USAP, Pinnacle announce new partnership with Excel Anesthesia

U.S. Anesthesia Partners ("USAP"), the nation's largest anesthesia-focused, single-specialty physician services organization, and Pinnacle Anesthesia Consultants of Dallas, Texas ("Pinnacle") today announced their partnership with Excel Anesthesia, P.A. ("Excel").

Excel is one of the largest and most highly-regarded providers of anesthesia services in the Dallas-Fort Worth (DFW) Metroplex with nearly 70 providers serving more than 50 hospitals and ambulatory surgery centers in the area.

"We are very pleased to partner with a practice as strong and well-positioned as Excel," said Kris Bratberg, Chief Executive Officer of USAP. "The Excel physicians' interest in joining USAP reinforces that high-quality physicians and leading practices are aligned with USAP's partnership approach to anesthesia. Our physician partners see opportunities to grow their practices by leveraging the business acumen, administrative services, and capital investments that we provide.

In connection with this new partnership, Excel will be integrated into Pinnacle. Pinnacle, a leading provider of anesthesia services in the DFW Metroplex, is a founding partner of USAP.

"Excel is very pleased about our new partnership with USAP," said Dr. Joy Gathe-Ghermay, President of Excel. "We look forward to adding our dedicated providers and subspecialty expertise to the highly-regarded physicians already affiliated with USAP. Utilizing USAP's resources and infrastructure will allow us to respond to the needs of the hospital systems that we serve while continuing to provide the highest quality of anesthesia care to our patients."

"We're excited to add Excel to our practice, and we are eager to begin collaborating with their top-quality medical staff," said Dr. Scott Holliday, Chairman of Pinnacle's Clinical Governance Board and a member of the Board of Directors for USAP. "This partnership further strengthens USAP's and Pinnacle's presence in the important, fast-growing North Texas market."

Since its formation at the end of 2012, USAP has grown to over 1,600 anesthesia providers. The Excel transaction is the third new partnership announced by USAP during 2015, along with Denver-based Greater Colorado Anesthesia and Dallas-based Anesthesia Consultants of Dallas.

"We continue to see significant interest from market-leading anesthesia groups like Excel in USAP's partnership model. Our model allows our physician partners to maintain governance of their practice and benefit from our collaborative efforts to drive growth," said Michael Holland, Chief Development Officer for USAP. "We are pleased to partner with Excel's strong physician leadership to build the nation's preeminent pure-play anesthesia services organization."

Anthony Norris and Jarrett Szeftel of Ropes & Gray LLP provided legal counsel to USAP. Eric Klein and Jeralin Cardoso of Sheppard, Mullin, Richter & Hampton LLP provided legal counsel to Excel. Terms of the transaction were not disclosed.