Auréa partner Aparna Aiyar sees strong opportunities in beauty carve-outs as conglomerates reassess their brand portfolios. The Singapore-born dealmaker, who joined Auréa in January, believes the beauty sector remains resilient even during economic downturns, with pricing power and customer loyalty driving profitable growth. Her career has focused on consumer brands, including selling Depop to Etsy and multiple haircare brands to Henkel.

Aiyar highlights color cosmetics as a particularly active area for carve-outs, noting that large companies are increasingly unsure how to position certain brands going forward. She sees potential in helping independent, founder-led brands expand internationally and connect with new distribution channels. The sector has faced challenges since the pandemic, but Aiyar identifies opportunities in markets like the Middle East and parts of Asia where glamour-focused looks remain popular.

Meanwhile, Houlihan Lokey's Paul Tomasic predicts the next decade of MedTech value will shift from standalone devices to infrastructure platforms. His analysis shows companies with clear platform strategies command exit multiples two to three times higher than product-only companies. The market is moving toward outcome-based purchasing, where hospitals buy efficiency rather than individual tools. This transition from fragmentation to integrated platforms represents where the significant financial prize now lies in healthcare technology.