Powder supplement brand AG1 is exploring options, including a sale of the whole company or a minority stake in it, with any deal potentially valuing the business formerly known as Athletic Greens at more than $2 billion including debt, according to people familiar with the matter.
The company, which counts celebrities and athletes including Hugh Jackman, Lewis Hamilton and Steve Aoki as investors, is working with investment bank Goldman Sachs to study its strategic options, said the sources, who cautioned no transaction was guaranteed and spoke on condition of anonymity as the matter is private.
AG1 and Goldman declined to comment.
Mergers and acquisitions activity in the vitamins, nutrition, and supplements sector is heating up this year, as consumers prioritize health and longevity and GLP-1 weight loss drug users seek to fill nutritional gaps.
Unilever agreed to buy gummy bear supplements brand Grüns on Thursday for an undisclosed amount and Danone struck a deal for Huel, which sells meal shakes and protein powders, last month for close to $1.15 billion. Supplement makers Thorne and Seed are also up for sale.
AG1, known for its green-colored powder that has over 75 ingredients including multivitamins, pre- and probiotics and superfoods, raised $115 million at a pre-money valuation of $1.2 billion in 2022. The company, which is profitable, grew its revenue from around $150 million in 2022 to around $600 million in 2024.
Chris Ashenden founded the company in 2010 to create a different way to get a daily dose of essential nutrients. AG1 products come in the forms of powder to be mixed with water, or liquid drops, and can be bought online or at retailers like Costco and Walmart. Its newest product, AGZ, supports better sleep, according to the company.
Source: Reuters.com