TPG Growth, the global middle market and growth equity platform of Fort Worth and San Francisco-based private equity firm TPG, announced Nov. 30 it has closed its acquisition of Q-Centrix, a leading provider of outsourced quality data management solutions for hospital and health care providers. TPG Growth acquired the company from Sterling Partners. Terms of the transaction were not disclosed.
“At Q-Centrix, we provide our partners with smart, technology-enabled data management solutions that help streamline operations and improve the safety and quality of care,” said Milton Silva-Craig, CEO of Chicago-based Q-Centrix. “We are thankful for Sterling’s support over the past five years as we have worked to accomplish this goal. Looking ahead, we are excited to partner with TPG Growth, an investor with industry-leading healthcare expertise and deep operating capabilities.”
Q-Centrix provides integrated, technology-enabled data management solutions for more than 500 health care providers throughout the United States. Since its commercialization in 2011, the company has grown to become an industry leader—employing a highly-skilled team of hundreds of Quality Information Specialists (QISs) who perform abstraction services for some of the largest private and nonprofit health systems in the country.
“As the trend toward value-based care continues, more and more health systems are relying on quality data to measure clinical outcomes,” said Matthew Hobart, partner at TPG Growth. “Q-Centrix is providing a comprehensive, best-in-class solution for managing and optimizing the vast amount of complex data available to health systems today. We look forward to working closely with Milton and the rest of the team to enhance operations, drive additional revenue streams, and improve clinical quality and patient safety.”
Q-Centrix and Sterling Partners were advised by Houlihan Lokey and McDermott Will & Emery in Chicago. TPG Growth was advised by Gibson, Dunn & Crutcher. Varagon Capital Partners provided debt financing for the transaction.