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TPG (NASDAQ:TPG), a leading global alternative asset management firm, today announced a significant strategic investment in Compass Surgical Partners ("Compass" or the "Company"), an independent full-service ambulatory surgery center (ASC) development and management partner. TPG Growth, the firm's middle market and growth equity platform, is funding the investment, participating alongside existing investor Health Velocity Capital. As a strategic capital partner, TPG will bring valuable expertise to the Compass Surgical Partners leadership team, accelerating growth and scaling capacity in response to increased demand in ASC joint ventures from health system partners.
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"We have known DJ and the Compass team for a number of years and are excited to partner with such a high caliber team and Company. Compass offers deep strategic and operational expertise to guide its provider partners through the complexities of ASC development and management," said Zach Ferguson, Partner at TPG. "This investment is a continuation of our longstanding investment thesis around partnering with great operators to build leading ambulatory care networks through joint ventures with health systems and physician groups. We look forward to collaborating with the entire Compass team and the Company's existing investors in the coming years."
Health systems nationwide are increasingly migrating certain surgical procedures from hospital outpatient departments to standalone ASC facilities. In addition to significant cost savings for both patients and hospitals, patients often favor the consumer experience and convenience of an ASC. Physicians overwhelmingly prefer to operate in ASCs, which offer highly customized operating suites and specialized operating room teams.
"We are thrilled to partner with the team at TPG Growth, which brings a wealth of healthcare services experience and strategic resources to Compass. TPG's investment will serve as a powerful growth catalyst, enabling enhanced infrastructure support for our partners," said DJ Hill, Chief Executive Officer of Compass Surgical Partners. "We are also grateful for Health Velocity Capital's continued support of our mission and trust in our leadership team. This is an exciting time for Compass and the ASC industry and we are well positioned to provide enhanced value to our joint venture centers, physician partners, and patients."
Terms of the transaction were not disclosed. Latham & Watkins served as legal counsel to TPG and Crowe LLP advised on accounting, tax, and IT. McDermott Will & Emery served as legal counsel to Compass.
Posted In: TPG
