November 30, 2018 – Chicago, San Francisco, and Fort Worth, Texas – TPG Growth, the global middle market and growth equity platform of alternative asset firm TPG, announced today it has closed its acquisition of Q-Centrix, a leading provider of outsourced quality data management solutions for hospital and healthcare 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 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 healthcare 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 and most reputable private and non-profit health systems in the country. Supported by its market-leading technology platform that provides near-real time dashboard analytics for its clients, Q-Centrix processes more than 2 million quality data transactions annually across a range of healthcare quality arenas, including regulatory measures, clinical registries, and infection screenings.
“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.”
“It has been a privilege to be part of Q-Centrix’s growth story over the last five years,” said Michael Drai, Managing Director at Sterling Partners. “The company has emerged as a distinct market leader with a differentiated and impactful technology-enabled service offering. We are grateful for their partnership and wish them continued success with TPG Growth.”
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.
About Q Centrix
Q-Centrix aims to measurably improve the quality and safety of patient care in the U.S. through the use of its market-leading technology platform, Q-Apps®, that augments the clinical intelligence and efficiency of the industry’s largest and broadest team of nurse-educated, Quality Information Specialists. Processing in excess of 2 million quality data transactions annually, QCentrix is a comprehensive quality partner to hundreds of hospitals and healthcare providers, providing quality data management solutions, including quality data capture, surveillance, measure calculations, analysis, reporting, and improvement solutions. For more information about QCentrix, visit www.qcentrix.com
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $13.5 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $94 billion of assets under management. For more information, visit www.tpg.com.
About Sterling Partners
Sterling Partners is a diversified investment management firm with a distinct point of view on how to build great companies. Founded in 1983 and having invested billions of dollars, Sterling is guided by its stated purpose, INSPIRED GROWTH®, which describes Sterling’s approach to investing in differentiated businesses and growing them in inspired ways. Sterling provides valuable support to the management teams of the companies in which the firm invests through a deep and dedicated team of professionals, including a strong network of outside directors and advisors. The people at Sterling believe in ideas and ideals, in people and in partnerships that drive long-term success. For more information, visit www.sterlingpartners.com.
Frank Thomas/Luke Barrett