![[logo] TeamHealth](../../images/headings/th_logo_blue.jpg){kind=logo}
The Blackstone Group Completes TeamHealth Acquisition
KNOXVILLE, Tenn., November 23, 2005 - TeamHealth, the nation's 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, MD, 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. Blackstone's 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 O'Keefe & Company, and members of TeamHealth's 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 nation's 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 Company's 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, Blackstone's core businesses include private real estate investing, corporate debt investing, distressed securities, marketable alternative investments, corporate advisory and restructuring and reorganization advisory services.