News

Spindletop Capital Management has recapitalized and invested in Tricity Pain Associates and Interventional Pain Management. Financial terms weren’t announced. Tricity Pain, of San Antonio, Texas, and Interventional Pain Management, are providers of pain management. The Bloom Organization provided financial advice, while DLA Piper acted as legal counsel to TPA. McDermott Will & Emery provided legal counsel to SCM.

PRESS RELEASE

AUSTIN, Texas, May 14, 2018 /PRNewswire/ — Spindletop Capital Management (“SCM”), a healthcare growth equity and growth buyout firm, closed a recapitalization transaction and growth capital partnership with Tricity Pain Associates and Interventional Pain Management. (“TPA” or “the Companies”), both leading providers of integrated pain management care, ambulatory surgery centers and ancillary patient treatment across Texas.  This investment is the first in a series of acquisitions by Spindletop to develop a premier national provider of pain management services.
SCM is partnering with TPA’s physicians, all of whom will remain significant shareholders in the recapitalized Company, to aggressively expand the Company’s clinical footprint across Texas and the surrounding states. Today, TPA has an established network of eleven clinical locations and ambulatory surgery centers in the San Antonio metro as well as New Braunfels, Corpus Christi , Austin and Dallas .  The new partnership will grow through the acquisition of independent pain management practices, the opening of new clinical sites and acceleration of the Company’s recruitment efforts. SCM’s and TPA’s joint mission is to create the leading provider of pain management care, consolidating providers of the highest quality pain management, physical medicine and rehabilitation (PM&R), sports medicine, and addiction medicine with integrated ancillary treatments across the region.
Dr. Urfan Dar, CEO of Tricity Pain Associates, commented, “The physicians of TPA are tremendously excited about our growth partnership with Spindletop. The fact that the Spindletop team is led by physicians who still see patients resonated with my team and me.  Spindletop brings deep clinical expertise and a demonstrated track record of success in physician practice management as investors, operators, and clinicians.”
“Management of chronic pain has become one of the largest costs for the healthcare system today.  We believe that there are significant opportunities to improve quality of care and lower costs through minimally invasive procedures and leveraging non-opioid dependent care modalities.  The future of pain management lies with an integrated, multi-disciplinary approach to providing care,” noted Dr. Evan Melrose, Founding Managing Director of Spindletop Capital. He continued, “The Spindletop team is uniquely equipped to provide expertise and infrastructure to support TPA’s physicians and enable them to continue to provide high-quality care.  By aligning interests with our patients and providers, we enable our physicians to remain clinically independent but leverage the resources of the Spindletop organization.”
This represents the third physician practice management platform Spindletop has invested in over the last year including Sanova Dermatology and HNI Healthcare.
The Bloom Organization acted as financial advisors and DLA Piper acted as legal counsel to TPA. McDermott Will & Emery provided legal counsel to SCM.
About Spindletop Capital Management
Spindletop Capital, founded in 2011, is a healthcare investment firm focused on providing expansion capital for commercial stage healthcare companies. Based in Austin, Spindletop is managed by an unrivaled team of investment professionals and advisors with deep operating, technical, and transactional experience. Spindletop Capital leverages the organization’s deep experience, broad network, and proprietary access to Texas resources to enhance value for management teams and financing syndicates. Spindletop Capital invests nationally across all sectors of healthcare including medical devices, diagnostics, healthcare services, healthcare IT, specialty pharmaceuticals and biotechnology. For more information, visit www.spindletopcapital.com