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KNOXVILLE, Tenn., Nov. 23 /PRNewswire/ -- TeamHealth, the nations largest
provider of outsourced physician staffing and administrative services to
healthcare providers, announced today the finalization of its acquisition by
The Blackstone Group, a global private equity firm. This partnership will
enable TeamHealth to further its growth strategy and to continue to provide
value to its hospital and physician clients.
The current management team, including chairman and CEO Lynn Massingale,
M.D., FACEP, will continue to lead TeamHealth and will remain significant
equity holders.
"We are excited about the opportunities afforded to us by remaining a
privately held company with Blackstone," said Dr. Massingale. "This
partnership allows us to leverage our leadership position to continue to focus
on providing industry-leading services to our client hospitals, affiliated
physician groups, and their patients. Blackstones investment in TeamHealth is
a strong demonstration of their confidence in our management and clinical
teams, our business model and strategy, and our future growth."
Neil P. Simpkins, senior managing director of The Blackstone Group, said,
"We are very pleased to partner with TeamHealth as they continue to provide
high quality healthcare services across the United States. Dr. Lynn Massingale
and his management team have built an extraordinary company that serves the
important needs of hospitals and physicians. We look forward to helping the
Company continue to grow and to achieve its strategic goals."
In 1999 TeamHealth was purchased by an investor group comprising Madison
Dearborn Partners LLC, Cornerstone Equity Investors LLC, Beecken Petty OKeefe
& Company, and members of TeamHealths management team.
In connection with the closing of the transaction, the Company announced
that it has refinanced its existing Senior Secured Credit Facilities and has
called for the redemption of all of its 9% Senior Subordinated Notes due 2012
not purchased pursuant to its previously announced tender offer that was
completed today.
About TeamHealth
TeamHealth is the nations largest provider of outsourced physician
staffing and administrative services to hospitals and other healthcare
providers, based upon revenues and patient visits. TeamHealth serves
approximately 490 hospital clients and their affiliated clinics and surgical
centers in 44 states with a team of approximately 5,000 physicians, mid-level
practitioners and nurses. Since the Companys inception in 1979, TeamHealth
has focused primarily on providing outsourced services to hospital emergency
departments. TeamHealth also provides comprehensive programs for inpatient
care (hospitalist), radiology, anesthesiology, pediatrics and other healthcare
services, principally within hospitals and other healthcare facilities.
About The Blackstone Group
The Blackstone Group, a global investment and advisory firm with offices
in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Paris and Mumbai,
was founded in 1985. The firm has raised a total of approximately $46 billion
for alternative asset investing since its formation. Around $25 billion of
that has been for private equity investing. In addition to private equity
investing, Blackstones core businesses include private real estate investing,
corporate debt investing, distressed securities, marketable alternative
investments, corporate advisory and restructuring and reorganization advisory
services.
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