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Med Spas (Cosmetic Injectables, Laser, etc.)

The 3 anchors. Don't leave the meeting without them.

1THE PRICE
3x–5x SDE (single location, owner-operated)
Typical deal: $2M
2THE LEVER
Membership/subscription model
Push this up, multiple goes up
3THE LANDMINE
Medical director or lead injector is the owner and won't stay…
Surface this in the first 15 min
SDE multiple
3x–5x SDE (single location, owner-operated)
EBITDA multiple
3x–6x (single location, <$5M revenue); 5x–8x (mid-sized $5M–$20M); 7x–12x (PE-backed multi-location platforms with membership model and diversified treatments). NOTE: This sector is in explosive growth — 10,488 U.S. locations in 2023 (up 18% YoY per AmSpa 2024 State of the Industry), average revenue $1.4M/location, 15–25% CAGR expected. Only ~3% PE-owned as of 2024, signaling early-stage consolidation land-grab. PE groups are paying 6–10x EBITDA for scalable platforms; best-in-class multi-site operators with membership revenue and diverse treatments can reach 10–12x.
Deal size range
$300K – $15M+ (multi-location, PE-backed platform)
OPEN

Open the meeting

Three things to nail in the first 10 minutes.

  1. 1

    Single-location med spas trade at 3x–5x SDE; mid-sized multi-location platforms reach 5x–8x EBITDA.

  2. 2

    PE-backed multi-site platforms with membership revenue can achieve 7x–12x EBITDA — this sector is in explosive growth.

  3. 3

    Revenue multiples of 1.0x–2.5x for small; 2.5x–4.0x for scaled platforms.

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