Valuation benchmarks: what founder-led wellness trades for in ANZ

Public comparables tell you very little about a A$15–40m founder-led business. What matters is where private deals clear — and through 2026, that band in ANZ wellness held firmer than the listed market around it.

Across the transactions we track, profitable founder-led consumer-health brands with genuine repeat revenue have changed hands at mid-single-digit to low-double-digit EBITDA multiples. The premium is reserved for clean recurring revenue, category leadership, and a management team willing to stay through an earn-out.

Multiples are a summary of a story. The work is making the story defensible before a buyer asks.

The spread is wide, and it is earned. The difference between a 5× and a 9× outcome is rarely the sector — it is customer concentration, margin durability, and how well the business is packaged before it goes to market.

What moves the number

Compresses value: single-channel dependence, an owner-in-every-decision operating model, undocumented compliance. Expands it: recurring revenue, a credible second growth vector, and a data room that answers the hard questions before they are asked.