At-home health test maker Thorne explores sale-sources
21/07/2023 16:16
By Abigail Summerville
NEW YORK, July 21 (Reuters) - Thorne HealthTech Inc
THRN.O , a provider of at-home health tests and nutritional
supplements, is exploring a sale, according to people familiar
with the matter.
The New York-based company is working with investment bank
CG Sawaya Partners CF.TO as it fields interest from other
companies and private equity firms, the sources said.
Thorne's shares are up 45% year-to-date, outperforming an
18% rise in the S&P 500 Index and giving it a stock market value
of around $300 million.
The sources, who asked not to be identified because the
matter is confidential, added that no deal is certain. A Thorne
spokesperson said the company does not comment on rumors or
speculation. CG Sawaya did not respond to requests for comment.
Founded in 1984, Thorne listed on the stock market in 2021
after it acquired Onegevity, a health analytics platform
co-founded by Thorne Chief Executive Paul Jacobson.
The company provides at-home health tests to assess - and
supplements to aid - sleep, fertility, stress, gut health and
other areas to create a personalized wellness plan. It sells its
products directly to consumers, rather than relying on retailers
and e-commerce firms.
Thorne's at-home tests compete with Hims & Hers Health Inc
HIMS.N , 23andMe Holding Co ME.O and Livongo Health Inc
LVGO.MX , while its rivals in the nutritional supplements
market include Nestle Health Science and Metagenics.
Thorne has projected net sales of between $280 million and
$290 million in 2023, up from $228.7 million in 2022, and
adjusted earnings before interest, taxes, depreciation and
amortization of $30 million to $32 million in 2023, up from
$24.5 million in 2022.
Thorne's top shareholders are Japanese firms Kirin Holdings
Co Ltd 2503.T and Mitsui & Co Ltd 8031.T , each with a 29%
stake.
Kirin, one of Japan's major beer makers, has already shown
an interest in taking over companies in the nutraceutical
sector. In April, it acquired Australian vitamin Blackmores
BKL.AX for $1.2 billion.
(Reporting by Abigail Summerville; Editing by David Holmes)
((abigail.summerville@thomsonreuters.com))