IMMERSING OURSELVES IN OUR CLIENTS' STORY

From market pioneer to category leader: How we helped N'AGE find the right growth partner

The story of N’AGE began in 2003, when cosmetic nurse Ida Bille Brahe opened Denmark’s first clinic dedicated to non-invasive aesthetic treatments. What started as a pioneering concept quickly grew into a trusted brand, built on a philosophy of natural beauty, ethics, and safety. With the arrival of co-owner and CEO Sanne Lønskov in 2016, the business entered a new phase of expansion, tripling revenue in just three years and cementing its position as the Danish market leader.

A premium brand with a trusted reputation

By the time of the transaction, N’AGE had become one of the most recognised names in Danish consumer healthcare. Its six clinics across major cities were supported by strong brand ambassadors, a loyal customer base, and a training academy that ensured the highest standards of professionalism. Unlike many competitors competing on price, N’AGE deliberately positioned itself at the premium end of the market, attracting clients who valued quality, safety, and natural results. This focus gave the business a clear competitive edge and a brand that investors could trust.

“They had a very strong team,” said Kasper. “Ida Bille Brahe was well-known as one of the pioneers of the market, while Sanne Lønskov brought a strong commercial background. They were a highly complementary pair.”

N’AGE’s reputation was reinforced by high-profile ambassadors such as Helena Christensen and, crucially, by its own training academy for cosmetic nurses. This addressed one of the industry’s biggest risks: the ability to attract, educate, and retain skilled professionals in what is a highly people-driven business.

“N’AGE had done a really good job of developing and educating their own nurses, as well as building a model to motivate and retain them,” Kasper explained. “When you combine that with strong brand ambassadors and high customer loyalty, it creates real credibility in the eyes of investors.”

A market finding its feet

When Clearwater first engaged with N’AGE back in 2018, the cosmetic treatments sector in Denmark was still relatively young and immature. Ethical debates around procedures, particularly involving younger consumers, meant that some private equities were reluctant to invest. Yet demand was already on the rise, with consumers increasingly focused on skincare and healthier ageing.

The onset of the pandemic, among other factors, delayed the original sale process. But when clinics reopened, N’AGE bounced back strongly. “Demand for treatments was already growing before COVID-19,” explained Kasper Glavind Hedegaard, Associate Director at Clearwater. “After the reopening, we saw an even stronger performance. An increased focus on personal health and wellbeing made people more willing to spend more on themselves – on skincare and looking younger for longer.”

The market for non-invasive procedures has since matured further, becoming more socially accepted and better regulated. Although rising consumer prices have created a temporary slowdown, longer-term fundamentals remain robust. Underlying macro drivers such as healthier lifestyles, greater wealth, and the broadening wellness movement mean the outlook for the sector is positive.

A premium brand with a trusted reputation

By the time of the transaction, N’AGE had become one of the most recognised names in Danish consumer healthcare. Its six clinics across major cities were supported by strong brand ambassadors, a loyal customer base, and a training academy that ensured the highest standards of professionalism. Unlike many competitors competing on price, N’AGE deliberately positioned itself at the premium end of the market, attracting clients who valued quality, safety, and natural results. This focus gave the business a clear competitive edge and a brand that investors could trust.

“They had a very strong team,” said Kasper. “Ida Bille Brahe was well-known as one of the pioneers of the market, while Sanne Lønskov brought a strong commercial background. They were a highly complementary pair.”

N’AGE’s reputation was reinforced by high-profile ambassadors such as Helena Christensen and, crucially, by its own training academy for cosmetic nurses. This addressed one of the industry’s biggest risks: the ability to attract, educate, and retain skilled professionals in what is a highly people-driven business.

“N’AGE had done a really good job of developing and educating their own nurses, as well as building a model to motivate and retain them,” Kasper explained. “When you combine that with strong brand ambassadors and high customer loyalty, it creates real credibility in the eyes of investors.”

N’AGE deliberately positioned itself at the premium end of the market, attracting clients who valued quality, safety, and natural results. This focus gave the business a clear competitive edge and a brand that investors could trust.

Overcoming challenges

The deal process itself was not straightforward. COVID-19 caused a significant delay, creating the need to show that N’AGE’s impressive growth was sustainable rather than a one-off surge.

