Fertility Nutraceuticals Sector M&A Transactions and Valuations

Investor activity in fertility nutraceuticals—encompassing vitamins, supplements, and functional products that support reproductive health and hormonal balance in both men and women—targets clinical-grade brand credibility, direct-to-consumer scale, and strategic acquisitions. Demand continues to rise for natural, evidence-based reproductive health solutions, driving consolidation, portfolio diversification, and omnichannel expansion.

From Q1 2020 to Q4 2024, M&A transactions played a central role in shaping market dynamics. This report analyzes key trends in deal volume, valuation benchmarks, and capital allocation. It highlights notable transactions such as Pharmavite’s acquisition of Bonafide Health, Everly Health’s acquisition of Natalist, and American Pacific Group’s buyout of Eu Natural, focusing on valuation multiples, strategic fit, and competitive impact.

The report also examines EV/revenue and EV/EBITDA multiples to uncover pricing patterns, investor preferences, and growth signals. It identifies common deal drivers, including clean-label formulations, medical validation, and consumer confidence.

Designed for investors, corporate strategists, and financial advisors, this report offers a detailed view of fertility nutraceuticals as a subsegment of the broader women’s and men’s health landscape. It outlines emerging opportunities, consolidation trends, and the sector’s long-term potential as a resilient and fast-evolving investment category.

• Valuation multiples are based on a sample set of M&A transactions in the fertility nutraceuticals sector, using data collected on March 24, 2025.
• Enterprise values range from $2 million to $4 billion, reflecting the presence of both early-stage and scaled operators in the fertility nutraceuticals market. EV/revenue multiples range from 1x to 31x. Higher multiples typically reflect differentiated, science-backed offerings with premium positioning, while lower multiples correspond to traditional formulations or lower-margin models.
• Some companies trade at EV/EBITDA multiples above 100x, driven by expectations of rapid market expansion. In contrast, companies with EV/EBITDA multiples below 10x tend to operate in more mature segments or face margin pressure from elevated R&D and marketing costs.
• Companies with high EV/revenue and moderate EV/EBITDA multiples (eg, 27x revenue, 83x EBITDA) often reinvest heavily in product development and distribution to scale growth. By contrast, firms trading at 2x to 5x revenue and 15x to 30x EBITDA typically maintain steady, profitable operations and align with growing demand for natural fertility health products.

Capital Markets Activities

The data highlights transaction trends, valuation metrics, and investment patterns in the global fertility nutraceuticals sector. Rising consumer demand for natural fertility support, hormone balance, and reproductive health supplements has fueled M&A activity and private equity investments. Strategic acquisitions and buyouts are expanding nutraceutical brands, fertility supplement manufacturers, and research-backed wellness companies. These trends are driving market consolidation, innovation, and the integration of clinical research, personalized nutrition, and AI-driven health insights into fertility solutions.

• Investors deployed $184 billion across 2,990 deals over 20 quarters, reflecting sustained capital allocation toward fertility nutraceuticals and reproductive health. This consistent investment pattern indicates resilience in the sector and continued demand for science-backed fertility products.
• Capital investment rose sharply in Q1 2021 ($20 billion) and peaked in Q2 2022 ($51 billion), as firms accelerated funding for fertility and wellness innovation. This surge aligned with increased post-pandemic health awareness, heightened focus on reproductive health, and advances in nutraceutical research that broadened development pipelines.
• Investment declined in Q2 2023 ($1 billion) but rebounded to $15 billion in Q1 2024. The recovery reflects a renewed focus on strategic acquisitions, emerging technologies, and expanded distribution within the fertility health segment.
• Companies concentrated on mergers and acquisitions during peak investment periods, positioning fertility nutraceuticals as a high-growth category for private equity, biotech, and consumer health platforms. Consolidation enabled operators to scale, diversify product lines, and strengthen market presence in response to sustained demand.

The graphs below present the geographic distribution of transactions, providing additional detail on regional trends and investment dynamics.

• US-based investors contributed 41% of total capital and participated in 42% of all deals, making the United States the largest contributor to activity in the fertility nutraceuticals market. The country functions as a central hub for funding and acquisitions, supporting innovation in reproductive health, supplement development, and commercial expansion.
• Investors from Switzerland (15%), Sweden (9%), and Denmark (7%) accounted for a significant share of global capital, while 28% originated from other regions. European firms have steadily increased their participation, reflecting a broader interest in fertility-related health investments and the growing importance of nutraceuticals across EU markets.
• Although US-based investors led in capital deployment, 39% of transactions took place outside the top-investing countries. This activity indicates rising interest in markets such as Canada, the United Kingdom, France, and other emerging regions focused on expanding access to fertility supplements and reproductive health solutions.

The deal-type dynamics below set the stage for understanding how capital flows and strategic priorities shape the fertility nutraceuticals sector’s growth and landscape.

