Bain Capital is set to retain its approximately 40% stake in Surgery Partners as US healthcare operator Bon Secours Mercy Health nears a takeover of the surgical care provider at an enterprise valuation of around $6bn, according to a report by the Financial Times.
Bon Secours is in advanced negotiations to acquire a majority interest in the publicly listed company at approximately $20 per share, with an agreement potentially announced as early as Monday.
The proposed transaction would reportedly value Surgery Partners at roughly $6bn including its $3.5bn debt burden.
Bain, which has held a minority interest in the company since 2017, would remain invested following the take-private, rather than exiting its position.
The negotiations follow an unsuccessful attempt by Bain to acquire the remaining shares in Surgery Partners last year. That proposal valued the business at approximately $6.7bn including debt, but discussions ended without an agreement.
Surgery Partners operates 176 surgical centres and hospitals across 30 US states, specialising in outpatient procedures and related healthcare services.
An acquisition would significantly expand Bon Secours’ presence in outpatient care, an area attracting growing investment from healthcare operators seeking to diversify beyond traditional hospital services.
The transaction would also follow Ascension’s $3.9bn acquisition of surgical care provider Amsurg earlier this year, reflecting continued consolidation across the US healthcare services market.
Surgery Partners’ shares have fallen approximately 31% over the past year, leaving the company with an equity valuation of around $2.1bn before the reported offer.
Bon Secours, which operates 47 hospitals across the US and Ireland, reportedly generated approximately $14bn in revenue last year.
The healthcare group has also been active in private equity-backed transactions, including its investment in healthcare payments software company Ensemble. Earlier this year, Ensemble agreed to sell a majority stake to Thoreau Group at an $11.75bn valuation, with Bon Secours retaining a minority interest.
