North American Partners in Anesthesia and Moelis Capital Partners Announce Recapitalization Agreement

New York, NY & Melville-April 22, 2011

North American Partners in Anesthesia (NAPA), the largest single specialty anesthesia management company in the United States, and Moelis Capital Partners (MCP), the private equity business of Moelis & Company, have completed the recapitalization of NAPA’s practice management company, NAPA Management Services Corporation (NMSC). The recapitalization brings new growth capacity to NMSC and will enhance the organization’s ability to pursue opportunities and maintain its leadership position in the expanding anesthesia management market.

“With MCP, an active investor in healthcare services, as our capital partner, NAPA and NMSC are poised to pursue multiple growth avenues that will extend our best-in-class clinical and business model into new hospital systems and new geographies,” said Timothy J. Dowd, M.D., NAPA Managing Partner and Board Chair, and NMSC Chief Executive Officer. “This new capital resource reinforces our value proposition as a leading provider of superior anesthesia and Operating Room (OR) management services in an increasingly competitive marketplace.”

“NAPA and NMSC are top performers in the anesthesia management market with more than 700 highly respected clinical staff, leadership expertise, and innovative quality initiatives,” said Ted Yun, a Managing Partner of MCP. “We are pleased to partner with NAPA in the growing anesthesia management market and are confident our partnership will strengthen NMSC’s leadership position as the industry standard-bearer.”

Anesthesia is one of the cornerstones of modern medicine and has grown to a $15 billion market in the United States, according to Wall Street research. Anesthesiologists are required for virtually all surgical procedures, and the aging population is expected to drive surgery growth. A correlating shortage of anesthesiologists is likely to result in greater demand for outsourcing of anesthesia services.

“NAPA and NMSC’s experience as leaders in anesthesia management puts us in a strong position to address the growing hospital demand for quality anesthesia services,” said Lloyd Straus, President & Chief Operating Officer of NAPA and NMSC. “With the MCP partnership in place, we’re prepared to provide a strategic and rapid response to this burgeoning opportunity.”


About North American Partners in Anesthesia (NAPA)

Founded in 1986, North American Partners in Anesthesia (NAPA) is the largest single specialty anesthesia management company in the United States. With over 700 clinicians, the company is known in the industry for its highly regarded clinical staff, management leadership, and evidence-based quality initiatives – resulting in maximized OR performance, reduced costs and consistent surgeon and patient satisfaction.

NAPA and NMSC currently service over 70 practice locations in five states, including hospital-based services for many of the largest healthcare systems in the United States, as well as physician offices, surgery centers and pain management centers. For more information, visit NAPAanesthesia.com.


About NAPA Management Services Corporation (NMSC)

NMSC has been a provider of a complete array of medical practice management services for some of the largest physician groups in the United States since 1986. These services include accounting, billing and collection; compliance; consulting; medical personnel credentialing and contracting; healthcare analysis and reporting; finance; human resources; information technology (IT); insurance;marketing; quality assurance (QA); clinical recruitment; operational support and assessment; and other essential functions. For more information, visit NAPAanesthesia.com.


About Moelis Capital Partners (MCP)

Moelis Capital Partners is a middle market private equity firm founded in 2007 in connection with the formation of Moelis & Company, a global investment bank. MCP manages over $700 million of committed private equity capital and a $1.2 billion coinvestment program, and specializes in traditional private equity investments in the middle market. For more information, please visit www.moeliscapital.com.