From FAILED IPO to $400M Revenue: The Inside Story of Better Being Company

More than four years after Better Being Company withdrew its IPO plans, one of the most historically significant dietary supplement brand portfolios finally got a (technically) new owner. Since that “Great Shutdown” period can be blurry for everybody, I’d guess most aren’t aware Better Being Company filed Form S-1 with the SEC (in July 2021) for a proposed initial public offering…let alone that it postponed and eventually withdrew plans (due to market conditions) only a few months later. Obviously, hindsight granted us clarity to understand that despite the number of U.S. traditional IPOs in 2021 climbing to the highest levels since the late 1990s (and deal value hitting record levels), amid expectations for higher interest rates and a return of volatility…the market swiftly rotated away from risky, growth-oriented companies, which especially hurt small-cap IPOs. However, some might still argue it could’ve followed another dietary supplement company, Thorne Healthtech, that filed Form S-1 with the SEC something like a week after Better Being Company…and began trading a “downsized” IPO in September 2021. But even with continued strong sales growth, Thorne Healthtech struggled to maintain its IPO value until a 2023 acquisition by the private equity firm L Catterton offered stockholders a significant premium. Moreover, while most industry pundits would classify Better Being Company and Thorne Healthtech as direct competitors (due to offering similar categorical products), I see dramatically different strategic aspirations. Therefore, it’s highly probable investors wouldn’t have given Better Being Company a similar “spot landing” after eventually noticing it lacked the same prominence of Thorne Healthtech in this new “preventive health and wellness era” where consumers want a distinctively proactive, personalized, and integrative data-led approach. However, for the most part…private equity (and public markets) has adapted to lessons learned from this period, and positive momentum has been rebuilding throughout 2025. And that allows the recent Better Being Company announcement that it had been acquired by a syndicate of global investors led by Snapdragon Capital Partners (which has been a minority stake holder since July 2019). And assumably, Snapdragon Capital Partners would’ve built further conviction in the vertically integrated manufacturer, marketer, and distributor of branded dietary supplements and personal care products…because it had to buyout HGGC, the private equity firm that was responsible for taking Better Being Company (then known as Nutraceutical International) private in August 2017 for just shy of $450 million. But Snapdragon Capital stated in the recent press release that “Better Being Company has seen two years of explosive growth led by its flagship Solaray brand.” Additionally, within a trade publication article from earlier this year, President and Chief Commercial Officer (Kyle Garner), which joined in 2023, confirmed the strong recent performance of Better Being Company…stating 20% YoY growth and approaching $400 million in net sales (which would be about an additional $80 million in net sales compared to fiscal year 2020 financials). But then, beyond obviously looking for that successful future liquidity event...I'll explore where Snapdragon Capital Partners presumably envision Better Being Company going next?