Tue, 17/06/2014 - 10:53
Surgery Center Holdings, a portfolio company of HIG Capital, is to acquire 100 per cent of the stock of Symbion Holdings Corporation, a portfolio company of Crestview Partners, for a total purchase price of USD792 million.
The transaction is subject to customary closing conditions and required regulatory approvals.
The transaction creates a portfolio of approximately 100 healthcare facilities and complementary ancillary services. The combined business will be one of the leading independent Ambulatory Surgery Centre (ASC) operators in the US, providing patients with low-cost surgical services. In addition to surgical services, the businesses operate numerous outpatient ancillary lines of care, including anaesthesia, lab testing, radiation oncology, pharmacy, urgent care, and physician services.
Surgery Partners and Symbion expect the combination will enhance its ability to offer patients a wide array of these complimentary services. The combined company will operate facilities in 27 states.
“We are excited about the opportunity to expand the reach of our healthcare delivery model. Our model focuses on high quality, patient-centric care, through multiple inpatient and outpatient services lines, and now has the opportunity to apply it to a larger geographic footprint as a result of this combination,” says Mike Doyle, chief executive officer of Surgery Partners. “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.”
“We are proud of the accomplishments of Surgery Partners under HIG’s ownership and the leadership of Mike Doyle and his outstanding team,” says Chris Laitala, managing director of HIG. “It has been a pleasure to partner with them in building a national integrated care model for surgical procedures. Together, we have developed a unique delivery model for surgical care and related services that prioritizes clinical excellence, while delivering cost efficient outcomes in a physician and patient friendly environment. We are excited to have the opportunity to support our new partners at Symbion. They share our values. We are eager to support their management team, employees, and physician partners as they continue to pursue their mission in healthcare.”
Bob Delaney, a partner at Crestview Partners, says: "We want to express our deep appreciation to Symbion's management team and all the employees of the company for their hard work in delivering consistent growth over the course of our ownership. Symbion is an excellent company and we wish its new owners — Surgery Partners and HIG — all the best going forward."
Jefferies acted as financial advisor to Surgery Partners and provided approximately USD1.4 billion of committed debt financing for the transaction. McDermott Will & Emery and Ropes and Gray acted as legal advisors to HIG.
Morgan Stanley acted as financial advisor and Waller Lansden Dortch & Davis acted as legal advisor to Symbion Holdings Corporation. Davis Polk & Wardwell acted as legal advisor to Crestview Partners.
Wed 17/12/2014 - 17:00
Tue 16/12/2014 - 11:00
Tue 16/12/2014 - 06:00
Mon 15/12/2014 - 13:45
Thu 18/12/2014 - 12:30
Thu 18/12/2014 - 12:00
Thu 18/12/2014 - 10:45
Fri, 19/Dec/2014 - 06:00
Thu, 18/Dec/2014 - 15:30
Thu, 18/Dec/2014 - 14:15
Thu, 18/Dec/2014 - 13:15
Thu, 18/Dec/2014 - 13:00
Thu, 18/Dec/2014 - 12:15