Thursday, June 21, 2018
 
 
Company News: Page (1) of 1 - 06/05/18 Email this story to a friend. email article Print this page (Article printing at MyDmn.com).print page facebook
Cranemere to Acquire NorthStar Anesthesia from TPG Growth
Leading Anesthesia Care Provider Poised to Expand Under Cranemere's Long-Term Partnership-Driven Ownership Model
(June 05, 2018)

NEW YORK and SAN FRANCISCO and LONDON, June 5, 2018 /PRNewswire/ -- Cranemere, a holding company that partners with outstanding businesses for the long-term, today announced that it has entered into an agreement to acquire a majority stake in NorthStar Anesthesia ("NorthStar" or the "Company"), one of the country's leading anesthesia care providers, from TPG Growth, the global middle market and growth equity platform of alternative asset firm TPG. TPG Growth will retain a significant minority interest in NorthStar and continue to partner with the Company and now Cranemere to further build the business.

Founded in 2004, NorthStar is a leading national anesthesiology platform that provides operating room efficiencies, improved clinical outcomes and healthcare cost reductions through outsourced anesthesia services. Having partnered with hospitals, surgery centers and clinics in more than 20 states, NorthStar is poised to enhance its comprehensive anesthesia care solutions through Cranemere's long-term approach to building businesses and sector expertise.

"By combining best in class patient care with proven management solutions, NorthStar is exactly the type of innovator that we seek to support," said Jeffrey Zients, Chief Executive Officer of Cranemere. "Already an industry leader in anesthesia services, NorthStar has set the standard for high quality, cost effective care. With our focus on enduring partnership, all of us at Cranemere are excited to work with NorthStar to continue investing in its dedicated professionals and expanding service offerings."



"NorthStar Anesthesia perfectly fits our healthcare services acquisition strategy," said Eric Minkove, Managing Director and Leader of the Healthcare Services Team at Cranemere. "NorthStar is a proven industry leader, developing a dense footprint with creative solutions for discerning health system partners."

With a robust regional presence in the Midwest, Texas, and the Southeast, NorthStar will maintain its headquarters in Irving, Texas, and under Cranemere's ownership, will look for opportunities to expand within its footprint, offering innovative solutions to new health systems and adding new clinical groups into its fold through tuck-in acquisitions.

"Cranemere shares our values of accountability, respect and excellence, and we are pleased to partner with their team to continue generating sustainable growth at NorthStar," said Dr. Brian Woods, Chief Medical Officer of NorthStar. "As we continue to build our platform, the Cranemere team's extensive experience in the healthcare sector will support our mission of combining clinical best practices with proven processes to help our customers improve operating room efficiency and outcomes."

"It's been a privilege to be a part of the growth story at NorthStar Anesthesia," said Matthew Hobart, Partner at TPG Growth. "Their organization provides vital, quality care that has enabled them to achieve a leading position in the sector. From this strong foundation, we look forward to leveraging our long term relationship with Cranemere to build on the Company's success."

The transaction is subject to customary closing conditions and regulatory approvals, and is expected to close in the second quarter of 2018.

About Cranemere

Cranemere is a holding company that focuses on partnering with outstanding businesses for the long-term. The firm offers a distinct alternative for those business owners considering private equity, going public, or being owned by a large corporation. Cranemere provides long-term capital, business building expertise and global networks to support the growth of its companies and create value for all its stakeholders. With a focus on partnership, innovation, and integrity, Cranemere's approach enables founders, entrepreneurs, and leaders to implement the best long-term strategy and build exceptional companies, without the significant costs, distractions, and missed opportunities that shorter-term horizons and heavy debt burdens so often entail. The firm has a seasoned team with more than 100 years of combined experience building businesses across the United States and Europe, and is led by Vincent Mai (Chairman) and Jeffrey Zients (CEO). Cranemere has offices in London (HQ), New York, Washington DC and Frankfurt. For more information, visit www.cranemere.com.

About NorthStar Anesthesia

NorthStar Anesthesia is a company of caregivers, founded by an anesthesiologist and a Certified Registered Nurse Anesthetist (CRNA). NorthStar partners with hospitals and ambulatory surgery centers to deliver a more productive and efficient model of anesthesia care. Its "care team" approach focuses on the provision of high quality care at a lower cost, while measurably improving operating room performance. For more information, visit www.northstaranesthesia.com.

About TPG Growth

TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $13.5 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $82 billion of assets under management. For more information, visit www.tpg.com.

Media Contacts

Cranemere:
Jonathan Keehner and Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher   
212-355-4449

TPG:
Luke Barrett
415-743-1550
[email protected]

Cision View original content:http://www.prnewswire.com/news-releases/cranemere-to-acquire-northstar-anesthesia-from-tpg-growth-300659765.html

SOURCE Cranemere

Copyright 2014 PR Newswire. All Rights Reserved


Page: 1


Related Keywords:Surgery,healthcare,Surgery,Nurse,Science,Medical,Business,Medical Professionals,
Related Sites: DMN Newswire ,   HTN - Health Technology Net
Related Newsletter: Tutorial Finder ,   Review Seeker ,   DMN Newswire Newsletter
 
 
 
 
 
 
 
 
 
 
 
 





Our Privacy Policy --- About The Health Technology - Contact Us - Advertise With Us - Privacy Guidelines