Samuel & the Twelve Clinics

Samuel Schloss runs a company called Annie Aesthetic, which owns twelve medical spas across the United States and generates something like $65 million a year doing procedures whose primary business risk is that they work extremely well and clients keep coming back. This is, on its face, an excellent business. It is also a business that basically did not exist in institutional form five years ago, because medspas were run by dermatologists, nurse practitioners, and married couples who had opened a second location off a strip mall, and no one had really tried to buy twelve of them and run them together. Schloss and his partners tried. It appears to be working.

The elevator description of Annie Aesthetic is that it is a medical-aesthetics platform incubated by Tucker's Farm Corporation. If you have not heard of Tucker's Farm Corporation, that is by design. Tucker's Farm is a permanent-capital vehicle that also owns Pizza Factory, Christmas Decor, and Badlands Security, which is a portfolio composition that suggests the operating philosophy is roughly: find fragmented service industries with predictable cash flows and boring reputations, put a professional CEO on top, and let compounding do its thing. Annie Aesthetic launched in May 2022 with approximately $30 million in seed capital. By the summer of 2025 it had roughly doubled its revenue base, closed a Series B led by InterAlpen Partners with Brookside Equity Partners participating, and expanded its credit facility to keep buying clinics.

Schloss is the CEO. He is also, by most measures, an unusual person to be running a medspa company. He grew up and now lives in New York. He went to Duke and studied political science, which is not what people who end up injecting neuromodulators at scale typically study. Before Annie Aesthetic, he worked in investment banking and then at Reverence Capital Partners, a private-equity firm focused on financial services. This is a fine resume for someone who wants to spend a career explaining EBITDA multiples to LPs. It is a slightly stranger resume for someone who now spends his days on the phone with clinic owners in Scottsdale trying to explain why they should sell to him and keep working for him afterward.

The pitch, roughly, is that medspa consolidation is where dental services consolidation was in the mid-1990s: enormous fragmentation, consumer demand growing much faster than supply, and a large pool of owner-operators approaching the age when they would like to take some money off the table without abandoning the business they spent twenty years building. Annie Aesthetic markets itself as the buyer that lets those owner-operators do exactly that. Sellers keep some equity, keep operating their clinic, and gain access to a shared services platform for legal, technology, talent, and marketing. The word Annie uses on its website and its interviews is "partnership," which is the sort of word every acquirer uses and which is measurable only in whether the sellers stay after the deal closes. The reason to take the claim seriously is that the sellers, so far, appear to be staying.

The other reason to take Schloss seriously is that he does not seem particularly interested in being taken seriously as a personality. His public footprint is thin. There is a LinkedIn page with a corporate photo. There is one podcast appearance, an August 2025 episode of the Skytale Insights show titled "Leading Quietly, Growing Boldly," which is the sort of episode title that operators of aesthetic-medicine platforms use when they mean it. There is no Twitter account, no essay archive, no thought-leadership Substack. What there is, instead, is a Series B round.

A Small Number of Employees Doing a Large Amount of Work

One of the odder facts about Annie Aesthetic is that it operates with approximately 27 employees at the platform level while managing twelve clinical brands. This is either a sign of excellent leverage or a sign that the clinics really do run themselves. Both can be true. The theory of the case is that the acquired clinics already work; they have their own directors, their own client bases, their own protocols. What they lack is the shared infrastructure that would let them grow faster: real HR systems, negotiated vendor pricing, national recruiting, a corporate development team that can go find the next acquisition. Annie Aesthetic provides that layer. The clinics keep doing what they were doing. The math is supposed to add up because the acquired margin plus the platform overhead is greater than the sum of the parts.

Whether the math adds up in year seven, when the easy acquisitions have been done and the acquired owners have vested out of their retained equity, is a different question. It is the question every roll-up eventually faces. It is the question Schloss will presumably spend the rest of his tenure at Annie answering. But the current numbers - twelve brands, doubled revenue since inception, a Series B closing at a moment when growth capital for healthcare services has become genuinely difficult to raise - suggest that the operating team knows what it is doing, and that the deal team has been picking well, and that the underlying market is at least as good as advertised.

Kindness, Allegedly, As A Strategy

The word Annie Aesthetic uses most often in its public materials, next to "partnership," is "kindness." This is unusual for a private-equity-backed roll-up. Most consolidators talk about efficiency, or scale, or synergy. Annie talks about being kind to clinic owners, which is a strange thing to talk about until you consider that in medical aesthetics, the seller is not selling a factory or a warehouse or a piece of software. The seller is selling their name, sometimes literally, along with the staff they hired, the reputation they built, and the loyalty of the clients they treated. Those are emotional assets. A buyer who does not understand that will make the seller sad, and a sad seller who has stayed on to operate the clinic post-close is a very expensive problem.

Schloss has said that kindness is a "core business strategy," which sounds like the sort of thing a CEO says to get quoted in a business magazine. It is also, given the operating dynamics of medical aesthetics consolidation, probably true.

The Career, Briefly

The public record on Samuel Schloss is not deep. He earned a BA in political science at Duke, graduating in 2015. From there he moved into investment banking, and then into private equity at Reverence Capital Partners, a firm focused on financial services. In or around 2022 he left institutional finance to become a partner at Tucker's Farm Corporation and to co-found Annie Aesthetic. He is based in New York. His email at the company is sam@ the company's domain, which is short and unfussy, in keeping with what appears to be his general operating temperament.

The Annie Aesthetic office is listed at 505 Brannan Street in San Francisco, which is a startup address in a startup neighborhood, though most of the deal work and executive time appears to be split between New York and the individual clinics. The company describes itself using an unusually wide vocabulary in its outbound materials - medspa, wellness services, medical aesthetics, regulatory support, clinic growth, m&a in healthcare, talent recruitment, valuation feedback, transparent process - which reads like a list of every service a fragmented industry owner-operator might want to hear a buyer offer. That is probably by design.

What Comes Next

The Series B is fresh, the credit facility is expanded, and the acquisition pipeline is by all accounts full. The immediate work is to keep the operating platform lean while adding clinics, and to hold onto the owners already acquired. The medium-term question is whether Annie Aesthetic becomes the operating home for medical aesthetics in the United States, in the way that certain dental service organizations became the operating home for dentistry, or whether the sector stays fragmented enough that the roll-up thesis eventually plateaus.

If Schloss has a public prediction on which of those outcomes is more likely, he has not shared it. This may be the most on-brand thing about him. Twelve brands, one platform, one podcast appearance. The revenue does the talking.