M&A advisory for health & beauty companies
Health and beauty is among the most acquisitive consumer categories. L'Oréal, Estée Lauder, Unilever, P&G, Coty, Shiseido and Henkel have been continuous buyers, and PE platforms have built portfolio plays across indie skincare, haircare, colour and wellness. Buyers underwrite on brand equity, repeat rate, retail door productivity and the path to international expansion.
The strategic pool is L'Oréal, Estée Lauder, Unilever, P&G, Coty and Shiseido, each running well-developed corp dev pipelines that grade repeat purchase, hero-SKU concentration, Sephora and Ulta ACV, and international expansion potential. Beauty-specialist sponsors sit behind them at the mid-market. Flow has direct access to the corp dev teams across this set.
Flow team has relevant sector experience and has worked with health and beauty companies across skincare, colour cosmetics, haircare, fragrance, wellness and supplements, and personal care.
"Health & beauty" KPIs M&A buyers look at
Key metrics strategics and PE buyers look at when analayzing health & beauty M&A targets
Revenue
Gross margin
Contribution margin
Repeat purchase rate
Cohort retention
AOV
Wholesale share
Door productivity
CAC
LTV / CAC
Advertising as % of revenue
Returns rate
Health & beauty valuations in May 2026
Public health & beauty comps trade at 1.7x EV/Revenue. Median revenue multiple across health & beauty M&A deals was 3.2x in the last 12 months.
1.7x
Median EV/Revenue as of May 2026 for public health & beauty companies
7.2x
AbbVie is the highest valued public health & beauty company based on EV/Revenue (excluding outliers)
3.2x
Median EV/Revenue across health & beauty M&A deals in the last 12 months
4.3x
Median EV/Revenue across health & beauty VC rounds in the last 12 months
Key recent health & beauty M&A deals
$49B acquisition of Kenvue by Kimberly-Clark was the largest health & beauty M&A transaction completed in the last year.
See all health & beauty M&A deals| Logo | HQ | Description | Buyer | ||||
|---|---|---|---|---|---|---|---|
Nov-25 | Kenvue |  | Kenvue is the world’s largest pure-play consumer health company by sales, generating over $15 billion in annual revenue. Formerly known as Johnson & Johnson’s consumer segment, Kenvue spun off and went public in May 2023. It operates in a variety of categories within consumer health, such as cough, cold and allergy care, pain management, face and body care, and oral care, as well as women’s health. Its portfolio has some of the most well-known brands in the space, including Tylenol, Listerine, Johnson’s, Aveeno, and Neutrogena. Kenvue announced November 2025 that it signed a deal to be fully acquired by Kimberly-Clark with the deal expected to close during the second half of 2026. | Kimberly-Clark | $49B | 3.2x | |
Oct-25 | Creed |  | Creed is a London-headquartered luxury fragrance house founded in 1760, crafting bespoke scents from Grasse, France. Bestsellers like Aventus for men and Fleurissimo for women use ingredients such as ginger and pink pepper. The brand supplies bath gels, lotions, and candles to 50 countries, with Aqua Fiorentina lotion featuring violet and citrus notes. Worn by royals and celebrities, Creed generates over €100 million in sales annually. | L'Oreal | $2.7B | 10x | |
Jan-26 | GOJO Industries | | GOJO Industries is a Cuyahoga Falls, Ohio-headquartered producer of skin health and hygiene products for away-from-home use, including PURELL hand sanitizers, heavy-duty cleaners, soaps, and wipes emphasizing germ protection and skin safety after 70 years in operation. | Clorox | $2.3B | 2.8x | |
Jun-25 | Medik8 | | Medik8 is a London-headquartered skincare manufacturer specializing in vitamin C serums, copper peptide creams, and crystal retinal exfoliants sold via dermatologists and online. The brand's Surface Radiance Cleanse and Barrier Restore Cream feature stabilized actives tested in UK labs for tolerability. Founded in 2010, Medik8 distributes to 40 countries through Dermstore and maintains production in Hertfordshire with a focus on time-released delivery systems. | L'Oreal | $2.2B | 19x | |
Aug-25 | O | Ovivo (electronics unit) |  | - | Ecolab | $1.8B | 3.6x |
Jun-25 | Dr. Squatch | | Dr. Squatch is a Los Angeles-based men's grooming brand manufacturing natural personal care products since 2013. The lineup includes bar soaps, deodorants, toothpaste, shampoos, conditioners, and colognes using 98-100% natural ingredients free of phthalates, parabens, and SLS. Signature scents feature Pine Tar, Grapefruit IPA, and Bay Rum, with themed bundles tied to franchises, sold via direct subscriptions, e-commerce, and retailers like Target. | Unilever | $1.5B | 17x | |
Mar-26 | Olaplex Holdings | | Olaplex Holdings Inc is a science-enabled, technology-driven beauty company. It offers science-backed solutions that improve hair health. It identifies the majority of consumers' relevant haircare concerns in collaboration with the community of professional hairstylists and consumers and strives to address them through its proprietary technology and innovation capabilities. It offers products through an omnichannel platform that serves professional, specialty retail, and DTC channels. The company derives its revenue through the sale of its hair care products. The company generates the majority of revenue from Professional sales channels followed by Specialty Retail and then DTC. Geographically the company generates the majority of its revenue from the International market. | Henkel | $1.4B | 3.3x | |
