North American Partners in Anesthesia (NAPA), a portfolio company of Moelis Capital Partners, has acquired Norwich Anesthesia Associates, a medical practice that provides anesthesiology services at William W. Backus Hospital in Norwich, CT. The transaction marks the second add-on of the year for NAPA following its acquisition of New Britain Anesthesia in January. Moelis Capital first invested in NAPA by providing development capital in April 2011.
PE firms have invested in 84 companies in the Hospital and Inpatient Services industry since the beginning of 2007, according to the PitchBook Platform. 42% of these deals came in the form of add-ons, while buyouts accounted for 28% of the deal activity. After accelerating in 2010 and 2011, deal flow has slowed considerably this year. The add-on of Norwich Anesthesia Associates was just the second PE investment in the industry completed this year.