Aesthetic Partners, a prominent practice management company specializing in the clinical aesthetics sector, has announced a strategic partnership with Norwest, a global investment firm. This collaboration is set to propel Aesthetic Partners into new markets and further solidify its position in the rapidly growing aesthetics industry. The partnership with Norwest will provide Aesthetic Partners with the necessary resources to invest in infrastructure and expand its network of clinics, both in existing and new geographical areas.
Since its inception, Aesthetic Partners has distinguished itself as a leader in the aesthetics market by joining forces with physician-led medical aesthetics, cosmetic dermatology, and plastic surgery clinics. Focusing on thriving suburban markets across the United States, Aesthetic Partners has rapidly expanded its portfolio to include 20 practices since 2019. Their current footprint spans key states including California, Florida, North Carolina, and Virginia. As an early entrant into the booming aesthetics market, Aesthetic Partners has established a strong track record of fostering growth for its partner practices.
Sonya Brown, general partner at Norwest, highlighted Aesthetic Partners’ impressive history: “Aesthetic Partners is a first mover in the clinical aesthetics space and has consistently demonstrated its ability to help medical aesthetic, dermatology, and plastic surgery practices throughout the U.S. expand their operations.” Brown, who will be joining Aesthetic Partners’ board of directors along with Norwest’s Scott Mitchell, further stated, “We are enthusiastic about collaborating with the leadership team at Aesthetic Partners during their next phase of expansion.” Both Brown and Mitchell bring considerable investment expertise, including successful partnerships with beauty and skincare businesses like PCA Skin, MAËLYS, and Face Reality, making Norwest an ideal partner for Aesthetic Partners.
Courtney Ellenbogen, co-founder and co-CEO of Aesthetic Partners, emphasized the alignment of values between the two companies. “Norwest’s reputation as a growth-focused partner that invests in innovative brands resonates deeply with our approach. Their dedication to genuine partnership and collaboration mirrors our own ethos at Aesthetic Partners,” Ellenbogen stated. She further elaborated on Aesthetic Partners’ selective partnership strategy: “Unlike conventional private equity approaches, Aesthetic Partners prioritizes partnering with accomplished founders who are committed to achieving industry leadership. We aim to enhance the expertise of our network of practice leaders, necessitating a more sophisticated and nuanced strategy. We are confident that Norwest is the ideal partner to support us in this endeavor.”
Aesthetic Partners’ unique growth strategy centers around expansion and support rather than consolidation. This approach allows partner practices to maintain their individual brand identities and cultivate strong customer loyalty within their respective communities. A key component of Aesthetic Partners’ value proposition is its commitment to talent development. The company provides its partners with comprehensive clinical and management training programs, advancement opportunities for high-performing team members, and access to a Medical Advisory Board. This board comprises esteemed physicians from partner brands, including published authors, AMI trainers, and prominent conference speakers, ensuring the highest standards of clinical excellence and innovation.
Faraz Karbasi, co-founder and co-CEO, underscored the company’s competitive spirit and dedication to partner success. “Courtney and I share a strong drive to succeed, and we extend that ambition to our portfolio, empowering them to achieve their goals,” Karbasi explained. “Our partners are driven by a desire for growth while preserving the core elements that define their success – their teams, brands, and culture. Aesthetic Partners was founded to facilitate this vision, and Norwest’s founder-centric approach and commitment to excellence perfectly align with our mission. We are excited to collaborate with them to unlock the next stage of growth for our portfolio of aesthetic practices.”
About Aesthetic Partners
Aesthetic Partners is a leading clinical aesthetics practice management company focused on partnering with high-end, physician-led, and patient-centric practices. Aesthetic Partners offers growth capital, operational expertise, and support for new location expansions to its portfolio brands. Founded in 2018 and incubated at Harvard, Aesthetic Partners is based in Miami, Florida, and is a female- and minority-owned enterprise. For additional information about Aesthetic Partners, please visit aestheticpartners.com.
About Norwest
Norwest is a premier venture and growth equity investment firm with over $12.5 billion in capital under management. Since its inception, Norwest has invested in over 650 companies and currently partners with more than 200 companies within its venture and growth equity portfolio. The firm targets businesses from early to late stages across diverse sectors, with a particular emphasis on consumer, enterprise, and healthcare. Norwest provides CEOs and founders with an extensive network, operational experience, and a range of impactful services to aid in scaling their businesses. Norwest has offices located in Menlo Park and San Francisco, along with subsidiaries in India and Israel. For more information, please visit www.nvp.com.
