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DuneGlass among PE firms keen on medspas; RF breaks down add-on strategy for first pet and vet assets

Morning Hubsters, happy Fri-yay! John R. Fischer here in New York making my debut with the US edition of the Wire.  

We’re starting off the weekend with a listicle of mine on five deals in a growing subsector of dermatological care: medspas. The large number of available businesses ripe for consolidation is attracting private equity investors to the segment. 

Sticking with healthcare, we have my interview with RF Investment Partners’ Collin Abert on the firm’s add-on plans for its first investments in the pet and veterinary sector. 

Then, we move to a digital platform launch by a funeral services provider backed by Colpatria Capital and Access Holdings, followed by a look at a market update report by Houlihan Lokey to finish off the week.  

Looking good 

The desire to age gracefully has led to greater attention to skincare and greater reliance on dermatological service providers, including medspas, which have also caught the attention of PE investors due to the large number of available businesses ripe for consolidation in the highly fragmented market. 

I rounded up the activity we’ve seen in the sector into one story.

Upgrade to the premium version of the Wire to learn more.  

Hunting for add-ons 

RF Investment Partners is seeking add-on companies for Altro and Amici Pharmaceuticals, its first two veterinary platform investments, RF Investment Partners’ Collin Abert told me in an interview. 

Upgrade to the premium version of the Wire to read more. 

Planning for the end 

Foundation Partners Group, a funeral services provider backed by Colpatria Capital and Access Holdings, has launched Afterall, a US-based digital platform that helps families find and choose local funeral homes. 

Premium subscribers can learn more about Foundation Partners Group new platform and add-on deal. 

Getting fit 

Active lifestyle M&A activity in 2024 has rebounded from a muted 2023, according to Houlihan Lokey’s Active Lifestyle Market Update. More details in the premium version of the Wire. 

Here are five active lifestyle-related deals that PE Hub has covered in 2024 in reverse chronological order: 

• L Catterton to acquire fitness studios network Solidcore

• Rainier-backed Omega Fitness acquires 21 Wisconsin gyms from MDS Fitness

• Trive Capital, 808 Capital Partners invest in JF Fitness

• CapitalSpring-backed Primetime Fitness acquires 10 Crunch Fitness gyms

• CVC Capital rides healthy eating trend with Sunday Natural acquisition

Upgrade to the premium version of the Wire to learn more.  

That’s it for me. If you have any questions, thoughts, or want to chat, please email me at [email protected]. 

Craig McGlashan will write to you on Monday with the Europe Wire, and Michael Schoeck will be filling in for MK Flynn on the US Wire.  

Before I sign off, Happy Rosh Hashanah to our readers. 

Cheers,  

John

Read the full Wire commentary on PE Hub ...

Also of note (may require subscriptions)

6 private equity deals in the hot solar energy market: GEF Capital, PAG and LS Power are some of the firms picking up opportunities in solar investments. (PE Hub)

Lexington Capital stepped up as lead investor on a multi-asset continuation fund process run by Lightspeed Venture Partners designed to deliver proceeds to limited partners in older funds, sources told Buyouts.

Los Angeles Fire and Police Pension System has set its private equity pacing for 2025, with the expectation that higher distributions will help reduce the asset class’s allocation share. (Buyouts)

Secondaries Investor has launched its Second Thoughts podcast, focusing exclusively on private markets’ burgeoning secondaries market, which is offering liquidity to its underlying illiquid asset classes. You get analysis from Secondaries Investor’s global team of journalists and interviews with the market’s most influential players and rising stars discussing the dynamics shaping this ever-evolving area.

A new LP Weekly from Buyouts editor Chris Witkowsky takes on private equity’s ‘too big to exit’ challenge: It’s instructive to see the evolution of the market, including various ways to provide liquidity to investors in older funds, even when some more traditional exit paths are closed.

Data center investors like CPP are playing catch up: The Canadian pension’s $15bn joint venture with Equinix represents a significant and necessary upsizing of its investments in the sector. (Private Equity Real Estate)

Are we nearing a credit cycle downturn? A plethora of pressures point to challenging times for some parts of the private debt market. (Private Debt Investor)

Activate Capital, a venture and growth investor in climate technologies, is targeting $500 million for its third fund, just two years after closing on the same amount for its sophomore effort. (Venture Capital Journal)

They said it

“We want like-minded, growth mindset, entrepreneurial type owners to join Aviva because those are the ones that create disproportionately high organic growth rates that we know private equity is going to want to invest in in the future.”

— Daniel Hosler, co-founder and managing partner of DuneGlass Capital, on the firm’s add-on strategy for its new medspa platform, Aviva Aesthetics