Group becomes largest branded network of premium aesthetic medicine clinics, with 68 locations across Canada
Functionalab Group and FYihealth group’s Medical Aesthetics division today announce the merger of their companies, creating the largest network of premium aesthetic medicine clinics with 68 locations across Canada. The combined entity will operate its clinics under the Dermapure and ProjectSkin MD brands. The merger will strengthen the groups’ industry leadership and position it for continued expansion.
FYi Medical Aesthetics and Functionalab Group are two companies of similar size with complementary vision and values. FYi Medical Aesthetics is part of FYihealth group, Canada’s leading diversified healthcare organization. FYi entered the medical aesthetics industry in 2019 with the acquisition of ReNue medical aesthetics clinics and has since grown through partnerships; the group now boasts over 35 established clinics across Canada. Founded in 2009 by Francis Maheu and Erick Geoffrion, Functionalab Group is a leading brand builder in the beauty sector operating a network of 31 aesthetic medicine clinics under the Dermapure and ProjectSkin MD banners which distribute the Functionalab professional skin care line developed to support proprietary skincare protocols in clinics.
The merger capitalizes on the strength of each group; they are bringing together trusted management teams, complementary geographic footprints, strong brands, common values and cultures that together create a powerful platform for continued industry leadership and elevated patient care.
“Rare in life are the opportunities when the stars are so aligned in terms of purpose, strategic alignment, complementarity and timing,” said Francis Maheu Co-Founder and CEO of Functionalab Group. “Combining our activities with FYi Medical Aesthetics allows us to accelerate our common objectives of creating the most inspirational brands and the strongest platform in the industry.”
“I have never been more excited for the future of aesthetic medicine. Our company is entering an amazing new chapter as we position ourselves to realize our vision,” says Dr. Jason McWhirter, Head of FYi Medical Aesthetics. “Together, we will remain steadfastly focused on delivering the highest, physician-led standard of patient care.”
“We will continue building the most trusted brands, empowering our patients and promoting self-confidence while establishing a new standard for responsible aesthetic care in the industry. This partnership will ultimately allow us to spread our coveted company culture and elevate the experience for our patients and our employees,” added Marilyne Gagné, President of Dermapure and ProjectSkin MD clinics and Founder of Dermapure.
“I’m proud of what our team has accomplished in medical aesthetics and full-heartedly believe that through this partnership with Functionalab Group we will create more value for all stakeholders in the industry,” shared Dr. Alan Ulsifer, CEO of FYihealth group. “Watching our medical aesthetics business grow with a strong and trusted partner is both inspiring and a testament to how strong our business model truly is.”
“Wellness, personal care and beauty are categories with strong secular tailwinds. As a proud partner to FYihealth Group since 2020, we are excited to support Functionalab Group, under the leadership of Francis, Jason and Marilyne, as a merged company, in its growth ambitions,” added Rajan Shah, Principal at L Catterton.
Leveraging complementary skills, the existing management teams from both businesses will join forces under one leadership team led by Francis Maheu and Dr. Jason McWhirter as Co-CEOs and Marilyne Gagné as President of Dermapure and ProjectSkin MD. Dr. Alan Ulsifer will serve as Chair of the Board. The newly merged company will continue as Functionalab Group and benefit from its strategic partners and investors, L’Oréal (an existing partner to Functionalab Group through its corporate venture capital fund) and L Catterton.
This merger is expected to close on January 1, 2023. Terms of the transaction were not disclosed.
Functionalab Group is a brand builder in the beauty sector that focuses on and brings innovation to two high-growth segments: aesthetic medicine with its network established under the Dermapure and Project Skin MD brands as well as its Functionalab professional skin care line, and the dermo-cosmetic sector with its Jouviance line, available in pharmacies. With its evolution in two distinct distribution networks, the Functionalab Group brings innovation and know-how to each of the professional and retail markets:
- Dermapure and Project Skin MD collectively represent a leading network of aesthetic medicine clinics offering an approach to skin care that combines cutting-edge technologies with its own line of professional skincare Functionalab as well as SkinCeuticals.
- Developed by a dermatologist, Jouviance is a Canadian dermo-cosmetic brand distributed in more than 2,000 outlets in Canada and in Asia.
Functionalab Group has been ranked as one of Canada’s fastest growing companies by GROWTH LIST for five consecutive years, 2016, 2017, 2018, 2019 and 2020, and was a finalist for EY’s Entrepreneur Grand Prize in 2016, 2021 and 2022.
For more information on Functionalab Group, please visit www.functionalabgroup.com and its brands’ websites: www.dermapure.com, www.projectskinmd.com, www.en.jouviance.com and www.functionalab.com.
FYihealth group is Canada’s leading diversified healthcare organization. Doctor-led, professionally managed, and patient-focused, the organization concentrates on delivering outstanding eye care and medical aesthetics treatments along with patient-centric products and services. Recognized as one of Canada’s Best Managed Companies in 2020, 2021 and 2022, the organization operates over 350 locations across the country. Rooted in a mission to enhance life, FYihealth group supports a wide array of philanthropic causes and initiatives. Through numerous community-centric programs and the Enhancing Life Foundation, FYihealth group improves the lives of Canadians both inside and outside its clinic doors.
For more information, please visit www.fyihealthgroup.com.