“COVID-19 was the major challenge,” Kasper recalled. “We had to prove that the uplift wasn’t temporary but represented a new level for the business. That meant detailed analysis, preparing the owners for extensive investor questioning, and making sure they could balance the demands of the process with running the business day-to-day.”

Clearwater’s role extended beyond financial analysis. The team worked hands-on with the founders to prepare materials, rehearse management for investor meetings, and support them throughout the diligence process. “It can be difficult for a smaller management team to run the business and be fully engaged in a process of this scale,” Kasper noted. “We were there to bridge that gap.”

A compelling equity story

Clearwater worked closely with the founders to shape an equity story that captured both the strength of the current business and the potential for future growth.

“They had built a proven concept with clear unit economics,” said Kasper. “If they opened a new clinic, they knew exactly what it would cost, how long until it broke even, and what the earnings potential would be. That made the rollout story very compelling for investors.”

The business’s financials were carefully documented, allowing for detailed analysis of each clinic’s profitability and giving investors confidence in N’AGE’s ability to scale. The brand’s strong customer loyalty, premium positioning, and focus on older segments of the market further differentiated it in a crowded landscape.

Overcoming challenges

The deal process itself was not straightforward. COVID-19 caused a significant delay, creating the need to show that N’AGE’s impressive growth was sustainable rather than a one-off surge.

“COVID-19 was the major challenge,” Kasper recalled. “We had to prove that the uplift wasn’t temporary but represented a new level for the business. That meant detailed analysis, preparing the owners for extensive investor questioning, and making sure they could balance the demands of the process with running the business day-to-day.”

Clearwater’s role extended beyond financial analysis. The team worked hands-on with the founders to prepare materials, rehearse management for investor meetings, and support them throughout the diligence process. “It can be difficult for a smaller management team to run the business and be fully engaged in a process of this scale,” Kasper noted. “We were there to bridge that gap.”

Clearwater worked closely with the founders to shape an equity story that captured both the strength of the current business and the potential for future growth.

Preparing for the future

With Maj Invest on board, N’AGE is positioned to accelerate growth. The immediate focus is on rolling out more clinics in Denmark, while also exploring expansion into other Scandinavian markets. At the same time, the company will professionalise its organisational structures, develop its management team, and explore opportunities to expand its treatment portfolio and product sales.

In the longer term, the market remains fragmented, with many smaller players across the Nordics. This opens up opportunities for consolidation, with N’AGE well placed as the recognised leader in Denmark.

“This transaction reflects Clearwater’s deep experience in consumer healthcare,” Kasper concluded. “We understand how to position businesses like N’AGE, especially when the growth story involves expanding into new locations. Our role was to make sure investors could clearly see both the current earnings power and the future potential, and that’s what made the deal a success.”

The right partner for growth

The founders were clear that this was not just about finding a traditional exit opportunity. They wanted to remain invested and onboard, but with a partner who could help take N’AGE to the next level.

“The focus was really on partnership rather than ownership,” said Kasper. “They were looking for someone who could bring new competencies, challenge them, and contribute ideas on how to progress – whether in scaling the organisation, rolling out new clinics, or eventually moving beyond Denmark.”

Maj Invest Equity, a Danish private equity fund for small and medium-sized companies, emerged as the ideal fit. With a strong track record in supporting ambitious businesses, Maj Invest offered the right combination of experience, strategic insight, and cultural alignment.

The partnership also laid the foundation for succession planning. “Part of the plan was to strengthen the management team and over time bring in a new CEO,” Kasper explained. “That process is now underway, with the owners still playing a central role but supported by a broader leadership team.”

Preparing for the future

With Maj Invest on board, N’AGE is positioned to accelerate growth. The immediate focus is on rolling out more clinics in Denmark, while also exploring expansion into other Scandinavian markets. At the same time, the company will professionalise its organisational structures, develop its management team, and explore opportunities to expand its treatment portfolio and product sales.

In the longer term, the market remains fragmented, with many smaller players across the Nordics. This opens up opportunities for consolidation, with N’AGE well placed as the recognised leader in Denmark.

“This transaction reflects Clearwater’s deep experience in consumer healthcare,” Kasper concluded. “We understand how to position businesses like N’AGE, especially when the growth story involves expanding into new locations. Our role was to make sure investors could clearly see both the current earnings power and the future potential, and that’s what made the deal a success.”