Private equity in the ASC market — key transactions & 2018 outlook

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Despite the overall lack of total growth in the ASC market, the interest of private equity in ASCs remains very significant.

In the past couple of years, we’ve witnessed several different transactions:

1. This past year KKR invested in growth oriented Covenant Surgical Partners.

2. Physicians Endoscopy remains partially owned by a PE firm after several growth investments over the years.

3. Bain Capital bought out the stake of H.I.G. Capital in Surgery Partners. Surgery Partners has rolled up National Surgical Healthcare and Symbion and others over the years.

On the seeming flip side, Welsh Carson exited United Surgical Partners International after several years when USPI sold in part to Tenet. AmSurg still a major ASC operator transformed itself to become less dependent on ASCs with major acquisitions and mergers in the physician practice area.

Surgical Care Affiliates, once private equity funded by TPG, sold itself last year to OptumHealth.

There is also new and significant interest in the ASC world via PE firms investing in practice management platforms in ophthalmology and orthopedics where the practices are also tied to ASCs.

After a long run in ASCs, there remains a ton of interest in the area.


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