Private equity firm Bain Capital plans to fully acquire Brentwood, Tenn.-based Surgery Partners, one of the five largest operators of ambulatory surgery centers in the country.
Seven things to know:
1. On Jan. 27, Surgery Partners received a nonbinding acquisition proposal from Bain Capital, offering to buy all outstanding shares for $25.75 per share in cash. The offer values Surgery Partners at $3.2 billion, according to gurufocus.com.
2. Bain Capital already has a 39% stake in Surgery Partners and is not interested in selling the shares it owns, according to Reuters.
3. Surgery Partners has explored strategic options independent of an acquisition. Amid the increasing importance of ASCs in cost-effective care, the company's shares surged 20% following the news on Jan. 28. However, the deal is not yet final.
4. Private equity firm TPG and UnitedHealth Group, parent company of Optum, were among those interested in acquiring Surgery Partners last year, but no deal materialized, according to Bloomberg.
5. A committee of independent board directors will review the Bain Capital offer with support from independent financial and legal advisors, according to Surgery Partners.
6. Surgery Partners went public in 2015 and comprises more than 200 ASCs, surgical hospitals, multispecialty practices and urgent care facilities across 33 states, according to its website. It also employs more than 4,000 physicians.
7. The company recently partnered with several health systems — including and
to build and acquire ASCs as healthcare continues to migrate from hospitals to outpatient settings. It has formed ASC joint ventures with:
- Intermountain Health (Salt Lake City)
- Methodist Health (Dallas)
- OhioHealth (Columbus)
- MultiCare Health (Tacoma, Wash.)
- Parkview Health (Fort Wayne, Ind.)
Representatives from both Surgery Partners and Bain Capital declined to comment to Becker’s.