On Oct. 8, the Private Equity Stakeholder Project, a private equity watchdog organization, released a new research brief, “Private Equity in Ambulatory Surgery Centers.”
The report covers the expansion of private equity firms into the ASC sector, which it values at $30 billion, including a timeline of significant private equity deals in the industry. While ASC deal volume dropped by 50% in the first half of 2025 compared to the same period in 2023 and 2024, according to PESP, this decline may understate real activity. Smaller transactions involving independent ASCs and joint ventures often go unreported, quietly reshaping the sector.
Here are 11 industry-shaping private equity deals that have taken place since 2016, per PESP.
2024
- PE firm TPG announced that it had joined Health Velocity Capital in an additional strategic investment in Raleigh, N.C.-based Compass Surgical Partners, which has developed more than 250 ASCs over the last 30 years.
- As of 2024, PE-backed, national cardiology group Cardiovascular Logistics worked with 280 cardiologists and 44 clinics, some of which are ASCs.
2023
- PE firm Lee Partners partnered with the Cardiovascular Institute of the South to launch Cardiovascular Logistics, a national cardiology platform aiming to scale independent practices across the U.S.
2022
- Health Velocity Capital made a minority investment in Compass Surgical Partners
- Chicago Pacific Founders acquired a majority stake in Trias Global LLC, the new parent company of Newport Beach, Calif.-based Disc Surgery Center. The company exited private equity ownership in 2022 when it was acquired by SCA Health, the ASC division of Optum.
2021
- OMERS Private Equity acquired Miami-based Gastro Health, in a deal valuing the company at an estimated $950 million.
- TowerBrook Capital Partners and Ascension Capital made a strategic investment in Regent Surgical Health to support its joint-venture model with nonprofit health systems.
2020
- Partners Group made a majority-equity investment in St. Louis EyeCare Partners, the largest vertically integrated medical vision services provider in the U.S. with over 450 locations across 13 states at the time. EyeCare Partners currently operates at least 32 ASCs in 13 states.
2018
- KKR completed a $9.9 billion buyout of Envision Healthcare, parent of Nashville, Tenn.-based ASC company AmSurg, financing the deal with over $7 billion in debt. In 2025, more than 250 AmSurg ASCs were acquired by nonprofit health system Ascension.
2017
- Bain Capital purchased a controlling stake in Nashville, Tenn.-based Surgery Partners. In June 2025, Surgery Partners rejected a deal from Bain to buy out the company’s remaining shares.
2016
- PE firm Kelso & Company acquired Houston, Texas-based Physicians Endoscopy, a developer and operator of gastroenterology-focused ASCs across the U.S.
