Surgery Partners' $792M Symbion Deal: 5 Things to Know
1. At the time of the agreement, Symbion Holdings Corporation — Symbion — was a portfolio company of New York-based private equity firm Crestview Partners, which first put the company up for sale in November 2013 for $800 million. Crestview Partners, which focuses on companies in the financial, media, healthcare and energy sectors, was founded in 2004 and has since raised approximately $6 billion in assets.
2. Surgery Center Holdings — Surgery Partners — is a portfolio company of Miami-based global private equity investment firm H.I.G. Capital. H.I.G. Capital is a $4.8 billion fund, focused on management buyouts as well as leveraged recapitalizations and growth capital investments for small and medium-sized companies. The company has raised $15 billion in assets across six funds since its founding in 1993.
3. Symbion operates 44 ASCs and six surgical hospitals in 24 states. The company was founded in 1999 as a merger of ASC owner and operator Ambulatory Resource Centres and outpatient services operator UniPhy. After its creation, it began to focus on ASC and surgical hospital acquisition, management and development. Symbion went public with a $180 million IPO in 2004; however, the company went private again in mid-2007, when it was acquired by Crestview Partners.
4. Founded in 2004, Surgery Partners operates 50 ASCs in 18 states, according to its website. After the merger, the combined company will operate nearly 100 facilities in 27 states with more than 2,400 physicians who will perform cases for upwards of 500,000 patients each year, according to a news release.
5. "We are excited about the opportunity to expand the reach of our healthcare delivery model…the acquisition of Symbion provides an opportunity to build a larger, diversified portfolio of assets while also offering a compelling integrated care model which drives efficiency by cost effective design. We look forward to supporting the needs of our new physician and employee partners at Symbion as they continue their successful expansion with us," said Mike Doyle, Surgery Partners CEO, in the release.
More Articles on Transactions and Valuation:
$7M Surgery Center at Queenstown to Break Ground
The ASC Transaction Market Overview and What to Expect in the Future
ASC Owners: When is the Right Time to Sell?
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