Markets: Digital & Consumer Health
M&A and Capital Raising in Digital & Consumer Health
Kronos advises founders, operators and investors in patient-paid, increasingly digital healthcare: telehealth and digital health platforms, peptides and performance medicine, medical aesthetics and medspas, and related cash-pay health services. These markets look a lot like cannabis did a few years ago, with fast growth, fragmented ownership and a wave of consolidation ahead.
Why digital and consumer health, why now
Cash-pay, recurring and digital. More patients are paying out of pocket for care delivered online, from weight management and sleep to hormones, longevity and aesthetics. Recurring prescriptions and memberships create the kind of predictable revenue buyers and investors value.
Platforms are looking beyond their first category. Digital health platforms that scaled on a single therapy, such as GLP-1 weight management, are now adding adjacent categories to deepen the patient relationship. That is driving acquisitions, partnerships and demand for growth capital.
Peptide regulation is moving. In April 2026, the FDA removed twelve peptides, including BPC-157, from its Category 2 restricted compounding list, and in July an FDA advisory committee recommended adding BPC-157 and KPV to the list of substances eligible for compounding. Formal rulemaking is still required, but the direction has changed.
Fragmented markets, ready to consolidate. Clinics, compounding pharmacies, medspas and telehealth brands are mostly independent and founder-owned. Scale brings purchasing power, compliance infrastructure and access to capital, the same roll-up playbook our principals have executed in cannabis.
Medspa and Medical Aesthetics M&A
Medical aesthetics is one of the most fragmented areas of healthcare. Thousands of independent medspas and aesthetic clinics offer injectables, lasers, skin and body treatments, almost entirely cash-pay and founder-owned. Sponsor-backed platforms are consolidating the sector, and well-run multi-location operators with strong medical oversight and repeat clientele are attracting serious buyer interest.
We advise medspa and aesthetic clinic owners on sale processes, partial sales and recapitalizations, and work with platforms and private equity sponsors on acquisitions and add-ons.
Peptide and Compounding Pharmacy M&A
Peptide therapies and compounded medications have moved quickly from niche to mainstream, and the regulatory framework around them is changing. Compounding pharmacies, peptide clinics and the telehealth platforms that prescribe through them are drawing interest from strategic buyers and investors, with regulatory compliance at the centre of every diligence process.
We advise peptide clinics, compounding and specialty pharmacies and their investors on sales, acquisitions and capital raising, with close attention to how regulatory risk is reflected in valuation and deal structure.
Telehealth and Digital Health M&A
Cash-pay telehealth platforms in weight management, sexual health, hair and skin, sleep and mental health have built large patient bases on recurring prescriptions and memberships. The next phase is consolidation and category expansion, as platforms acquire clinical capabilities, add therapeutic categories and partner with product companies.
We advise telehealth founders on sale processes and growth capital, and work with platforms and investors on acquisitions and strategic partnerships.
Performance and Longevity Medicine
Hormone optimization, longevity and performance clinics serve a fast-growing base of patients willing to pay for proactive care. Most clinics are independent, which creates opportunities for platforms to build scale through acquisitions and for strong operators to attract investment.
We advise performance and longevity medicine operators on sales, acquisitions and capital raising, and help sponsors build platforms in the category.
Who we work with
• Telehealth and digital health platforms
• Peptide, longevity and performance medicine clinics
• Compounding and specialty pharmacies
• Medical aesthetics and medspa operators
• Private equity sponsors and family offices building healthcare platforms
How we help
• Acquisitions and roll-ups: buy-side work for platforms consolidating clinics, pharmacies and brands
• Selling your business: sale processes for founder-owned health services and product companies
• Capital raising: growth equity, debt and structured financing
• Strategic partnerships: connecting platforms with product and service partners as they enter new therapeutic categories
Current activity
Kronos is currently advising on active sale and capital raising processes across digital and consumer health, including:
• Peptides and compounded therapeutics
• Telehealth and telemedicine
• Medical transportation services
Our principals bring clinical, life sciences and healthcare advisory backgrounds, alongside more than 75 completed transactions in cannabis and related sectors.
Where cannabis meets digital health
Medical cannabis runs on the same model as the leading digital health platforms: cash-pay, delivered largely through telehealth, and built on recurring prescriptions. In Germany, the UK and Australia, much of the patient journey is already online, and many patients seek treatment for chronic pain and sleep, conditions that digital health platforms already treat.
Most of that growth has been captured by cannabis-specific clinics so far, and mainstream digital health platforms have yet to move into the category in a meaningful way. We expect that to change through partnerships and acquisitions between digital health platforms and medical cannabis operators, and we work on both sides of that conversation.
Buying or selling a health business
Whether you are looking to sell a medspa, a telehealth company, a peptide clinic or a compounding pharmacy, or acquire one, we can help. We advise owners on sale processes and recapitalizations, and work with buyers and private equity sponsors looking for medspas, telehealth platforms and health clinics for sale.
See our cannabis markets: Canada, United States and International.
Building a platform, considering a sale or raising capital in digital and consumer health? We're happy to have a confidential conversation.