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Norwest Takes Minority Stake in Aesthetic Partners

Published November 14, 2023
Published November 14, 2023
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Aesthetic Partners, a clinical aesthetics practice management company based in Miami, has formed a strategic alliance with a minority investment from Norwest.

WHO: Established in 2018 by co-CEOs Courtney Ellenbogen and Faraz Karbasi, Aesthetic Partners is a business specializing in aesthetic dermatology, including fillers and Botox. The company has successfully incorporated 20 practices in California, Florida, North Carolina, and Virginia. The company focuses on expanding its market presence rather than consolidating existing operations. Its growth strategy includes providing partners with talent development initiatives such as top-tier training programs, opportunities for promotion within the team, and access to a Medical Advisory Board that features industry-leading experts. 

Aesthetic Partners specializes in high-end, physician-led, and patient-centric practices. Its model works by joining forces with physician-led medical aesthetics, cosmetic dermatology, and plastic surgery clinics in suburban markets throughout the US, providing growth capital, functional expertise, and new location-expansion support.

Venture and growth equity firm Norwest Venture Partners manages more than $12.5 billion in capital from its offices in Menlo Park and San Francisco. It invests across a diverse portfolio of venture and growth equity assets. Beauty and wellness brands in its portfolio include Face Reality, Madison Reed, Mensa Brands, MAËLYS, and Ritual.

WHY: The recent funding from Norwest will be used to bolster the company's infrastructure and  assist in the growth of its clinic network.

IN THEIR OWN WORDS: "Aesthetic Partners is one of the earliest players in the clinical aesthetics space and has demonstrated an exceptional track record of helping medical aesthetic, dermatology and plastic surgery practices across the country grow their businesses," said Sonya Brown, General Partner at Norwest. "We are excited to partner with the leadership team on Aesthetic Partners' next phase of growth."

"Norwest has a reputation as a growth partner that invests in forward-thinking brands. Their commitment to partnership and collaboration mirrors our own," said Courtney Ellenbogen, co-founder and co-CEO of Aesthetic Partners. "At Aesthetic Partners, we don't acquire just to acquire––like Norwest, we partner selectively with accomplished founders seeking to achieve industry leadership. We want to complement the expertise of our portfolio of practice leaders, which requires a more nuanced approach than brands typically experience with a traditional private equity firm. We believe Norwest is the right partner to join us in this endeavor."

"Courtney and I share a competitive nature, and we extend that to our portfolio to help them succeed," said co-founder and co-CEO Faraz Karbasi. "Our partners have a deep desire to grow while holding onto what makes them great, including their teams, brands and culture. Aesthetic Partners was built to help them achieve this vision, and Norwest aligns with our mission in every way––from their focus on supporting founders to their commitment to excellence. We are thrilled to partner with them to unlock the next phase of growth for our portfolio."


  • Aesthetic Partners, a leading clinical aesthetics-focused practice management company, has received a minority investment from San Francisco-based investment firm Norwest. Terms of the deal were not disclosed.
  • Sonya Brown and Scott Mitchell from Norwest are set to join Aesthetic Partners' board of directors.

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