• Companies allocated $149 billion across 1,971 deals, using mergers and acquisitions as the primary growth strategy. Through the acquisition of complementary brands, manufacturers, and research-focused supplement firms, operators expanded market share, diversified portfolios, and unlocked new distribution channels within the fertility nutraceuticals sector.
• Private equity firms and strategic buyers completed 957 buyouts, targeting established fertility supplement brands with strong customer retention, proprietary formulations, and clinical validation. Post-acquisition, they focused on optimizing operations, increasing production efficiency, and accelerating international growth.
• Businesses executed 62 reverse mergers, raising $3 billion and using this structure to access public markets while avoiding the complexity of traditional IPOs. These transactions provided capital for R&D, product innovation, and global expansion, while allowing management teams to retain greater operational control.

M&A Transactions Case Studies

Three significant acquisitions in the fertility nutraceuticals sector illustrate a growing trend toward clinical brand expansion, digital-first consumer engagement, and strategic market positioning. These deals reflect rising demand for natural, science-backed reproductive health solutions and the strategic value of trusted wellness brands. Each acquisition highlights how investors are prioritizing clinical credibility, customer loyalty, and scalable distribution, reinforcing the long-term value of high-margin, evidence-based products in the evolving health and wellness industry.

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Market and Customer Segments Combination

Natalist targets health-conscious, digitally savvy women and couples seeking natural, science-backed fertility and prenatal care solutions. The brand appeals to millennial and Gen Z consumers who prioritize clean-label products, transparency, and sustainability. Prior to the acquisition, Everly Health—with its capabilities in at-home diagnostics and telehealth—complemented Natalist’s product-first model by integrating diagnostics and supplement solutions to create a seamless, vertically integrated experience for reproductive health management.

Acquisition Strategic Rationale

Everly Health acquired Natalist to expand its presence in the fast-growing reproductive and women’s health market. The acquisition enabled Everly Health to deliver a more comprehensive care journey by combining diagnostic testing, personalized insights, and clinically formulated wellness products on a single platform. By integrating Natalist’s product portfolio, Everly Health sought to drive cross-sell opportunities, strengthen its appeal among female consumers, and capitalize on rising demand for convenient, holistic fertility care within the FemTech space.

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Eu Natural is a US-based wellness brand that develops natural dietary supplements focused on fertility, hormonal balance, immune health, and overall wellness. Founded in 2013, the company prioritizes clean-label, science-backed formulations and distributes primarily through Amazon and its direct-to-consumer e-commerce platform. Its core product lineup includes fertility support supplements, prenatal vitamins, detox formulas, and menopause relief products.

Transaction Structure

In December 2020, American Pacific Group (APG), a San Francisco-based private equity firm, acquired Eu Natural through a leveraged buyout for an undisclosed amount.

Market and Customer Segments Combination

Eu Natural operates in the nutraceutical and wellness sector, targeting health-conscious consumers who seek natural, science-backed supplements. The brand’s core customer base includes women focused on fertility, pregnancy, and hormonal health, along with individuals interested in immune support, detoxification, and general wellness. With a strong presence on Amazon and direct-to-consumer platforms, Eu Natural continues to attract digitally savvy shoppers looking for clean-label alternatives to traditional supplements. After the acquisition, American Pacific Group integrated Eu Natural into Yukon Wellness Holdings LLC, which expanded APG’s portfolio in the fast-growing wellness and supplements market.

Acquisition Strategic Rationale

American Pacific Group acquired Eu Natural to capitalize on the rising demand for natural, clinically supported health supplements and to gain a foothold in the expanding nutraceuticals sector. Eu Natural’s e-commerce strength—particularly across Amazon and DTC channels—aligned with APG’s investment strategy focused on digital-first wellness brands. The company’s clean-label, fertility-oriented product portfolio offered a scalable platform with strong brand loyalty. By incorporating Eu Natural into Yukon Wellness Holdings, APG leveraged operational efficiencies, enhanced distribution capabilities, and accelerated product development. The acquisition positioned Eu Natural for long-term growth by enabling product line expansion, supply chain optimization, and entry into new markets, all supported by APG’s financial and strategic resources.

The fertility nutraceuticals sector continues to draw strong investor interest, fueled by growing consumer demand for natural, evidence-based reproductive health solutions. M&A activity has served as a key mechanism for scaling emerging brands, expanding product portfolios, and capitalizing on digital-first market trends. With clinical validation, consumer trust, and personalized wellness driving investment priorities, the sector remains well-positioned for sustained expansion. Strategic acquisitions and market consolidation are expected to further shape the competitive landscape, unlocking opportunities for innovation, differentiation, and long-term value creation.

Source: American Pacific Group, SGB Media, Fierce Healthcare, Natalist, LA Business Journal, Pharmavite, Pitchbook Data.