Bain Capital’s bid for Surgery Partners: What it says about PE’s ASC interest

Becker's Healthcare March 20, 2025
Patsy Newitt

Brentwood, Tenn.-based Surgery Partners reported a record-breaking $3.1 billion in annual revenue, while Bain Capital’s bid to take the company private underscores private equity’s continued interest in the ASC market, according to a March 17 analysis from VMG Health.

Bain’s initial 2017 investment at $19 per share was one of many private equity plays that have shaped the ASC sector over the past decade. This trend is further highlighted by TPG’s recent investment in Compass Surgical Partners.

Here are 10 things to know about the deal:

1. In August 2017, Bain acquired a 54.19% stake in Surgery Partners for $502.7 million and fully acquired National Surgical Healthcare, another ASC portfolio company, for $760 million.

2. Surgery Partners absorbed NSH, expanding...

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