Coker Capital



Coker Capital Advisors Advises Sona MedSpa, a portfolio company of Carousel Capital Partners, in its Recapitalization by Pharos Capital's Dermatology and MedSpa, Inc.

Atlanta, GA / Charlotte, NC / New York, NY

Coker Capital Advisors announced today that Sona Holdings, LLC d/b/a Sona MedSpa (“Sona”), a portfolio company of Carousel Capital Partners, has been recapitalized by Dermatology and MedSpa, Inc., a newly formed management services company affiliated with Pharos Capital Group, LLC (“Pharos”). Headquartered in Charlotte, North Carolina with over 15 years of operating history and 19 locations in five states, Sona is one of the nation’s largest platforms focused on the cosmetic dermatology and medspa sector.

“We selected Coker Capital Advisors to advise Sona due to their execution expertise, buyer relationships, and track record of success within the dermatology sector,” said Jason Schmidly, Managing Partner of Carousel Capital. “their process facilitated a complex transaction quickly and efficiently and generated results for Sona and its shareholders that exceeded our expectations.”

The transaction will combine Sona’s platform with 4 locations operating under The Dermatology Center brand in the greater Washington D.C. market to create a leading integrated provider of cosmetic, clinical, and surgical dermatology services. Sona’s President, Byron Ashbridge, and CFO, Joe Pitt, will join Steve Straus, CEO, and Dr. Roberta Palestine, Chief Medical Officer, on the senior management team. The combined platform will be headquartered in Charlotte. The company intends to continue to pursue a growth strategy focused on the acquisition and development of integrated dermatology centers.

“We are extremely pleased with our partnership with Pharos and Dermatology and MedSpa, Inc.,” said Joe Pitt, Co-CEO & Chief Financial Officer of Sona. “Coker Capital’s senior bankers invested the time to understand the unique value drivers of our company and articulated them to potential partners in a highly effective manner. Through leveraging their unique healthcare perspective and knowledge of the buyer universe, Coker Capital drove significant value for our shareholders and identified the best partner to support Sona’s ongoing growth initiatives.”

About Sona MedSpa

Sona MedSpa is one of the largest full-service cosmetic dermatology and medspa providers in the nation, with one of the finest reputations in the industry. The Company attributes their strong historical stability and growth to its commitment to providing each and every client exceptional service, efficacy, and safety in a comfortable, spa-like atmosphere. Under the local oversight of its Medical Directors, Sona’s licensed treatment providers all maintain strict safety standards and use the most advanced technology to help you look and feel your best.

For further information, please visit the company’s website at

About Dermatology and MedSpa, Inc.

Dermatology and MedSpa, Inc. 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.

For further information, please visit the company’s website at

About Pharos Capital Group

Headquartered in Dallas and Nashville, Pharos Capital Group (“Pharos”) was founded in 1998 and has managed capital through three private equity funds. The Company’s latest partnership is focused on providing later stage equity funding for internal growth, acquisitions, leveraged buyouts, management buyouts or recapitalizations across industry sectors, with particular focus on healthcare and business services. Pharos has invested in 47 companies and has managed over $800 million of assets. Pharos typically takes $25 to $50 million equity positions through staged investing in undercapitalized businesses in underserved regions across the nation.

For further information, please visit the company’s website at

About Coker Capital Advisors

Coker Capital Advisors is a healthcare-focused investment bank offering mergers and acquisitions, capital raising, and other strategic advisory services to privately and publicly owned middle market healthcare companies. The firm’s website is

Securities services provided by a registered broker-dealer. Coker Capital Securities, LLC, doing business as Coker Capital Advisors, was acquired by Fifth Third Securities, Inc. in February of 2018.