Dermatology and MedSpa Inc, a dermatology platform of Pharos Capital Group LLC, has acquired a controlling interest in Sona MedSpa. Financial terms weren’t announced. Carousel Capital Partners, Joe Pitt and Byron Ashbridge, were the sellers. Charlotte, North Carolina-based Sona MedSpa provides cosmetic dermatology and medspa services.
Dallas, Texas and Nashville, Tennessee, January 20, 2016 – Pharos Capital Group, LLC (“Pharos”), a private equity firm based in Dallas and Nashville, announced that its new dermatology platform, Dermatology and MedSpa, Inc. (“the Company”), has completed its first add-on acquisition. The company acquired a controlling interest in Sona MedSpa (“Sona”), a leading North Carolina-based provider of cosmetic dermatology and medspa services. Terms were not disclosed.
Dermatology and MedSpa, Inc. is a premier dermatology and medspa services provider that offers a comprehensive suite of medical, surgical and cosmetic dermatology services across multiple locations in the Maryland/D.C. area. The acquisition will significantly expand the Company’s operations by adding 14 facilities in North Carolina, Texas, Tennessee, Virginia and Arkansas.
Sona was previously owned by Carousel Capital Partners, Joe Pitt and Byron Ashbridge. With Dermatology and MedSpa’s investment, Carousel has exited, and Messrs. Pitt and Ashbridge will maintain their investment in the business. In addition to their ongoing responsibilities with Sona, Mr. Pitt will become CFO of Dermatology and MedSpa and Mr. Ashbridge will serve as Chief Operating Officer, joining CEO Steve Straus and Chief Medical Officer Dr. Roberta Palestine on the senior management team.
Mr. Straus and Dr. Palestine said, “We are delighted to welcome Joe, Byron and the entire Sona team to the Dermatology and MedSpa platform. Not only do we substantially increase our geographic presence, but Sona provides a key avenue for growth going forward as we will be adding medical and surgical dermatology services to complement Sona’s cosmetic dermatology offerings. The company is recruiting dermatologists to join the Sona team in each of the markets we are serving in North Carolina, Texas, Tennessee, Virginia and Arkansas.”
Mr. Ashbridge acquired his first Sona franchise in 2003 after a 22-year career with Bank of America, where he held multiple senior executive positions. Under Mr. Ashbridge’s oversight, Sona merged with Sona MedSpa International in 2007.
Mr. Pitt joined Sona in 2005, partnering with Mr. Ashbridge. Prior to joining Sona, Mr. Pitt held key positions in the private equity industry with Carousel Capital and Thomas H. Lee Company.
Bob Crants, Co-Founder and Managing Partner at Pharos, said, “We believe the dermatology business offers attractive demographics with significant opportunities for consolidation. Acquiring a controlling interest in Sona as a substantial add-on to Dermatology and MedSpa is the first step in the Company’s strategy of building the premier dermatology network in the eastern United States.”
Messrs. Pitt and Ashbridge commented, “We are pleased to join forces with such a dynamic company and look forward to working with Steve, Dr. Palestine and the Pharos team. Our patients will benefit from having access to a broader array of high quality skincare services.”
Pharos formed Dermatology and MedSpa in December 2015.
Founded in 1997 and based in Charlotte, North Carolina, Sona MedSpa (www.sonamedspa.com) is a leading full-service aesthetics company in the U.S. Sona offers a wide array of products and treatments ranging from laser skin services to body contouring and laser hair removal. The company’s 19 facilities serve both men and women in a comfortable, spa-like atmosphere that focuses on exceptional service, efficacy and safety. Sona’s 75 treatment professionals, working under the direction of Medical Directors, use the most advanced technology to help clients achieve results that look natural and effortless.
About Dermatology and MedSpa, Inc.
Dermatology and MedSpa, Inc. (www.dermskin.com) combines medical/surgical dermatology with cosmetic dermatology services and a full service medical spa in one center. The Company, formerly known as The Dermatology Center, operates multiple locations in the Washington, D.C. area. Dermatology and MedSpa, Inc. delivers exceptional patient care with a team consisting of 11 board certified dermatologists, one board certified plastic surgeon, knowledgeable, devoted staff and state-of-the art clinical facilities including a surgery center.
About Pharos Capital Group
Based in Dallas and Nashville, Pharos Capital Group (www.pharosfunds.com) is an SEC Registered Investment Advisor. Since inception, Pharos has invested in 47 companies and has managed over $800 million of assets. Pharos typically invests $25-$50 million in rapidly growing middle market companies seeking later stage funding for internal growth, acquisitions, leveraged buyouts, management buyouts, or recapitalizations across industry sectors, with particular focus on healthcare and business services.