PRINT THIS PAGE Blackstone to acquire TeamHealth14/10/2005. Source: AltAssets. 
 US buy-out giant The Blackstone Group has agreed to acquire Knoxville, Tennessee-headquartered TeamHealth, a provider of outsourced physician staffing and administrative services to healthcare providers from an investor group comprised of Madison Dearborn Partners, Cornerstone Equity Investors, Beecken Petty O'Keefe & Company, and members of TeamHealth's management team.
The current management team will continue to lead TeamHealth and will remain significant equity holders, TeamHealth said in a statement. Financial details of the transaction have not been disclosed.
Neil P Simpkins, senior managing director of Blackstone, said, 'We are very pleased to partner with TeamHealth to 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 many needs of hospitals and physicians. We look forward to helping the company continue to grow and to achieve its strategic goals.'
Timothy P Sullivan of Madison Dearborn Partners and a member of TeamHealth's board of directors, commented, 'We have enjoyed an excellent working relationship with the management team over the last six years as they have built the premier physician staffing company in the industry. Blackstone's successful experience in healthcare will serve TeamHealth well.'
Dana O'Brien, senior managing director of Cornerstone Equity Investors and a member of TeamHealth's board of directors, added, 'We have enjoyed our partnership with the company and its management team. Replacing the current investor group with another high-quality sponsor will allow TeamHealth to continue to grow for years to come and for its affiliated physicians to continue to offer outstanding medical care at client hospitals and other healthcare facilities nationwide.'
Blackstone has offices in New York, Atlanta, Boston, Los Angeles, London, Hamburg, Paris and Mumbai.
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