NorthStar Anesthesia, a national anesthesia management company headquartered in Arlington, has secured a significant investment from TPG Growth, the middle market and growth investment platform of Fort Worth-based TPG. TPG Growth now has a controlling stake in NorthStar. Terms of the transaction were not disclosed.
Matthew Hobart, partner at TPG Growth, said his company expects to see continued consolidation in the anesthesia management industry, with NorthStar at the forefront of this trend. “The anesthesia management industry is undergoing tremendous transformation as hospitals, facing additional pressured by the Affordable Care Act, seek to further reduce costs and increase efficiencies, while maintaining the highest quality of care,” Hobart said in a news release.
TPG Growth has $3.5 billion under management and is backed by the resources of TPG, which has $55.3 billion in assets under management. Founded in 2004, NorthStar Anesthesia operates in eight states and currently employs more than 600 providers. Chris Riopelle recently joined as chief executive officer of NorthStar. The company’s co-founders Dr. Phillip W. Eichenholz and Neil Dwayne Neal remain as senior members of the company’s management team as president and executive vice president, respectively. Riopelle has nearly 20 years of experience in the health care industry. Prior to joining NorthStar, he spent 10 years as a senior executive with DaVita and also served as chief operations officer of La Vie Care Centers.