Novant Health Enterprises and TPG Create New National Imaging Center Management Company | national business

CHARLOTTE, NC and SAN FRANCISCO–(BUSINESS WIRE)–Jan. 23, 2023–

Novant Health Enterprises, a division of Novant Health, a nationally recognized non-profit health system, and TPG, a leading global alternative asset management firm, have entered into a partnership to expand MedQuest Associates (“MedQuest”) nationwide. has announced an innovative new partnership. , TPG’s investment in the partnership is being led through TPG Growth, the firm’s 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 freestanding outpatient and mobile imaging centers through stand-alone and joint ventures Includes ownership and management. As part of this new venture, the initial owned and managed imaging centers span Virginia, North Carolina, Maryland, Mississippi, and South Carolina, and MedQuest will expand its services through new joint ventures with healthcare providers across the country. wants to expand rapidly.

“Leveraging the extensive capabilities of MedQuest and TPG’s business-building capabilities, joint venture experience and collective health system relationships, this partnership will ensure the highest level 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 many years and are excited to partner with such a high-calibre organization to continue building MedQuest. We believe the company is well positioned to build on its platform in existing markets and establish joint venture partnerships in new markets.” “TPG has a long history of innovative partnerships with leading health systems, including our investments in GoHealth Urgent Care and Surgical Care affiliates. We look forward to investing in the future growth of MedQuest to ensure That they have best-in-class care. Patients nationwide.

Dean Swindle, president of Novant Health Enterprises, said, “Organizations need to find innovative ways to deliver value-based, high-quality care, and this type of partnership-focused collaboration is the future of meeting those goals. ” This statement reflects Novant Health Enterprises’ commitment to partnering with several leading health systems across the country to improve patient care and increase organizational operational efficiency.

The joint venture closes on December 31, 2022 and commences immediately. Terms of the transaction were not disclosed. RBC Capital Markets acted as financial advisor and Caton acted as legal advisor to Novant Health. Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor and Kirkland & Ellis LLP served as legal counsel to TPG.

About Novant Health

Novant Health is an integrated network of physician clinics, outpatient facilities and hospitals that provides a seamless and convenient healthcare experience to communities in Virginia, North and South Carolina, and Georgia. The Novant Health network is comprised of more than 2,400 physicians and more than 37,000 employees, providing care at more than 800 locations, including 18 hospitals and hundreds of outpatient facilities and physician clinics. In 2021, Novant Health was the highest-ranked healthcare system to join in North Carolina Forbes’ Best Employers for Diversity list. Diversity MBA Magazine has included Novant Health in its 2020 list of “Best Places for Women and Diverse Managers to Work.” In 2020, Novant Health provided more than $1.02 billion in community benefits, including financial assistance and services. For more information, please visit our website at NovantHealth.org. You can also follow us Twitter and Facebook.

About TPG

TPG is a leading global alternative asset management firm, founded in 1992 in San Francisco, with $135 billion in assets under management and investments and an operations team in 12 offices globally. 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. Our teams combine deep product and sector experience with broad capabilities and expertise to develop differentiated insights and add value for our fund investors, portfolio companies, management teams and communities. For more information, visit www.tpg.com or @TPG on Twitter.

About MedQuest Associates

Medquest is a leading owner, operator and manager of diagnostic imaging facilities with a network of over 50 imaging centers under management. As one of the nation’s most experienced outpatient imaging partners, MedQuest provides comprehensive services, including outpatient imaging management joint ventures as well as referring physician engagement. Serving health systems, hospitals and imaging centers across the country, MedQuest draws on decades of operational experience and industry knowledge to provide comprehensive guidance and solutions that drive revenue and optimize operations while improving quality and patient experience. Increases. MedQuest’s industry-leading proprietary systems and processes create an unmatched value proposition for its partners. Learn more at www.mqradiology.com.

View source version on Businesswire.com: https://www.businesswire.com/news/home/20230121005056/en/

Contact: Ari Cohen and Julia Sotosanti – TPG

415-743-1550

[email protected] Thompson – Novant Health

704-617-2631

Keywords: United States North America California North Carolina

Industry Keywords: Commercial Building & Real Estate Construction & Property Practice Management Finance General Health Healthcare Hospital Professional Services

Source: TPG and Novant Health Enterprises

Copyright Business Wire 2023.

PUB: 01/23/2023 08:30 AM/DISC: 01/23/2023 08:32 AM

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