Introduction: Wellness Is the New Luxury Flex 💎

A funny thing has happened over the past few years.

People stopped bragging about cars, watches, or first-class flights…and started bragging about cold plunges, peptide stacks, sauna memberships, and their concierge physician’s cell number.

Wellness hasn’t only become mainstream, it’s the new status symbol. 

Today’s social circles gather at saunas instead of bars. People compare their sleep scores as if it’s a rare Rolex watch they just acquired. And in most major cities, the hottest “new openings” aren’t restaurants - they’re med spas, longevity clinics, and concierge primary care practices.

Having a private doctor is the new having a private driver. Getting weekly IVs is the new bottle service. Alright, that analogy has been beaten over the head. 

Regardless of how you feel about it, this shift isn’t going anywhere.

Here’s the opportunity for buying businesses in this industry: 

Medical spas (high-margin, cash-pay beauty + wellness) paired with Primary care clinics (stable, recurring revenue + preventative care)

Together, they’re forming a hybrid category that’s exploding:

Luxury wellness + reliable medical care = modern status + long-term demand.

Let’s break down what’s driving the trend — and why so many buyers are moving into this spaceA funny thing has happened over the past few years.

DEAL REVIEW

Project Eden — Premium Hybrid Healthcare & Wellness Clinic

This week’s deal is Project Eden, a high-end hybrid clinic combining concierge primary care, medical aesthetics, and wellness services under one brand. It’s positioned in an affluent market, has multiple revenue streams, and is built on a membership-driven model that produces predictable, sticky revenue.

The business is established, systemized, and has a trained clinical team in place. The owner is selling to pursue other ventures, making this a strong opportunity for a buyer who wants a modern healthcare asset with both clinical stability and elective upside

Deal Facts

Video Overview

Check out a video breakdown of Project Eden below:

Our Hot Take 🔥

Green Flags 🟢

• Hybrid Model = Moat: diversified revenue across primary care, aesthetics, and wellness reduces seasonality and strengthens defensibility.

  Membership-Driven Recurring Revenue: concierge and subscription programs create predictable monthly cash flow.

  Strong Provider Bench: multiple clinicians and injectors lower owner dependency and support scalable growth.

  Premium Market Positioning: affluent customer base enables pricing power and strong demand for premium services.

  Expansion Optionality: adding providers, memberships, and aesthetic services offers a clear, executable growth runway. 

Red Flags 🔴

• Provider Transition Risk: losing a key injector or physician post-close could impact patient retention and revenue stability.

• Equipment & CapEx Requirements: lasers and medical devices require ongoing maintenance and periodic upgrades.

• Competitive Local Market: aesthetics and wellness are crowded categories, making differentiation essential.

• Regulatory Complexity: hybrid medical + cosmetic models require strict compliance and oversight to avoid operational risk.

Possible Deal Structure: given this category, expect a strong EBITDA multiple using a mix of cash and 10-20% of seller financing.

Overall Deal Spiciness: 🌶🌶🌶🌶🌶*

*Deal Spiciness is a completely subjective rating without a quantitative grading system. Depending on the buyer, a spicy deal may indicate a good thing or a bad thing. Basically, do your own due diligence.  

Want to learn more about this deal? Sign the NDA here or reply to this email with ‘send me more details’

INDUSTRY BREAKDOWN

What’s Really Driving the Aesthetics & Wellness Surge

The wellness-aesthetics boom isn’t showing any signs of slowing down. Med spas, dermatology-light clinics, concierge primary care, and hybrid wellness centers sit at the collision point of three accelerating forces:

1. Wellness as status

2. Preventative health as lifestyle

3. Cash-pay services replacing insurance frustration

Consumers aren’t just “getting treatments” anymore—they're building a personal wellness stack. And the businesses powering this stack are some of the highest-margin, most recurring-revenue service companies on the market.

