Dallas-based private equity firm Trive Capital has invested into Formula Wellness, a Dallas-headquartered provider of health, medical-based wellness, and aesthetics services with a focus on longevity science.
Formula Wellness takes a personalized approach to wellness, with key services across nutrition, hormone balance, and aesthetics with the goal of “improving patient longevity inside and out.”
“The exceptional patient experience at Formula Wellness positions the business to capitalize on consumers’ growing interest in med spa and longevity treatments to improve and extend their quality of life,” Trive Capital Managing Director Tanner Cope said in a statement. “We’re excited to partner with this accomplished team to help realize the vision Dr. Rudman has for Formula Wellness.”
Founded in 2016, Formula Wellness has five locations across the DFW area.
Trive said its investment in Formula Wellness marks a significant inflection point of expansion as the company brings on a proven private equity-backed healthcare management team to accelerate its de novo and acquisition strategies.
“We believe the company’s comprehensive service offering is a key differentiator versus other more traditional med spa models. We believe this holistic approach creates a stickier relationship that is perfectly on trend for where consumer health demand is heading,” Trive Capital Partner David Stinnett said.
Combining management teams
In connection with this investment, the company said it is onboarding a management team that includes CEO Michael Bennett and CFO Christopher Crosby. Trive said that Dr. Brian Rudman, who founded Formula Wellness alongside his wife, Christina Rudman, will continue shaping the strategic direction of the company as a board member and chief medical officer.
“As a long-time Formula Wellness customer, I’m excited to join the company as CEO and work closely with our dedicated team to realize the potential of Formula Wellness in its next phase of growth,” Bennett said. “Together with Trive, we will drive operational excellence, unmatched patient experience, and expand geographically via de novo locations and acquisitions.”
Brian Rudman said the investment will help Formula Wellness move ahead.
“Since our inception, Formula Wellness has been dedicated to empowering individuals to embrace their journey towards holistic well-being,” Rudman said. “With this partnership, we are equipping the Company with the operational and financial resources to realize the vision that Formula Wellness was founded on. Michael, Chris, and Trive not only share our vision and values, but also bring the expertise, resources, and capital that position us to successfully execute on our expansion strategies.”
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