AIC and Punchbowl News Host Event with Sen. Tillis (R-NC) and Charlotte Radiology Highlighting How Private Investment Fuels North Carolina’s Economy
Senator Tillis: “Private equity has been a very important part of the ecosystem to drive innovation and the growth that we’ve had in North Carolina over the last decade.”
CHARLOTTE, N.C. – Yesterday, the American Investment Council sponsored an event hosted by Punchbowl News exploring how private equity investments fuel innovation, small businesses, and the health care sector in North Carolina. Punchbowl News Founder Anna Palmer interviewed Senator Thom Tillis (R-NC) one-on-one. Anna then spoke with Drew Maloney, President & CEO of AIC, and Dr. Robert L. Mittl Jr., a neuroradiologist at Charlotte Radiology. Their conversation detailed how private equity supports quality, affordable, and local health care in North Carolina that improves lives.
Private equity delivers for American workers and small businesses across the country, and North Carolina is no exception. There are nearly 600 private equity-backed companies in North Carolina and more than 375,000 employees employed by private equity-backed companies. In 2022, private equity infused $28 billion in capital across the Tar Heel state and 85 percent of all private equity investments went to support small businesses with fewer than 500 employees.
Private Equity Drives Innovation and Growth in North Carolina
When asked about how private equity investment has supported North Carolina‘s economy over the last 5-10 years, Senator Tillis replied, “If you take a look, particularly in the biotech space and financial services base, private equity has been a very important part of the ecosystem to drive innovation and to really drive the growth that we’ve had in North Carolina over the last decade, and I think, a lot more to come. Long as we keep our regulatory and our tax regimen focused, there’s no reason why we won’t blow past even more competitors than we have over the last decade.”
“We are doubling down on making this state attractive to private equity”
Senator Tillis also noted how he is working to make North Carolina more attractive for private equity investments that create jobs and support businesses operating in diverse economic sectors, “So I think constantly looking at how we are doubling down on making this state attractive to private equity and other investment and financial services, biotech, power generation, electrification, we’re well-poised for it geographically. We’re well-poised for it from a policy standpoint coming out of Raleigh.”
Private Equity Investments in North Carolina’s Health Care Sector Benefit Local Patients and Doctors
Dr. Robert Mittl Jr., a practicing neuroradiologist at Charlotte Radiology, shared how private equity was a critical partner in expanding his radiology practice. “Our partnership with private equity has given us the capital to expand, given us the expertise to manage our practices, navigate the shortage of physicians, and navigate the shortage of technologists.”
Helping Charlotte Radiology Recruit Physician Talent
Dr. Robert Mittl Jr. also discussed how private equity investment has helped Charlotte Radiology retain and recruit top talent, despite a national shortage of physicians. “So in our own world, let’s look at the actual data. Patient satisfaction ratings, across US Radiology, are 97%. In Charlotte Radiology in particular, 98% satisfied. That is the envy of any health care entity. You just don’t see that. I talked about the physician shortage. The American College of Radiology has looked at the rate of turnover in practices of all types across the country, academic, hospital base, private practice, etc. Our turnover rate is half of the average across the country because we provide a culture, competitive compensation, a technology-driven environment that you want to work in. So we are able to not only attract new hires, but retain them.”
Private Equity Partners Support Around 400,000 Jobs in North Carolina
AIC President and CEO Drew Maloney discussed how private equity investments are driving job creation and economic growth in North Carolina, especially in the biomedical and financial services sector in the quickly growing research triangle region. “As Senator Tillis said, this is a great place to invest. North Carolina is now the ninth largest recipient of private equity dollars in the country. There are 600 businesses backed by private equity in the state. About 85% of those businesses are small and 375,000 employees that are backed by private equity businesses. As the Senator said, there are great pockets of investment around the state. Whether it’s the biomedical research and research triangle, it’s the financial services sector, it’s the energy sector, small businesses and services companies, they’re all in need of capital. And that’s what private equity does.”
“Private equity is really a partnership with these businesses”
AIC President and CEO Drew Maloney also underscored how private equity helps businesses in North Carolina, particularly small businesses, grow and expand by providing them with access to capital and serving as a long-term partner. “I think what’s been really important, as we talked to Dr. Mittl about Charlotte Radiology, is private equity is really a partnership with these businesses. We help provide the capital. And as Dr. Mittl said, this is a hugely capitally intensive business that needs to keep up with technology that, and I’m sure you’ll talk about this, that needs to work with AI to keep up with whatever the demands of the new world are. And that capital is provided by us. And we work side by side with people like Dr. Mittl who have this idea, and say, ‘I have an idea to make US Radiology and create this business that can reach more people, do more mammography screenings, have mobile units, really be patient-facing,’ and just partner and get the capital they need from private equity firms.”
Click here to watch the full event hosted by Punchbowl News.
