Two private-equity-backed aesthetics platforms announced practice deals five days apart in September 2026. On September 9, the sale of Gallaher Plastic Surgery & Med Spa to Olympus Cosmetic Group was announced, giving Olympus its first practice in Tennessee. On September 14, Spa Medicca announced a partnership with Dr. Nicholas E. Sherock LLC & Associates, a women's health practice in Ohio.

Neither announcement disclosed a price, a multiple or a deal structure. For owners following med spa acquisitions in 2026, that is the usual state of affairs, and it is why the only valuation figures in this article come from a broker's published ranges, not from these transactions.

Olympus and Gallaher

The Tennessee deal was not announced by the buyer. The release came from M&A Healthcare Advisors, a Los Angeles investment bank that said it served as the exclusive sell-side adviser to Gallaher Plastic Surgery. We found no separate announcement on the news page of VSS Capital Partners, the New York firm that backs Olympus, when we checked on October 8, 2026; the items at the top of that page were dated August 10 to October 1.

Olympus is on the record in it, though. "We look forward to preserving and growing the brand Dr. Gallaher has built in the greater Knoxville market," said Ben Cook, chief executive of Olympus Cosmetic Group.

The release describes Olympus as a surgeon-founded platform built for the cosmetic specialty and says the Gallaher practice, led by plastic surgeon Dr. Tom Gallaher, offers surgical and non-surgical cosmetic procedures in eastern Tennessee. Tennessee becomes the platform's ninth state.

Spa Medicca and Dr. Sherock & Associates

Spa Medicca's release, datelined Canton, Ohio, calls the arrangement a partnership and, further down, a transaction. It does not use the word acquisition. Seven Hills Capital "served as Spa Medicca's financial partner in completing the transaction," the release says, and it describes Seven Hills as a healthcare-services private equity platform founded by operators.

Dr. Sherock & Associates serves Massillon and Orrville. Its services, as listed in the release, are hormone replacement therapy, gynecologic care, minimally invasive surgery and aesthetic services.

Nicole Giacomelli, president of Spa Medicca, said in the release that the partnership would ensure patients in Massillon and Orrville "keep the same trusted care they've always relied on" and give the practice resources to build on.

An advisory firm, Viper Partners, has a boilerplate paragraph at the foot of the release, which does not describe its role. The trade service LevinPro Healthcare M&A reported on September 15, 2026 that Viper was the exclusive adviser to Dr. Sherock & Associates, that Spa Medicca acquired the practice, and that financial terms were not disclosed. LevinPro also reported a concurrent Spa Medicca acquisition of a Massillon medical spa, Your Best Kept Secret Aesthetics; we found no company release for that one on Spa Medicca's PR Newswire page.

What buyers have been paying, by one broker's account

With no terms disclosed, the nearest public reference is an article the American Med Spa Association published on May 15, 2026 by Tommy Newton, a principal at Xite, a sell-side M&A and practice-brokerage firm. Newton wrote that in 2025 med spas with under $4 million in revenue "typically traded in the 3x to 6x EBITDA range," that those with $4 million to $20 million generally achieved 5x to 8x, and that regional platforms above $20 million commanded 7x to 12x.

Those are one adviser's ranges, not a dataset, and Xite describes itself as a sell-side firm. The article gives no sample size.

He also wrote that most 2025 transactions fell between roughly 60% cash at close with 40% rollover equity or stock and 80% cash with 20% rollover, and that holdbacks and earnouts remained common. Add-on acquisitions were where he saw activity staying strong, and both September deals add a practice to a platform that already has others. Buyers, in his telling, are prioritizing recurring revenue, patient and provider retention and clean financial reporting, which are the same monthly numbers an owner should be tracking whether or not a sale is planned.

Newton's forward look was that recapitalizations of several large private-equity-backed platforms in 2026 and 2027 could set off another round of buying. Neither September release says what comes next for Olympus or Spa Medicca, and Spa Medicca's page on PR Newswire showed no later announcement as of October 8, 2026.

Sources