For the full dataset, charts, and valuations, read the complete Skincare Clinics M&A Market Report

The Market

Depending on how you group primary care + cosmetic dermatology + med spa + wellness services, the category spans multiple billion-dollar segments. Demand is split into two complementary streams:

• Medical Dermatology & Primary Care (Insurance + Preventative): skin checks, chronic care, labs, exams, biopsies

• Cosmetic & Wellness (Cash-Pay): injectables, lasers, facials, hormone therapy, IV treatments, skincare retail

For buyers, that means stability meets margin—an almost unfair combination.

The Model

The best operators run a hybrid structure:

• Primary Care Memberships → predictable recurring revenue

• Injectables & Lasers → 30–50%+ profit margins

• Skincare Retail → 15–25% incremental margin

• Wellness Plans → multi-month cash packages

• Aesthetic Upsells → conversions from medical visits

The flywheel is simple but powerful:
Medical visit → cosmetic consult → membership → product subscription.

Margins & Revenue

Typical clinic performance falls into a clear pattern:

• Primary Care Memberships: 60–80% gross margins

• Cosmetic Procedures: 30–40% margins, highest with injectables

• Retail Products: 20–30% EBITDA margins optimized

• Hybrid Clinics: $2M–$10M+ annual revenue depending on location and service mix

Add in the fact that recurring revenue is built into the model…it’s no wonder private equity loves the category.

Why Buyers Are Interested

Because the economics look like this:

• Price elasticity (clients expect premium pricing)

• Built-in retention (memberships & skincare plans)

• Social-driven demand (free marketing via influencers/patients)

• Scalable staffing (NPs, RNs, injectors, aestheticians)

• Multi-unit roll-up potential

It’s one of the few acquisition categories where the business improves with branding.

Buy Signals: What to Look For in a Profitable Clinic ✅ 

The strongest clinics share the same DNA:

• Membership revenue (facials, wellness, concierge care)

• Multi-provider team vs. owner-dependent model

• Strong digital presence (Instagram, Google reviews, SEO)

• Clear SOPs for both medical + cosmetic operations

• Retail product lines with replenishment cycles

• Aesthetic + medical blend (injectables + exams)

• 4.5★+ review average with strong retention

If you see a clinic with both predictable medical revenue and high-margin cosmetic upsells—you’ve found the sweet spot.

Warning Signs: Red Flags to Watch Out For 🚨 

If you come across these, proceed with caution:

• Owner is the primary injector or physician

• No recurring membership programs

• Laser or IPL equipment past service life

• No transition plan or provider retention strategy

• Poor digital footprint (this industry runs on online presence)

• No upsell / cross-sell metrics (missed profit)

• Weak compliance or unclear oversight

The biggest risk in these deals? A star injector walking out the door post-sale.

Common Deal Structures 📜 

Deals in this sector tend to follow a predictable pattern:

• Asset Purchase – most common; includes equipment, patient charts, brand IP

• Stock Purchase – typical when preserving insurance contracts or medical entities

• Earn-Outs – tied to patient retention or provider retention

• Seller Financing – more likely in med spas vs. physician-owned clinics

Earn-outs are particularly useful when revenue relies on key providers.

🩺 Final Thoughts: Should You Buy a Med Spa or Hybrid Clinic?

Short answer: yes, if you choose carefully and operate well.

This category offers something rare:
recurring revenue + cash-pay pricing + brandable marketing + scalable staffing.

The best opportunities today:

• Med spas with a membership model

• Concierge primary care clinics with loyal patient panels

• Hybrid clinics offering aesthetics + wellness + medical care

• Multi-provider teams in affluent suburban or urban markets

• Clinics with strong digital traction and retail add-ons

If you want a business where customers are proud to tell people they go there—this is it.

WHERE TO FIND DEALS

Where to Look for Clinics Worth Buying 🔎

Here are the best platforms to find med spas, primary care clinics, and hybrid wellness businesses:

• BizBuySell – great for small owner-operator clinics

• Axial – better for larger, multi-location or PE-backed groups

• BusinessesForSale.com – mixed cosmetic, wellness, and medical listings

• Breakwater M&A – digital-first, profitable service businesses and healthcare-light deals