L Catterton has agreed to sell science-backed wellness company Thorne to Procter & Gamble in a $3.8bn cash transaction, less than three years after investing in the business. The consumer-focused private equity firm acquired Thorne in October 2023 and backed investments in leadership, marketing, R&D, manufacturing, digital infrastructure and AI capabilities, including the development of a proprietary AI wellness adviser. Thorne, which has operated for more than 40 years, strengthened its position in the vitamins, minerals and supplements market during the partnership while expanding its practitioner and consumer reach. The transaction is expected to close in the fourth quarter of 2026.
Gryphon Investors has agreed to sell global safety engineering and consulting business Jensen Hughes to New Mountain Capital, marking the end of an ownership period that began in December 2015. During Gryphon’s ownership, Jensen Hughes more than tripled in size through organic growth and strategic acquisitions, expanding to approximately 2,000 employees across 110 offices serving clients in more than 100 countries. The company provides fire protection engineering, nuclear risk engineering and related consulting services across a range of regulated and mission-critical sectors. New Mountain will acquire a platform with an expanded international footprint and broader technical capabilities.
Advent has agreed, alongside a consortium including HarbourVest Partners, to acquire FNZ Bank from wealth management technology provider FNZ. The German banking and custody platform supports more than 50,000 financial advisers, 200 asset managers and over 400 distribution partners, administering €155bn of assets under custody for more than 2.1 million end customers. Following completion, Advent plans to invest in technology, operational capabilities and product development while maintaining FNZ Bank’s commercial partnership with FNZ, which will continue supplying wealth management platform technology.
JF Lehman & Company has completed the sale of environmental remediation and geotechnical construction specialist ENTACT to Ridgemont Equity Partners. JFLCO acquired ENTACT in 2020 and supported organic expansion alongside two acquisitions, USA Environment and White Lake Dock & Dredge, which added radiological remediation, environmental dredging, sediment capping and marine construction capabilities. ENTACT provides specialised remediation and geotechnical services to public and private sector customers nationwide, with expertise spanning soil, sediment and water projects.
Veritas Capital has agreed to acquire engineering and environmental consulting firm Trinity Consultants from Oak Hill Capital, with Oak Hill reinvesting as a minority shareholder alongside management. Trinity serves more than 10,000 clients globally across advanced manufacturing, healthcare, life sciences, data centres and other regulated industries, providing environmental, engineering and compliance consulting. Veritas plans to support account growth, technology investment and acquisitions as the company enters its next phase of expansion. Trinity’s management team, led by president and CEO Paul Greywall, will continue to lead the business and retain a meaningful ownership stake.
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