriScience, DaVinci, and Pet Naturals. The business was acquired from Wind Point Partners.

Paine Schwartz Partners

Paine Schwartz Partners is a New York and San Mateo–based private equity firm with approximately $6.5bn in AUM, founded in 2003 (with predecessor roots dating to 1997). The firm focuses on control buyouts and growth equity investments across the food chain, including agribusiness, nutrition, and health & wellness. Target companies typically generate $10m–$100m in EBITDA, with enterprise values of $100m-$1bn. Paine Schwartz typically deploys $100m–$300m equity checks, with flexibility for larger investments through co-investment. The strategy focuses on improving productivity and sustainability across food systems while supporting consumer health themes.

Relevant Supplements Acquisitions:

Promix LLC – November 2024: Florida-based producer of clean-label nutritional supplements, including protein powders, bars, electrolytes, collagen, and creatine.

Kingswood Capital Management

Kingswood Capital Management is a Los Angeles-based private equity firm focused on complex carve-outs, founder and management-led transactions, and special situations across consumer, business services, and industrial sectors. Founded in 2013, it manages approximately $2.7billion in assets across three funds and typically completes control (majority) investments in mid-market businesses with at least $100million in revenue. The firm generally deploys between $50million and $150million per platform, with flexibility for larger deals through co-investment capital.

Relevant Supplements Acquisitions:

The Vitamin Shoppe – May 2025: Acquired in partnership with Performance Investment Partners (PIP), The Vitamin Shoppe is a North American omnichannel retailer of vitamins, nutritional supplements, and wellness products.

Abenex

Abenex is a Paris-headquartered, B Corp-certified private equity firm with over €1.5 billion in AUM, founded in 1992 with offices in Paris, Lyon, Milan, and Amsterdam. It invests in SMEs and mid-cap companies across France, Benelux, Italy, and Switzerland, targeting businesses with enterprise values of €30m–€300m, deploying equity cheques of €10m–€100m per deal, in either majority or minority positions. The firm focuses on three core investment themes - Health & Wellness, Safety, and Resources Optimisation.

Relevant Supplements Acquisitions:

Santis LAB – July 2024: Franco‑Swiss laboratory that develops and markets scientifically formulated food supplements. The product range includes both pharmaceuticals and food supplements.

Enterprise Investors

Enterprise Investors is headquartered in Warsaw and founded in 1990, with approximately €1.4bn in AUM. Its most recent fund, Enterprise Investors Fund IX, closed in May 2025 at €340 million. The firm focuses on mid-market buyouts and growth capital investments in sectors including consumer products, healthcare, retail, and technology. Typically, Enterprise Investors targets majority or significant minority investments in companies generating €10m–€100m in revenue, primarily across Central and Eastern Europe. Since inception, it has invested in over 160 companies and completed more than 140 exits.

Relevant Supplements Acquisitions:

Formeds – June 2025: Polish brand offering clean-label dietary supplements across vitamins, minerals, and specialty health categories.

Boyne Capital

Boyne Capital is a Miami‑based private equity firm founded in 2006, focused on the U.S. and Canadian lower middle market with AUM of approximately $570m. The firm is a generalist investor that while sector‑agnostic demonstrates preference for industries such as healthcare services, consumer products, manufacturing, business & financial services, industrial and infrastructure engineering services, and e‑commerce/product distribution. Boyne typically pursues preferred-control investments in entrepreneur- and family-led businesses with $10m–$100m in revenue and $3m–$12m in EBITDA, deploying capital across management and shareholder buyouts, recapitalizations, corporate divestitures, and growth equity.

Relevant Supplements Acquisitions:

Double Wood Supplements – January 2021: DTC nutritional supplement brand offering products across cognitive health, longevity, and general wellness.