Feb-26 | FineToday |  | FineToday is a Japanese skincare brand offering a diverse lineup of personal care products focused on natural ingredients and daily wellness routines. | Bain Capital | $1.3B | 1.9x | |
Apr-26 | Grüns | | Grüns is a company producing health supplements as gummy snacks. It formulates nutrition products with vitamins, probiotics, and superfoods targeted at daily wellness for adults and children. | Unilever | $1.2B | 4.0x | |
Dec-25 | Sociolla |  | Sociolla is Jakarta-based e-commerce platform specializing in authentic beauty products for Indonesian women. It offers makeup, skincare, haircare, beauty devices, and perfumes exclusively from authorized distributors and brand owners. Sociolla stocks over 500 brands including Estée Lauder, MAC, and local labels, ensuring product genuineness through direct partnerships. Launched in 2016, the platform expanded to physical Sociolla Stores in major cities like Jakarta and Surabaya, combining online sales with in-store experiences for over 1 million users. | General Atlantic | $1.1B | - | |
Mar-26 | Breathe Right | Breathe Right makes nasal strips for drug-free nasal congestion relief and improved breathing. | Prestige Consumer Healthcare | $1.0B | 5.0x | ||
Mar-26 | Forest Essentials |  | Forest Essentials is an Indian skincare brand producing Ayurvedic products. | Estee Lauder | $1.0B | - | |
Jun-25 | Color Wow | | Color Wow is a hair care brand offering products for color-treated and damaged hair, including Dream Coat anti-frizz spray, Pop & Lock curl enhancer, and Xtra Large shampoo. Distributed through salons and retailers worldwide, it focuses on salon-quality formulas that extend color vibrancy and manage texture without sulfates or silicones. The brand maintains a presence in professional and consumer markets via its U.S.-based operations. | L'Oreal | $1.0B | 3.3x | |
Jul-25 | uvex group |  | uvex group is a Fürth-headquartered German manufacturer of personal protective equipment, including safety glasses, helmets, hearing protection, and workwear. The company also produces sports eyewear and cycling gear under brands like uvex and alpina, supplying industries, construction sites, and retail outlets globally. | Warburg Pincus | $942M | 1.2x | |
Mar-26 | Not Your Mothers | | Not Your Mothers makes haircare products including shampoos, conditioners, masks, dry shampoos, sprays, and treatments for moisture, volume, curls, frizz, and color. The brand sells through ecommerce and retail. | Henkel | $864M | 4.1x |
Most active buyers of health & beauty companies
L'Oreal, Zinzino Holding and Advent International are the most active acquirers of health & beauty companies in the last three years.
See all health & beauty acquirers| Logo | HQ | Description | Key acquisitions | ||
|---|---|---|---|---|---|
L'Oreal |  | L’Oréal is the largest beauty product maker in the world, participating in categories including skin care (39% of sales), makeup (19%), hair care (24%), fragrance (14%), and sanitary products (4%). The firm also has a diversified geographic footprint, generating 33% of sales in Europe, 27% from North America, 24% in North Asia, and the rest from various emerging markets across South Asia, Latin America, and Africa. L’Oréal owns a mix of premium and mass beauty brands sold through a wide range of channels such as mass retail, drugstores, department stores, travel retail, e-commerce, hair salons, and medi-spas. Leading brands include Lancôme, Yves Saint Laurent, Maybelline, Kiehl’s, L’Oréal Paris, Kerastase, CeraVe, Garnier, and Armani. | CreedColor WowMedik8+2 | 5 | |
Zinzino Holding |  | Zinzino Holding AB is a direct sales company. The company offers products focusing on nutritional supplements, skincare, and lifestyle products. The company operates in two segments Zinzino and Faun. The majority of the revenue is generated from the Zinzino segment. The company's product areas include Immune and Brain, SkinCare, Weight Control, Beverages, and others. The company's geographical segments include Sweden, Hungary, Germany, Norway, Finland, Denmark, and other countries. | IT Works! MarketingSanki GlobalValentus Global+1 | 4 | |
Advent International | | Advent International is a Boston-headquartered private equity firm specializing in buyouts and growth equity investments across business and financial services, healthcare, industrials, retail, consumer and leisure, and technology sectors. The firm maintains offices in North America, Europe, Latin America, and Asia. Founded in 1984, Advent International targets mid-market companies with strong growth potential, supporting operational improvements and strategic expansions. Notable portfolio companies include Bauer Hockey in consumer products and Maxar Technologies in aerospace and defense. | SALT & STONESkala CosmeticsINITIO PARFUMS PRIVÉS+1 | 4 | |
L Catterton | | L Catterton is a Greenwich-headquartered private equity firm with $33 billion under management, investing in consumer sectors like food, beverage, retail, restaurants, health, wellness, and media. The firm pursues control investments and strategic partnerships in North America, Europe, and Asia, backing companies such as Peloton, Everlane, and Birkenstock. | STENDERSStripes BeautyKiko+2 | 4 | |
