Private equity firms have become major players in the ASC industry through targeted acquisitions, platform building and strategic investments, according to an October report from the Private Equity Stakeholder Project.
2016: Kelso & Company purchased PE GI Solutions (formerly known as Physicians Endoscopy), a gastroenterology-focused ASC operator. It rebranded to PE GI Solutions in 2021 and was bought by SCA Health in 2022, ending PE ownership.
2017: Bain Capital bought a controlling stake in Surgery Partners, a major operator of ASCs and surgical hospitals, plus related diagnostics and physician and urgent care assets. On June 17, Surgery Partners rejected a buyout bid from Bain, 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.
2018: KKR completed a $9.9 billion leveraged buyout of Envision, parent of AmSurg, financed with more than $7 billion in debt. This year, Ascension acquired AmSurg and its more than 250 ASCs.
2020: Partners Group took a majority stake in EyeCare Partners, a large vision services platform. It now operates more than 32 ASCs across 13 states.
2021: OMERS acquired Gastro Health, a leading GI services platform, valued around $950 million.
2021: TowerBrook and Ascension Capital made a strategic investment in Regent Surgical Health to expand Regent’s nonprofit health-system joint-venture ASC model.
2022: Health Velocity Capital made a minority investment in Compass, an ASC development/management firm with more than 250 centers. In 2024, TPG joined for an additional investment.
2022: Chicago Pacific Founders acquired a majority stake in Trias, parent of Newport Beach, Calif.-based Disc Surgery Center to fuel California expansion. Disc specializes in spine, orthopedics, pain management and sports medicine.
2023: Lee Partners and CIS invested in Cardiovascular Logistics. The partnership launched a national cardiology platform to scale independent practices. As of 2024, it supports 280 cardiologists and 44 clinics, including some ASCs.
