Functionlab Group and FYi Medical Aesthetics have announced a merger.
Terms of the deal, which is slated to close on Jan. 1, were not disclosed.
Functionlab Group operates a network of 68 aesthetic medicine clinics in Canada as Dermapure and ProjectSkin MD, and owns skin care line Jouviance. It is backed by L’Oréal.
L Catterton-backed FYi Medical Aesthetics is a division of Canadian health care organization FYihealth Group, which introduced the division in 2019 after the company acquired ReNue, a medical aesthetic clinic offering skin care, laser and cosmetic treatments.
Together, the merged companies, which will continue as Functionlab Group, aim to expand their geographic footprints and build their presence as leaders in Canada’s nonsurgical medical aesthetics industry.
“I full-heartedly believe that through this partnership with Functionlab Group, we will create more value for all stakeholders in the industry,” said Dr. Alan Ulsifer, chief executive officer of FYihealth Group, in a statement. “Watching our medical aesthetics business grow with a strong and trusted partner is inspiring.”
L’Oréal invested in Functionlab Group, which was founded in 2009 by Francis Maheu and Erick Geoffrion, in 2019 through its venture capital arm, Bold Business Opportunities for Business Development.
In 2020, L Catterton invested in FYidoctors, a subsidiary of FYihealth Group.
“Wellness, personal care and beauty are categories with strong secular tailwinds,” said Rajan Shah, principal at L Catterton, in a statement.