Rosewood Private Investments

Rosewood Private Investments is the Dallas-based private equity arm of The Rosewood Corporation, a family office established in 1935. Operating with an evergreen capital base, the firm makes control investments in U.S.-based companies with $20m–$150m in revenue and over $5m in EBITDA, typically deploying $50m–$100m equity per transaction. Rosewood targets long-term platform investments across core verticals including Nutrition & Wellness, Environmental Services, Manufacturing Technologies, Fire & Life Safety, IT Services, and Consumer Products.

Relevant Supplements Acquisitions:

Herbs, Etc. – January 2024: New Mexico-based herbal supplements manufacturer focused on liquid tinctures and soft gels.
Living Ecology – October 2020: U.S.-based manufacturer of functional foods and nutritional supplements, including fruit and nutrition bars.

SPE Capital

SPE Capital is a generalist private equity firm focused on Africa and the Middle East, founded in 2016 as a spinout from Swicorp. Headquartered in Tunis, the firm also has offices in Cairo, Casablanca, Abidjan, and Paris. SPE Capital manages approximately $450m in assets and targets control or structured minority investments in profitable small to mid-sized businesses. The firm typically targets companies with $15m–$100m in revenue.

Relevant Supplements Acquisitions:

Vital – January 2023: Tunisia’s leading manufacturer of dietary supplements and herbal medicines. Vital produces over 400 branded products and approximately 8 million units annually, with distribution across pharmacies and international markets.

NCI Gestion

NCI Gestion is a French regional private equity firm founded in 2000 and headquartered in Rouen, managing over €350 million in assets. The firm invests in both minority and majority positions, focusing on growth capital and buyout transactions. NCI typically deploys equity cheques of €2m–€10m, targeting profitable SMEs with regional roots and revenues between €5m and €100m. The firm operates as a generalist.

Relevant Supplements Acquisitions:

Laboratoires Herbolistique – May 2021: French developer and producer of natural, plant-based food supplements.

Lion Equity Partners

Lion Equity Partners is a Denver-based private equity firm founded in 2007, specialising in corporate carve-outs and special situations across North America, with selective Asia-Pacific investments. The firm targets divisions of larger corporations and businesses with $30m–$300m in revenue and up to $25m in EBITDA, typically executing control buyouts. 

Relevant Supplements Acquisitions:

Country Life LLC – August 2023: Lion Equity Fund III acquired Country Life from Kikkoman's KI NutriCare subsidiary. Country Life is a North American manufacturer and marketer of branded vitamins, natural supplements, sports nutrition, and personal care products, including Country Life Vitamins, Desert Essence, and Biochem Protein .

Arcola

Arcola is an Amsterdam-based private equity firm focused on small to mid-sized companies across the Benelux region. Founded in 2022, Arcola targets businesses with €1m–€20m revenue and €0.5m–€3m EBITDA, investing either majority or minority capital. The firm operates across sectors including Industrial, Business Services, Technology, and Healthcare, supporting growth, succession, and buy-and-build strategies. Arcola also established Healthcare Brands Group (HBG) as a consumer health platform to consolidate branded nutritional supplements and wellness products.

Relevant Supplements Acquisitions:

Golden Naturals – November 2023: Majority acquisition of a Dutch consumer health brand developing and distributing its own line of natural nutritional supplements. The business is held under Arcola’s Healthcare Brands Group platform.

Other Noteworthy Acquirers in Supplements

Ardian – Ardian is a Paris-based generalist private equity firm founded in 1996, managing over $180 billion in assets, including approximately €128 billion dedicated to private equity, and operating across Europe, North America, and Asia. The firm pursues both control and growth investments via its Buyout and Growth platforms, typically deploying €50 million to €500 million equity cheques across sectors including health & wellness, consumer goods, the broader food value chain, business services, technology, and energy transition. In May 2022, Ardian took a minority stake in Nutripure, a French direct-to-consumer brand specializing in sports and wellness supplements with a focus on transparency, clean formulations, and in-house R&D. Ardian successfully exited this position to PAI Partners in July 2024.

