After agreements were signed last July, the New York-listed Ares Management is taking an initial majority stake in the Belo Medical Group, founded in the 1990s by celebrity businesswoman Dr. Victoria “Vicki” Belo.
Belo will initially cede a majority position and then eventually sell close to 70 percent of the business to Ares over the next two years, while retaining a minority stake.
The eye-popping value for 100 percent of her 14 beauty clinics that provide everything from Botox shots to more extensive surgical enhancements is at under P20 billion, industry sources said.
Belo was one of the first beauty industry professionals who harnessed early on the power of celebrity to boost her business.
With millions of followers on platforms such as Instagram and TikTok, she maintains an active social media presence while running the company as founder and medical director, alongside her partner, Dr. Hayden Kho, who serves as managing director and is also a celebrity in his own right.
Dr. Belo also owns a thriving retail beauty business, which is separate from her clinics.
We’re told Ares, which oversees over $420 billion in global assets, was also impressed by Belo’s loyal customer base, many of whom continued to receive regular beauty treatments in the midst of the COVID-19 pandemic.
The next step is possible business combinations with its other beauty and wellness investments in LaserAway in the United States and Lily & Beauty in China, setting the stage for Belo’s potential expansion overseas.
Apart from Belo, Ares has invested in other listed entities such as Del Monte Philippines and Axelum Resources Corp.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
