Bain Capital seeks full acquisition of Surgery Partners amid growing private equity interest in healthcare

Editor's Note

Bain Capital Private Equity put forward a proposal to acquire all remaining shares of Surgery Partners, an ambulatory surgery center (ASC) operator in which Bain Capital already holds a 39% stake, Modern Healthcare January 28 reports. According to a filing with the US Securities and Exchange Commission, the firm offered $25.75 per share, a significant premium over Surgery Partners’ closing price of $21.25 early this week. Following the announcement, the company's stock surged nearly 20%.

A special committee within Surgery Partners’ board, along with independent financial and legal advisers, will review the offer before any decision is made, the article noted. Neither Bain Capital nor Surgery Partners have yet to provide further comment on the proposal. This move comes amid an expected rise in private equity investment in healthcare in 2025. However, increasing federal scrutiny and new state regulations aim to curb corporate control over healthcare providers, potentially impacting future deals.

Surgery Partners, headquartered in Brentwood, Tennessee, operates over 200 ASCs, hospitals, physician practices, and urgent care facilities across 33 states. The company has previously attracted interest from private equity firm TPG and insurer UnitedHealth Group.