Novant Health Enterprises and TPG ink deal to expand MedQuest Associates

This will create a new national imaging center management company.

  • RBC Capital Markets served as financial advisor to Novant Health while Cain Brothers did likewise to TPG
  • Novant Health is a network of physician clinics, outpatient facilities and hospitals that provides healthcare to communities in Virginia, North and South Carolina, and Georgia
  • TPG has $135 billion of assets under management and investment

Novant Health Enterprises and TPG have formed a new partnership to expand MedQuest Associates across the country. This will create a new national imaging center management company. No financial terms were disclosed.

As part of this new venture, MedQuest intends to quickly expand its services through new joint ventures with healthcare providers across the country.

“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 believe the company is well-positioned to build its platform in existing markets and establish joint venture partnerships in new markets,” said Zach Ferguson, a managing director with TPG Growth, in a statement.”TPG has a long history of innovative partnerships with leading health systems, including through our investments in GoHealth Urgent Care and Surgical Care Affiliates, among others. We look forward to investing in the future growth of MedQuest to ensure best-in-class care for patients nationwide.”

RBC Capital Markets served as financial advisor to Novant Health while Katten served as legal counsel. 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 a network of physician clinics, outpatient facilities and hospitals that provides healthcare to communities in Virginia, North and South Carolina, and Georgia.

TPG has $135 billion of assets under management and investment.

MedQuest is an owner, operator and manager of diagnostic imaging facilities with a network of over 50 imaging centers under management.