TPG Growth and Novant Health have announced a partnership to expand MedQuest Associates
Mergers & Acquisitions
|Client & Transactional Partners||
Wyatt Ritchie | John Soden | Dave Morlock
Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor to TPG Growth on its partnership with Novant Health Enterprises, a division of Novant Health, to expand MedQuest Associates.
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.
Novant Health, a nationally recognized not-for-profit health system, and TPG, a leading global alternative asset management firm, have announced an innovative new partnership to expand MedQuest across the country. TPG’s investment in the partnership is being made through TPG Growth, the firm’s middle market and growth equity platform.
Cain Brothers was engaged to serve as financial advisor to TPG based on its deep industry expertise in outpatient imaging, managed service organizations, and knowledge of the health system landscape, as well as its long-standing relationship with 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. The Novant Health network consists of more than 2,400 physicians and over 37,000 employees who provide care at more than 800 locations, including 18 hospitals and hundreds of outpatient facilities and physician clinics. In 2021, Novant Health was the highest-ranking healthcare system in North Carolina to be included on Forbes’ Best Employers for Diversity list. Diversity MBA Magazine has also included Novant Health on its 2020 list of “Best Places for Women & Diverse Managers to Work.” In 2020, Novant Health provided more than $1.02 billion in community benefit, including financial assistance and services.
TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $135 billion of assets under management and investment and operational teams 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. TPG’s combined 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.