Becker's Healthcare December 10, 2025
Brentwood, Tenn.-based Surgery Partners is one of the country’s largest ASC operators, with more than 200 centers across 33 states.
In 2025, the company doubled down on high-acuity outpatient growth and recycled capital out of heavier hospital assets into de novos and physician-aligned platforms.
Here’s a deep dive into how the company shifted its strategy in 2025:
Choosing independence over a PE buyout
On June 17, Surgery Partners rejected a buyout bid from Bain Capital, its largest shareholder, and opted to remain independent. Bain, which owns about 39% of the company, offered a deal reportedly valuing Surgery Partners around $3.2 billion. The independent committee declined, citing strong standalone performance and more upside as a public company.
Chairman Brent Turner...
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