Novant Health Enterprises, a division of the not-for-profit health system Novant Health, and TPG, a global alternative asset management firm, have partnered to expand MedQuest Associates across the country.
MedQuest partners with hospitals and health systems to develop outpatient radiology strategies, including owning and managing freestanding outpatient and mobile imaging centers. As part of the partnership, the initial owned and managed imaging centers span Virginia, North Carolina, Maryland, Mississippi and South Carolina, and MedQuest intends to expand its services through new joint ventures with healthcare providers across the country. TPG’s investment in the partnership is being made through TPG Growth, the firm’s middle market and growth equity platform.
“Leveraging the comprehensive capabilities of MedQuest and TPG’s 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,” says Carl Armato, Novant Health president and chief executive officer.
RBC Capital Markets served as financial advisor and Katten served as legal counsel to Novant Health. Cain Brothers, served as financial advisor and Kirkland & Ellis LLP served as legal counsel to TPG.