The consolidation of independent medical spas and aesthetic practices has accelerated over the past five years, driven by PE capital seeking recurring-revenue, high-margin businesses with defensible unit economics. Unlike the broader healthcare roll-up narrative, medspa consolidation is driven less by scale-driven cost arbitrage and more by platform operators' ability to standardize toxin and filler procurement (unlocking rebate programs like Alle and Aspire), centralize marketing spend, and extract multiple expansion through add-on services and device capital deployment. For a practice owner, understanding who is actively buying, at what multiples, and under what terms is essential intelligence for timing a sale, negotiating from strength, or deciding to remain independent. This tracker maps the major consolidators, their recent activity, typical deal structures, and what the market is signaling about valuation.