Both companies develop, acquire and operate single- and multi-specialty, free-standing ambulatory surgery centers (ASC), typically in joint ventures with physicians or with physicians and hospitals.
The core business model of both companies includes a minority ownership interest in each ASC accompanied with a development, and management agreement.
On a combined basis, the companies, who will operate under the HealthMark name, currently manage 17 surgery centers and have six under development. The 23 ASCs are located in 11 states (Maryland, North Carolina, Tennessee, Georgia, Alabama, Mississippi, Indiana, Texas, Arizona, Missouri, and California).
William G. Southwick, HealthMark’s President and CEO, said the transaction brings together exceptional experience in ASC development and operations.
“Together we have the scale, resources and management to accelerate building a solid and successful company in this growing industry,” Southwick said.
ASI’s CEO, Charles T. Neal, a 16-year veteran of the ASC industry, said, “I am delighted with the combination of these very complementary businesses and believe we can deliver even better service, quality and value to our patients, physicians and associates.”
Neal will be the Chief Operating Officer of the combined entities.
Croft & Bender LLC, based in Atlanta, Ga., served as Alliance Surgery’s financial advisor in the transaction, and Nelson Mullins Riley & Scarborough LLP, through its Washington, D.C. office, and Boult, Cummings, Conners & Berry, PLC, based in Nashville, TN, provided legal counsel to Alliance Surgery. McGuireWoods LLP, through its Chicago, IL office, provided legal counsel to HealthMark Partners.
About HealthMark
Founded in 1996, Nashville-based HealthMark Partners, Inc., develops, invests in and operates single and multi-specialty ambulatory surgery center joint ventures with physicians and, in several instances, physicians and hospitals. The company specializes in ASC turnaround and de novo projects and works with physicians and hospitals to maximize patient and physician satisfaction while establishing a true community asset. For more information visit www.healthmarkpartners.com.
About Alliance Surgery, Inc.
Founded in 2003, Atlanta-based Alliance Surgery, Inc. owns and operates ambulatory surgery centers in partnership with physicians and hospitals. The Alliance management team has developed, managed, financed and consulted with more than 100 ASCs and 80 hospitals over the past 25 years. For more information visit www.alliancesurgery.com.
