The US private equity purchased a brands portfolio that includes Nature’s Bounty for 0.83X the 2025 revenues. In 2021, KKR acquired The Bountiful Company assets for 5.75 billion US Dollars
On 1 September, Tuesday, Swiss food giant Nestlé said it reached an agreement for selling to US Yellow Wood Partners (YWP), a private equity with a focus on consumer brands, the mainstream Holistic Health portfolio of vitamins, minerals and dietary supplements for un billion US Dollars (800 million CHF). Once received the regulatory authorisations, the closing may take place by 1H27 (Nestlé statement and Yellow Wood press release).
The buyer appointed Perella Weinberg Partners and Canaccord Genuity as financial advisors and Goodwin Procter as legal counsel. Latham & Watkins assisted Nestlé (Latham & Watkin statement).
YWP acquired Nature’s Bounty, Osteo Bi-Flex, Ester-C, Gard, Nuun, Puritan’s Pride, and Sisu, the US private-label supplements business and the related production, packaging, warehousing and distribution operations. In 2025, such global brands generated sales of 1.2 billion US Dollars (one billion CHF). YWP paid 0.83X revenues for the deal.
In August 2021, Nestlé Health Science paid Nyse-listed KKR 5.75 billion US Dollars for acquiring the core assets of The Bountiful Company that included Nature’s Bounty, Solgar, Osteo Bi-Flex, Puritan’s Pride, and the US private label business (press release).
In July 2021, Nestlé Health Science purchased Nuun, a Seattle-based functional hydration brand born in 2004 for an undisclosed value (press release).
In 1H25, Nestlé started a strategic review of its VMS mainstream and value brands to focus on global premium assets such as Garden of Life, Solgar and Pure Encapsulations (1H25 results of Nestlé). In February 2026, the group said it completed the review and started discussions with potential buyers (2025 results).
Philipp Navratil, the ceo of Nestlé, said: “This is another important step in the strategic transformation of our portfolio. We are focusing our resources where we have the strongest competitive advantage. Thanks to Nestlé’s strong innovation and brand-building capabilities, we are well positioned to grow in the premium segment of science-based VMS, where brands such as Solgar and Pure Encapsulations continue to perform very well. At the same time, the category has evolved and the mainstream VMS business requires a different approach under dedicated ownership”.
Yellow Wood Partners carried out such an acquisition in line with its consolidated strategy of consumer brands corporate carve-outs. The Boston-based private equity firm will invest in a platform in which Nature’s Bounty is the second-largest VMS brand in the United States and the leading brand in women’s health, with products found in over 20% of American households. Yellow Wood intends to manage Holistic Health as a standalone company, focusing on high-growth segments such as hydration, gut health and immunity.
Dana Schmaltz, a partner of Yellow Wood, said: “Holistic Health is an excellent platform of trusted brands, with strong relationships with retailers and significant opportunities for further growth. The Holistic Health portfolio comprises a range of category leaders within specialist segments of the attractive VMS market, including hydration, gut health and immunity. Managing Holistic Health as a standalone entity will provide the opportunity to harness the strength of each brand to accelerate their growth, drive innovation and strengthen their positioning with consumers and retail partners. We built an excellent relationship with the Nestlé team and look forward to ensuring a smooth transition over the coming months as we move towards the completion of the transaction”.
Tad Yanagi, another partner of Yellow Wood, added: “This exciting portfolio fully aligns with our focus, our expertise and our operational approach, and we are delighted to welcome each of these brands into the Yellow Wood family. We believe that, by applying the Yellow Wood Consumer Operating DNA model, we can accelerate the growth of all these brands, just as we did with other carve-outs of category-defining brands such as Q-tips, ChapStick, Suave and Dr. Scholl’s. With the continued growth in the adoption of VMS by an ever-wider audience of consumers and the rising demand for solutions targeting specific benefits, we see significant scope to support the organic growth of the entire platform”.
Yellow Wood previously closed five carve-out deals with five consumer goods multinationals, including Bayer, Reckitt, Unilever and Haleon. In 2019, the fund paid 585 million US Dollars for purchasing Dr. Scholl’s from Frankfurt-listed Bayer, acquired Suave and Elida Beauty (the owner of Q-tips, Caress, Tigi, and Timotei) from London-listed Unilever, and both ChapStick from Haleon. In January 2026, Yellow Wood created the global personal care platform Evermark out of the merger of Suave Brands and Elida Beauty.
In 2022, Yellow Wood Capital Partners III hit the hard cap fundraising target of 750 million US Dollars (the previous vehicle attracted 370 million). The firm’s strategy focus is on organic growth, operational measures targeting brands and add-on acquisitions, with a particular focus on complex carve-outs of brands that are no longer core to large multinationals (press release).
