The consolidation of independent aesthetic practices into PE-backed platforms has reshaped the medspa landscape. Understanding who is actively buying, at what valuations, and under what terms is essential for owners evaluating their options—whether to stay independent, explore a sale, or simply understand the market value of their practice. This tracker maps the major consolidators, their acquisition appetite, and what their deal activity reveals about practice economics, operator expectations, and the leverage available to sellers in different regions and specialties.