Altas and L Catterton Agree to Buy Fullscript Majority

Altas Partners and L Catterton have agreed to acquire a majority stake in Fullscript from HGGC and Snapdragon Capital Partners. The September 10 agreement is expected to close in Q4 2026, subject to regulatory approvals and customary conditions. Financial terms were not disclosed.

The ownership change puts new private-equity sponsors behind a healthcare platform that began with supplement dispensing and has expanded into labs, wearable data, electronic health record integrations, clinical support, and patient follow-through. Fullscript says the investment will support further platform development, practitioner capabilities, and expansion across North America.

For operators, the deal is best understood as a bet on the practitioner workflow around personalized and preventive care. Fullscript is trying to give clinicians the speed and convenience patients now expect from consumer health products while keeping a provider responsible for the clinical decisions.

What the Fullscript Transaction Includes

Altas and L Catterton are buying a majority stake from HGGC and Snapdragon, which backed Fullscript with a $240M strategic growth investment in 2021. The announcement does not disclose the purchase price, valuation, exact ownership percentage, management rollover, or post-close board structure. It also does not say that HGGC and Snapdragon will fully exit.

That distinction matters because this is an ownership transaction with growth ambitions, not a newly priced venture round. Fullscript and its investors describe the deal as support for the company’s next phase, but the agreement is still pending. Calling it closed or assigning a funding amount would turn missing information into false precision.

The announced advisers reflect the transaction’s scale. Centerview Partners advised Fullscript. Evercore, Morgan Stanley, and RBC Capital Markets advised Altas and L Catterton, with McDermott Will & Emery and Kirkland & Ellis as legal counsel. Jefferies and William Blair advised HGGC and Snapdragon.

Fullscript Grew From Dispensing Into Care Infrastructure

Fullscript’s origin is unusually useful for understanding the buyer thesis. The company’s official history begins with integrative practitioner Alanna Dyment spending too much time managing a supplement dispensary and too little time treating patients. Brad Dyment, Kyle Braatz, and Chris Wise built the initial company around making that administrative job easier.

The platform has since widened its place in the care cycle. Fullscript’s 2019 $25M Series B helped combine online supplement planning with wholesale ordering. The 2021 investment supported the acquisition of Emerson Ecologics, adding distribution scale and a larger practitioner network.

Fullscript then moved deeper into diagnostics. Its 2024 acquisition of Rupa Health added a platform for ordering and managing more than 3,000 laboratory tests. In January 2026, an Oura partnership connected wearable signals with lab results and treatment history. In May, University Hospitals integrated Fullscript into Epic, allowing supplement recommendations to enter the health system’s medication workflow.

Each addition gives Fullscript another part of the practitioner’s operating day. The value is less about collecting one more category of health data than making labs, supplements, wearables, and follow-up usable without forcing the provider to rebuild the patient story across disconnected systems.

The Buyer Thesis Sits Between Healthcare and Consumer Behavior

Fullscript says more than 135,000 practitioners now use the platform to support 10 million patients annually across North America. Those figures are company-reported, but they explain why the business can interest two firms with different forms of pattern recognition.

Altas is a North American private-equity firm that makes a selective number of investments and has experience in healthcare and services. Paul Emery, an Altas Partner who spoke in the announcement, emphasized practitioner trust and the platform’s role in care delivery. L Catterton brings a long record in consumer brands, health, and wellness. Its public comments focused on demand for more personalized, proactive care and Fullscript’s position between practitioner guidance and consumer expectations.

That combination points toward a specific opportunity. Healthcare consumers increasingly arrive with lab results, wearable histories, supplement habits, and expectations shaped by polished direct-to-consumer products. Practitioners still carry the harder obligation: interpreting that information, checking it against the patient’s history, and deciding what belongs in care.

Fullscript’s April 2026 Journeys launch put that tension into product form. Journeys lets providers assemble condition-specific experiences using lab testing, provider-reviewed AI draft interpretations, supplement and lifestyle protocols, and follow-through tools. Fullscript reported more than $1B in annual revenue at launch, although that figure and the platform metrics remain company statements rather than audited public-company disclosures.

Leadership Has to Protect the Practitioner Relationship

Co-founder Kyle Braatz remains CEO, while Kurtis Funai, Fullscript’s fourth employee, is CTO. Ashley Koch serves as President and CFO. Their job under new majority owners will involve more than shipping features or extending distribution.

Fullscript’s differentiation depends on the practitioner believing that the platform supports clinical judgment instead of routing around it. More integrations can make the product useful, but they also increase the number of data sources, care steps, and commercial relationships that must be governed coherently. The company is moving closer to the clinical workflow while operating across supplements, diagnostics, software, and consumer-facing experiences, all areas where trust can be earned slowly and lost quickly.

The incoming investors have described operating resources, healthcare experience, and consumer insight as strengths they can bring to the partnership. The public record does not yet show how those capabilities will change product priorities, pricing, acquisitions, or market expansion. Those decisions will turn a broad investment thesis into the daily experience of practitioners and patients.

What the Pending Deal Leaves Open

The transaction still must close, and the undisclosed economics limit what outsiders can conclude about valuation or investor returns. Fullscript’s recent growth markers also require careful reading. Company pages published at different points in 2026 use different provider and patient counts, likely reflecting timing and definitions. The newest transaction announcement provides the current 135,000-practitioner and 10-million-patient figures used here.

The clearer signal is the direction of the platform. Fullscript has spent 15 years pulling more of personalized care into one practitioner-led workflow. Altas and L Catterton are proposing to take control after that workflow expanded from supplements into labs, wearables, EHR context, and clinical support.

If the deal closes as expected, the next phase will be measured in the handoffs Fullscript can remove without weakening the clinician’s role. The platform now sits between patients arriving with more health information and practitioners expected to turn it into responsible care. That relationship, built from one dispensary problem around a kitchen table, is the asset the new owners will have to compound.