Reliance Retail | | Reliance Retail is the retail subsidiary of Reliance Industries Limited, India's largest private-sector corporation by revenue. Operating the country's largest retail network, the company runs thousands of stores across formats including grocery (Smart Bazaar, Fresh Signature), consumer electronics (Digital and Jio Points), fashion and lifestyle (Trends, Azorte), and wholesale (B2B). It also operates an integrated e-commerce and quick-commerce infrastructure and has made significant investments in acquiring or partnering with domestic and international brands. Headquartered in Mumbai, Reliance Retail serves hundreds of millions of customers annually and is a dominant force across both organised physical retail and digital commerce in India. | AnomalyPahadi LocalPercassi (Kiko Milano Indian unit) | 3 | |
WellSpring Pharmaceutical | | WellSpring Pharmaceutical is a Sarasota, Florida-headquartered company founded in 1999 marketing over-the-counter brands. It distributes Emetrol for nausea relief, Micatin antifungal cream, Gelusil antacid, and Glaxal Base skin cream and lotion through retailers across North America. The firm operates from facilities at 5911 North Honore Avenue, focusing on established gastrointestinal, antifungal, and dermatological products. | DerMendRecticarevH essentials | 3 | |
Unilever |  | Unilever NV and U.K.-based Unilever PLC operate Unilever Group, a diversified household and personal product and packaged-food and refreshments company. The firm's brands include Knorr soups and sauces, Hellmann's mayonnaise, Lipton teas, Axe and Dove skin products, and the TRESemme hair-care brand. The firm has segments namely: Beauty & Wellbeing; Personal Care; Home Care; Foods; and Ice Cream. Geographically, it operates in United States, United Kingdom, India and Others. | Dr. SquatchWild CosmeticsK18 Hair | 3 | |
IMCD | | IMCD NV manufactures and sells a variety of chemicals and food ingredients. The firm's product portfolio consists of two categories: Life Science consists of the following lines of business: Pharmaceuticals, Beauty & Personal Care, Food & Nutrition, and Home Care and I&I, and The Industrial segment contains the lines of business of Coatings & Construction, Lubricants & Energy, Industrial Solutions and Advanced Materials. The company has four operating segments: EMEA, Americas, Asia-Pacific, and Holding companies. It derives a majority of its revenue from the EMEA segment. | Dong Yang FTYCAM (personal care and pharma unit)O&3+1 | 3 | |
KKR | | KKR is one of the world's largest alternative asset managers, with $723.2 billion in total managed assets, including $585.0 billion in fee-earning AUM, at the end of September 2025. The company has two core segments: asset management (which includes private markets—private equity, credit, infrastructure, energy, and real estate—and public markets—primarily credit and hedge/investment fund platforms) and insurance (following the firm's initial investment in, and then ultimate purchase of, Global Atlantic Financial Group, which is engaged in retirement/annuity and life insurance lines as well as reinsurance). | SAMHWAKaro HealthcareNexeye+2 | 3 | |
West Lane Capital Partners | | West Lane Capital Partners is a New Canaan, Connecticut-based private equity firm investing in lower middle-market companies valued between $25 million and $150 million in consumer products, food and beverage, manufacturing, and business services. The firm executes control stakes, providing operational support in supply chain optimization and digital transformation. With offices in New York, it has completed over 40 transactions since 2007, including recapitalizations of brands like Voortman Cookies and investments in specialty chemicals producers. | Beauty Bakerie Cosmetics BrandMented CosmeticsSeven Haircare | 3 |
Founders and investors we've worked with
We've supported winning builders across health & beauty and beyond.
MAILINGWORK
We acted as exclusive sell-side advisor to MAILINGWORK, a Chemnitz-based email marketing software platform, on its sale to French digital marketing leader Positive Group.
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TestSolutions
We acted as exclusive financial advisor to Swiss PE firm Patrimonium on its majority stake acquisition of TestSolutions, a Frankfurt-based software testing and IT services provider.
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Rebellion Pay
We acted as exclusive sell-side advisor to Rebellion Pay, Spain's leading Gen Z neobanking platform, on its sale to Turkish consumer fintech unicorn Papara.
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HAPPYCAR
We acted as exclusive sell-side advisor to HAPPYCAR, a Hamburg-based pan-European rental car comparison and booking platform, on its sale to Dutch online price comparison player EasyTerra.
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Resillion
We provided buy-side advice to a dominant TIC industry player on the carve-out and acquisition of Resillion (fka Eurofins Digital Testing), a Hasselt-based digital testing, cybersecurity and forensics provider.
See moreRecent M&A advisory track record
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