Compass Surgical Partners, an ambulatory surgery centre (ASC) development and management partner, has secured strategic investment from American alternative asset manager TPG.
Financial details related to the transaction were not shared, other than the fact that the investment size was ‘significant’.
TGP is funding this investment through its middle market and growth equity platform TPG Growth along with existing investor Health Velocity Capital.
TPG’s involvement is expected to provide expertise to Compass Surgical Partners and its leadership team, further enhancing its ability to scale and meet the growing demand in ASC joint ventures from health system partners.
TPG appointed Latham & Watkins as its legal counsel and Crowe for providing accounting, tax, and IT related advisory.
Compass Surgical Partners was advised by McDermott Will & Emery on legal matters.
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According to TGP, the latest move comes as health systems across the country are shifting certain surgical procedures from hospital outpatient departments to ASC facilities, while physicians are preferring ASCs for their customised operating suites.
This transition is mainly driven by the potential for substantial cost savings and improved patient experiences, the company noted.
Compass Surgical Partners, known for nationwide portfolio of health system and physician joint ventures, has a record of developing over 250 ASCs.
TPG partner Zach Ferguson said: “Compass offers deep strategic and operational expertise to guide its provider partners through complexities of ASC development and management.
“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.”
Founded in 1992 and headquartered in San Francisco, US, TPG managed $212bn in assets as of 30 September 2023.
Compass Surgical Partners CEO DJ Hill said: “TPG’s investment will serve as a powerful growth catalyst, enabling enhanced infrastructure support for our partners. We are also grateful for Health Velocity Capital’s continued support of our mission and trust in our leadership team.”
Compass Surgical Partners has a portfolio of health system and physician joint ventures, with a record of developing over 250 ASCs.