After a quieter cycle, M&A activity in the health and wellness space is picking up pace. In our Q2 2025 Consumer Note, we explore the return of strategic and financial buyers across categories from supplements to lifestyle platforms.

Investor focus is sharpening around businesses with:

  • Clear scientific or clinical alignment
  • Strong DTC presence and loyal communities
  • Functional positioning with high margin potential

Sectors like gut health, performance nutrition, and digital wellness are seeing renewed confidence. GLP-1 therapies may be accelerating some behaviour change, but long-term trends remain anchored in preventative health and consumer-led demand.
Valuations reflect the shift: premium multiples are being achieved where brand equity, growth, and margin resilience align.

Henry Wells, Head of Consumer, Cavendish commented:

“This report explores where value is emerging, how deal activity is evolving, and what it means for founders, investors, and operators.”