Key Highlights
- Independent Group Valuation Delivered Across 7 Operating Entities
- Tri-Method Valuation: DCF, Comparable Companies, and Precedent Transactions
- Prepared in accordance with IVS and GAVP
- Multi-Jurisdictional: USA, United Kingdom, and Germany
- Non-Surgical Hair Replacement and Aesthetic Services Sector
- Delivered within Approximately 2 Weeks
Why an International Aesthetic Services Group Needed a Valuation
A privately held international group operating in the non-surgical hair replacement and aesthetic services sector engaged Consortia Advisory to deliver an independent valuation of the group and its operating entities. The objective was to assess the fair enterprise value of the business based on current financial performance, forward-looking expectations, and prevailing market conditions.
The valuation was required to support strategic planning and shareholder-level decision-making, with particular focus on accurately reflecting the group’s multi-jurisdictional structure across three countries.
Valuing a Multi-Jurisdictional Aesthetic Services Group
The engagement covered a group of seven operating companies across three countries:
- United Kingdom: three entities
- United States, California: one entity
- Germany: three entities
The group provides non-invasive hair replacement systems, studio-based aesthetic services, and subscription-driven solutions targeting individuals seeking alternatives to surgical procedures. The companies varied in scale and maturity, requiring both standalone valuations and a consolidated group assessment, adding a layer of complexity that demanded a structured, multi-entity valuation framework.
Our Approach: How the Group Was Valued
Consortia Advisory applied a triangulated valuation framework to ensure a robust and defensible outcome, combining three complementary methodologies:
- Discounted Cash Flow analysis: Applied to entities with sufficient cash flow visibility, the DCF model was built on forward-looking assumptions reflecting each entity’s revenue trajectory, margin profile, and country-specific risk environment.
- Relative Valuation using Comparable Companies: Trading multiples were sourced from comparable companies operating in the business and consumer services and healthcare support services sectors, providing a market-referenced benchmark for each entity.
- Precedent Transactions analysis: Recent M&A activity within the aesthetic, beauty, and wellness industries was reviewed to further anchor the valuation in real-world transaction evidence.
Country-specific assumptions were applied for cost of capital, long-term growth rates, and tax considerations, ensuring each entity’s valuation accurately reflected local market dynamics and risk profiles.
The valuation was prepared in full accordance with International Valuation Standards (IVS) and Generally Accepted Valuation Principles (GAVP), ensuring the report met the requirements for use in shareholder and strategic contexts.
Scope and Execution
Methodology:
- Discounted Cash Flow valuation: Forward-looking cash flow projections were modelled for each entity under conservative assumptions, with country-specific discount rates applied to reflect the distinct risk profiles of the UK, US, and German operations.
- Comparable Companies analysis: Sector-relevant trading multiples from the business services and healthcare support sectors were applied to benchmark each entity’s value against current market evidence.
- Precedent Transactions analysis: Recent M&A transactions in the aesthetic, beauty, and wellness space were reviewed to provide additional valuation context and support the concluded ranges.
- Sum-of-the-parts group consolidation: Individual entity valuations were aggregated into a consolidated group valuation, providing both a standalone and group-level view of enterprise value.
Deliverables:
- Standalone valuation ranges for all seven operating entities: Individual valuation assessments for each company, reflecting their distinct financial profiles, growth stages, and local market conditions.
- Consolidated group valuation report prepared in accordance with IVS and GAVP: A professionally structured report presenting the sum-of-the-parts group valuation, methodology, assumptions, and concluded valuation ranges in a format suitable for shareholder discussions and strategic planning.
- Detailed financial projections and valuation assumptions: A complete set of financial forecasts and clearly documented assumptions underpinning all three valuation methodologies across each entity.
- Country-specific WACC and sensitivity analysis: A full cost of capital analysis for each jurisdiction, including sensitivity testing to illustrate how the concluded values respond to changes in key assumptions across revenue growth, margins, and discount rates.
- Total delivery time: Completed within approximately two weeks, including review and validation stages.
Outcome
The engagement resulted in a clear, independently supported valuation range for both the individual operating entities and the group as a whole. The final valuation provided the client with a transparent and credible framework for strategic planning, shareholder discussions, and future corporate decision-making.
The valuation report was delivered in a presentation-ready format and was subsequently used alongside other expert analyses, confirming the clarity, reliability, and professional standard of the work produced.
About Consortia Advisory
This engagement was led by the Consortia Advisory team, ICAEW-regulated advisors specialising in business valuations, business plans, and financial advisory for privately held companies across the UK, Cyprus, and Europe. Consortia Advisory combines rigorous financial methodology with a practical understanding of the commercial and strategic context in which valuations are used.