Elixinol Wellness Limited has signed a binding term sheet to acquire Vitable, a personalised supplements platform with 7,851 active subscribers and 1.84 million quiz and recommendation records. The proposed acquisition values Vitable at up to A$3.5 million and is expected to create a combined group with more than A$20 million in revenue from completion. The transaction remains subject to confirmatory due diligence and shareholder approval at a general meeting.
Proposed Acquisition and Deal Structure
Elixinol will pay A$1.25 million in unconditional consideration split across completion, six months and twelve months. A further A$1.25 million is conditional on Vitable achieving net revenue and direct EBITDA growth targets over the following two years. An additional platform kicker of up to A$1.0 million becomes payable only if Elixinol's market capitalisation exceeds A$20 million within 36 months of completion.
What Vitable Adds to the Portfolio
Vitable operates a direct to consumer subscription model that delivers personalised supplement packs based on customer health quiz responses. The platform's 1.84 million quiz records represent a data asset Elixinol intends to use for personalisation, retention and cross-selling across its existing brands. Elixinol currently owns Hemp Foods Australia, Mt Elephant and The Healthy Chef, spanning whole foods, functional nutrition and supplements.
The acquisition would add a health technology platform alongside Elixinol's established retail and wholesale channels. Vitable's app, email and subscription channels are expected to reduce reliance on paid acquisition spending. Management believes cross-sell opportunities work in both directions across consented customer audiences, while the combined portfolio is positioned around everyday health food, functional supplements and a personalised health technology platform.
Strategic Rationale
Elixinol sees the deal as a structural shift from retail and wholesale distribution toward owned, recurring direct customer relationships. The subscription model creates compounding value because each customer interaction improves the relevance of the next recommendation. Recurring revenue is also more predictable than one-time retail sales, and management has outlined an illustrative ambition of A$50 million in revenue over three to five years while stressing that this is not formal guidance.
Sector Context
Global capital has moved decisively into personalised health and subscription nutrition. Procter & Gamble agreed to acquire Thorne for US$3.8 billion in cash in August 2026, while Hims & Hers completed its purchase of Australian platform Eucalyptus for up to US$1.15 billion. Unilever also acquired direct to consumer supplement brand Grüns, underscoring strategic interest in direct customer relationships and recurring revenue.
Next Steps and Conditions
Elixinol must complete confirmatory due diligence and convene a general meeting for shareholder approval. The company has outlined a six month transition period following completion, with dates subject to change. Integration of Vitable's subscriber base and progress on an at-home biomarker testing partnership will determine whether the data engine delivers expected cross-sell and retention benefits.
The proposed acquisition represents a focused effort by Elixinol to pair established wellness brands with a personalised subscription engine. The transaction is structured to limit upfront cash outlay while linking additional payments to performance and shareholder value creation. If approved, it would give the combined group a recurring direct revenue base and a substantial data asset to support future growth.