TPG Growth has made a majority investment in NorthStar Anesthesia, an anesthesia management company.
NorthStar Anesthesia is an anesthesia management company with over 50 facilities operating in eight states. NorthStar was founded in 2004 and is based in Arlington, TX (www.northstaranesthesia.com).
Chris Riopelle, a healthcare services executive has recently joined the company as CEO. Prior to joining NorthStar, he spent 10 years as a senior executive with DaVita, a Fortune 350 healthcare services company. Mr. Riopelle also served as COO of La Vie Care Centers, a private equity-backed $1 billion skilled nursing company.
“The anesthesia management industry is an approximately $20 billion market and provides one of the most critical services to hospitals and patients. By leveraging TPG Growth’s investment and business acumen, NorthStar is well-positioned to accelerate its growth trajectory and become a dominant player in the industry,” said Mr. Riopelle.
NorthStar’s co-founders Philip Eichenholz, MD, and Neil Dwayne Neal, CRNA, remain as senior members of the company’s management team as President and Executive Vice President, respectively.
“The anesthesia management industry is undergoing tremendous transformation as hospitals, facing additional pressure by the Affordable Care Act, seek to further reduce costs and increase efficiencies, while maintaining the highest quality of care,” said Matthew Hobart, a Partner at TPG Growth. “We expect to see continued consolidation in this space, with NorthStar at the forefront of this trend.”
TPG Growth is the middle market and growth equity investment platform of TPG. With $3.5 billion under management, TPG Growth targets investments in a range of industries and geographies, utilizing leveraged buyout, growth equity, and private investment in public equity structures. The firm has offices in San Francisco, Ft. Worth, New York, Hong Kong, Beijing, Singapore and Mumbai (www.tpggrowth.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 10-10-13
