Novant Health Enterprises and TPG Create New National Imaging Center Management Company
Summary
TPGs investment in the partnership is being made through TPG Growth, the firms middle market and growth equity platform.MedQuest has more than 20 years of experience partnering with hospitals and health systems to develop and execute outpatient radiology strategies, including owning and managing freestanding outpatient and mobile imaging centers, both stand-alone and through joint ventures. As part of this new venture, the initial owned and managed imaging centers span Virginia, North Carolina, Maryland, Mississippi, and South Carolina, and MedQuest intends to quickly expand its services through new joint ventures with healthcare providers across the country.Leveraging the comprehensive capabilities of MedQuest and TPGs business-building aptitude, joint venture experience, and collective health system relationships, this partnership will ensure a high standard of care for those receiving imaging services, said Carl S. Armato, Novant Health President and Chief Executive Officer.We have known the leadership team at Novant for a number of years and are excited to partner with such a high caliber organization to continue building MedQuest. We look forward to investing in the future growth of MedQuest to ensure best-in-class care for patients nationwide.Dean Swindle, President of Novant Health Enterprises, added, "Organizations need to find innovative ways to deliver value-based, high-quality care, and this type of partnership-centric collaboration is the future of delivering on those goals." Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor and Kirkland & Ellis LLP served as legal counsel to TPG.Novant Health is an integrated network of physician clinics, outpatient facilities and hospitals that delivers a seamless and convenient healthcare experience to communities in Virginia, North and South Carolina, and Georgia. TPG invests across five multi-product platforms: Capital, Growth, Impact, Real Estate, and Market Solutions and our unique strategy is driven by collaboration, innovation, and inclusion.