Leading Anesthesia Care Provider Poised to Expand Under Cranemere’s
  Long-Term Partnership-Driven Ownership Model

NEW YORK, SAN  FRANCISCO, LONDON, June 5, 2018 – Cranemere, a holding company that partners  with outstanding businesses for the long-term, today announced that it has entered  into an agreement to acquire a majority stake in NorthStar Anesthesia (“NorthStar”  or the “Company”), one of the country's leading anesthesia care providers, from  TPG Growth, the global middle market and growth equity platform of alternative  asset firm TPG. TPG Growth will retain a significant minority interest in  NorthStar and continue to partner with the Company and now Cranemere to further  build the business.

Founded in 2004, NorthStar is a leading national  anesthesiology platform that provides operating room efficiencies, improved  clinical outcomes and healthcare cost reductions through outsourced anesthesia  services. Having partnered with hospitals, surgery centers and clinics in more  than 20 states, NorthStar is poised to enhance its comprehensive anesthesia  care solutions through Cranemere’s long-term approach to building businesses  and sector expertise.

“By combining best in class patient care with proven  management solutions, NorthStar is exactly the type of innovator that we seek  to support,” said Jeffrey Zients, Chief Executive Officer of Cranemere. “Already  an industry leader in anesthesia services, NorthStar has set the standard for  high quality, cost effective care. With our focus on enduring partnership, all  of us at Cranemere are excited to work with NorthStar to continue investing in  its dedicated professionals and expanding service offerings.”

“NorthStar Anesthesia perfectly fits our healthcare services  acquisition strategy,” said Eric Minkove, Managing Director and Leader of the  Healthcare Services Team at Cranemere. “NorthStar is a proven industry leader,  developing a dense footprint with creative solutions for discerning health  system partners.”

With a robust regional presence in the Midwest, Texas, and  the Southeast, NorthStar will maintain its headquarters in Irving, Texas, and  under Cranemere’s ownership, will look for opportunities to expand within its  footprint, offering innovative solutions to new health systems and adding new  clinical groups into its fold through tuck-in acquisitions.
 
  “Cranemere shares our values of accountability, respect and  excellence, and we are pleased to partner with their team to continue  generating sustainable growth at NorthStar,” said Dr. Brian Woods, Chief  Medical Officer of NorthStar. “As we continue to build our platform, the Cranemere  team’s extensive experience in the healthcare sector will support our mission of  combining clinical best practices with proven processes to help our customers  improve operating room efficiency and outcomes.”

“It’s been a privilege to be a part of the growth story at  NorthStar Anesthesia,” said Matthew Hobart, Partner at TPG Growth. “Their  organization provides vital, quality care that has enabled them to achieve a  leading position in the sector. From this strong foundation, we look forward to  leveraging our long term relationship with Cranemere to build on the Company’s  success.”

The transaction is subject to customary closing conditions  and regulatory approvals, and is expected to close in the second quarter of  2018.

About Cranemere

Cranemere is a holding company that focuses on partnering  with outstanding businesses for the long-term. The firm offers a distinct  alternative for those business owners considering private equity, going public,  or being owned by a large corporation. Cranemere provides long-term capital,  business building expertise and global networks to support the growth of its  companies and create value for all its stakeholders. With a focus on partnership,  innovation, and integrity, Cranemere’s approach enables founders,  entrepreneurs, and leaders to implement the best long-term strategy and build  exceptional companies, without the significant costs, distractions, and missed  opportunities that shorter-term horizons and heavy debt burdens so often entail.  The firm has a seasoned team with more than 100 years of combined experience  building businesses across the United States and Europe, and is led by Vincent  Mai (Chairman) and Jeffrey Zients (CEO). Cranemere has offices in London (HQ),  New York, Washington DC and Frankfurt. For more information, visit www.cranemere.com.

About NorthStar  Anesthesia

NorthStar Anesthesia is a company of caregivers, founded by  an anesthesiologist and a Certified Registered Nurse Anesthetist (CRNA).  NorthStar partners with hospitals and ambulatory surgery centers to deliver a  more productive and efficient model of anesthesia care. Its “care team”  approach focuses on the provision of high quality care at a lower cost, while  measurably improving operating room performance. For more information, visit www.northstaranesthesia.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 $82 billion of assets under management. For more information,  visit www.tpg.com.

Media Contacts

Cranemere:
  Jonathan Keehner and Julie Oakes
  Joele Frank, Wilkinson Brimmer Katcher   
  212-355-4449

TPG:
  Luke Barrett
  415-743-1550
  media@tpg.com