Brand Holdings LLC - This holding company was formed by Kidd & Company and T-street Capital in 2020 to acquire direct-to-consumer e-commerce companies with a focus on health and wellness, sports nutrition, beauty, and functional foods. Brand Holdings made its first acquisition of Dr. Emil Nutrition in July 2020, a health and wellness supplement brand backed by the scientific background of Dr. Emil Hodzovic.

Butterfly Equity - Butterfly Equity is a Los Angeles-based private equity firm specialising in the food sector across the entire value chain from "seed to fork” with over $4 billion in assets under management. Founded in 2016, the firm focuses on agriculture, aquaculture, food and beverage products, and branded goods. Butterfly made a minority investment in MaryRuth Organics in August 2021, the digital-native vitamins and supplements brand. The firm successfully exited the majority of its stake in August 2024, having helped the company nearly triple in size during its ownership.

DCP Capital - Founded by former KKR executives, DCP Capital is an international private equity firm focused on investments in Greater China with over $2.5 billion in assets under management. Based in Beijing with offices in Hong Kong and Shanghai, the firm specializes in consumer products, healthcare, and technology investments across Asia. In February 2023, DCP acquired a 33.3% minority stake in Jamieson Wellness's Chinese operations for approximately $47.4 million, along with a $101.6 million investment in preferred shares, to support the Canadian supplement company's expansion into China's $30 billion vitamins market.

Goodgrower SA - Based in Madrid and part of the Gallardo Family Group (founders of pharmaceutical company Almirall), Goodgrower is a healthcare-focused private equity firm with over €1 billion in assets under management. Founded in 2007, the firm invests in non-pharma, non-biotech companies across the healthcare value chain in Europe and the US. In December 2024, Goodgrower acquired a minority stake in Nutri&Co, the France-based nutraceuticals brand founded in 2017 that develops and markets over 60 food supplement products across health, beauty, and sport categories through its own e-commerce platform and retail partnerships.

Palladio Holding SpA - PFH Palladio Holding is an independent Italian investment holding company with over €1.2 billion invested and more than 60 investments made since its founding in 1989. Based in Italy with permanent capital, the firm focuses on SMEs with industrial growth plans and targets both majority and minority transactions. In 2021, Palladio acquired a minority stake in Bios Line SpA, the Italy-based manufacturer of food supplements, medical devices, and natural cosmetics founded in 1986. Bios Line operates with over 65 product lines and 400+ references across five brands distributed through herbalist shops, pharmacies, and parapharmacies.

Swander Pace Capital - SP Capital is focused on investing in middle-market consumer products companies in North America. Founded in 1996, the firm has raised cumulative equity commitments of $2.6bn and is active in the health & wellness and food & beverage categories. Although Swander Pace has not made any new majority investments into VMS businesses during the period of our analysis (since 2020), the firm remains active in this space and should be included in any analysis of private equity acquirers in supplements.

Selected Strategic Buyers in Supplements

Strategic buyers in the supplements sector remain active, with multinational consumer goods and pharmaceutical companies expanding their health and wellness portfolios through targeted acquisitions. The largest players – notably European conglomerates such as Nestlé and Unilever – have led the way, but several other corporates have also made strategic moves into consumer-facing supplements, particularly in the U.S. market.

Swiss giant Nestlé Health Science acquired personalised vitamin subscription brand Persona in 2019, followed by a majority stake in collagen brand Vital Proteins in 2020. In 2021, it paid $5.75 billion to acquire The Bountiful Company, bringing a wide range of household supplement brands under its umbrella, including Nature’s Bounty, a mass-market vitamins brand, and Solgar, known for its premium and practitioner-trusted formulations. In 2022, it took a majority stake in Orgain, a California-based plant protein business.

Other strategic buyers have made targeted moves into the U.S. supplements market. Sanofi, a France-based global pharmaceutical and consumer healthcare company, acquired Qunol, a U.S. supplement brand known for CoQ10 and turmeric-based products, in July 2023. British CPG powerhouse Unilever built its Health & Wellbeing unit with the acquisition of OLLY Nutrition in 2019. It followed this with hydration brand Liquid I.V. and SmartyPants Vitamins in 2020, then acquired Onnit – a supplements and lifestyle brand focused on cognitive and sports performance – in 2021. In 2022, it acquired a majority stake in hair wellness company Nutrafol, reportedly valuing the business at around $800 million.

