Novant Health Enterprises and TPG Inc. have announced an innovative new partnership to expand MedQuest Associates across the country. TPG's investment in the partnership is being made through TPG Growth, the firm's middle market and growth equity platform. MedQuest has more than 20 years of experience partnering with hospitals and health systems to develop and execute outpatient radiology strategies, including owning and managing freestanding outpatient and mobile imaging centers, both stand-alone and through joint ventures.

As part of this new venture, the initial owned and managed imaging centers span Virginia, North Carolina, Maryland, Mississippi, and South Carolina, and MedQuest intends to quickly expand its services through new joint ventures with healthcare providers across the country. The joint venture closed on December 31, 2022 and commenced immediately. Terms of the transaction were not disclosed.

RBC Capital Markets served as financial advisor and Katten served as legal counsel to Novant Health. Cain Brothers, a division of KeyBanc Capital Markets, served as financial advisor and Kirkland & Ellis LLP served as legal counsel to TPG.