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The Independent Medspa Revolution: Portrait's Alternative to Private Equity

Published January 26, 2025
Published January 26, 2025
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There has been a growing global trend of private equity rollup, including industries like medical aesthetics. However, markets like the US medical aesthetics industry have demonstrated extraordinary resilience over the past decades, consistently outperforming market trends. Even in periods of economic instability, such as the 2008 Great Recession and the COVID-19 pandemic, this sector continued to thrive, cementing its status as a high-growth industry. Projections of double-digit expansion throughout the years have showcased the industry’s dynamism.  This, however, doesn't come without its challenges, such as exits and being forced into private equity—especially for independent practitioners. These challenges are exactly what Portrait, a rapidly growing platform for aesthetic entrepreneurs, aims to dismantle. Co-founded by CEO Praveen Ramineni and dermatologist Dr. Patrick Blake, Portrait operates at the intersection of technology, entrepreneurship, and aesthetics.“At its core, Portrait is about enabling providers to succeed on their own terms. The market has become incredibly competitive, and we offer the tools and resources that allow practitioners to launch and operate with the same efficiencies as larger practices—sometimes even outperforming them,” Ramineni tells BeautyMatter. Designed as an all-encompassing solution, Portrait empowers independent providers to launch and scale their practices without the financial burdens or constraints typically associated with traditional medspa models.

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