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
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
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160120005275/en/