Bayer, the German pharmaceutical group behind One A Day and Berocca, entered the personalised nutrition space in 2020 with a 70% stake in Care/of for $225 million. However, Care/of, which sold custom daily vitamin packs through a DTC subscription model, shut down in mid-2024 after losing funding. In July 2024, Bayer acquired Natsana, a German Amazon-based supplement brand behind Nature Love, Natural Elements, and Feel Natural.

Piping Rock Health Products, a U.S.-based manufacturer and distributor of vitamins and dietary supplements, acquired Better Health VMS, a vitamin and mineral supplement portfolio formerly owned by The Clorox Company, in 2024.

In the Asia-Pacific region, several strategic buyers have acquired Western brands to diversify beyond their domestic markets. Kirin Holdings, best known as a Japanese brewer, agreed to acquire Australia’s Blackmores in 2023 for A$1.88 billion (around US$1.2 billion). The deal came amid declining beer sales and increased domestic regulation, accelerating Kirin’s pivot toward health and wellness. It also moved to acquire full ownership of Japanese DTC supplements brand Fancl, having first taken a 33% stake in 2019. China-based By-Health acquired Australia’s Life-Space Group in 2018 for A$690 million, gaining a probiotics brand with strong traction across Asia-Pacific. Pharmavite, a U.S. supplements company owned by Japan’s Otsuka Pharmaceutical, acquired DTC urinary health brand Uqora in 2021 and menopause-focused supplement brand Bonafide Health for $425 million in 2023.

Not all acquisitions in the supplements sector are colossal in size: there have been a number of strategic acquisitions of smaller, founder-owned businesses also.

EA Pharma, a France-based pharmaceuticals and nutraceuticals company backed by Motion Equity Partners, has made several acquisitions in the consumer supplements space. In November 2023, it acquired W Group, a U.S.-based collection of DTC supplement brands including Wild Fuel, Windsor Botanicals, and Bioactive Labs, each focused on natural health and performance formulations. This followed the acquisition of Drasanvi in 2021, a leading Spanish brand offering collagen, vitamins, and herbal supplements, and Stardea in 2022, an Italian nutraceutical company with a pharmacy-led distribution model.

USANA Health Sciences, a U.S.-listed supplements company with a strong presence in Asia, acquired children’s vitamin brand Hiya Health for $261.5 million in 2024. Herbalife, known for its global nutrition and shake business sold via the direct selling model, acquired ketone supplements company Pruvit Ventures for $19 million in 2025.

In Canada, Jamieson Wellness acquired Nutrawise, the maker of collagen brand Youtheory, for $210 million in 2022. The deal included U.S. manufacturing and established retail distribution.

Overall, strategic M&A in the supplements space remains robust. For owners of attractive vitamin, mineral and supplement brands, choosing the right strategic buyer is not just about price – it also comes down to alignment on vision, distribution synergies, platform value, and the resources to accelerate brand development. Partnering with an experienced consumer M&A advisor like Hahnbeck can help identify the most suitable strategic partners and navigate a competitive yet nuanced landscape to achieve an optimal outcome for all stakeholders.

About Hahnbeck

Hahnbeck is a boutique investment bank specialising in the consumer products sector and related industries. Hahnbeck has deep expertise in DTC & retail and a large network of strategic and private equity buyers in supplements and CPG. If you have a $2m to $20m EBITDA consumer products business and you would like to have a confidential discussion about your M&A strategy, please contact us at info@hahnbeck.com.

Private Equity Acquirers In Supplements

Consumer Products-Focused Private Equity Firms

Diversified Private Equity Firms

Other Noteworthy Acquirers in Supplements

Selected Strategic Buyers in Supplements

About Hahnbeck

Private Equity Acquirers In Food & Beverage