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HIG Capital sells equity stake in Surgery Partners

HIG Capital is to sell its existing stake in Surgery Partners to Bain Capital Private Equity.

 
In conjunction with the transaction, Surgery Partners and National Surgical Healthcare (NSH), an owner and operator of surgical facilities in partnership with local physicians, have entered into a definitive merger agreement under which Surgery Partners will acquire NSH from Irving Place Capital for approximately USD760 million.
 
Funding for the transaction will be provided in part by Bain Capital Private Equity, who is injecting capital in exchange for preferred equity in the company.
 
In December 2009, HIG partnered with Surgery Partners CEO Mike Doyle to acquire Surgery Partners, which at the time operated a small portfolio of ambulatory surgery centres and physician practices in Florida.
 
With the leadership of Doyle and the Surgery Partners team and strategic guidance and capital support from HIG, the company executed an aggressive growth plan, expanding its footprint across the country and enhancing its specialty mix and ancillary service offerings, through both organic growth and acquisitions, including the acquisitions of Symbion and NovaMed.
 
In 2015, Surgery Partners underwent an initial public offering on the NASDAQ exchange, with HIG retaining a majority equity stake in the Company.
 
The combined Surgery Partners and NSH company will operate 125 surgical facilities, 58 physician practice locations and complementary ancillary services in 32 states.
 
Doyle says: “We are thankful to have had the opportunity to grow the Company with HIG Capital over the past seven years, and thank the entire HIG team for their support of our Company and management team along the way.”
 
HIG Capital managing director Matthew Lozow says: “Surgery Partners is an exceptional company and we are grateful to Mike Doyle and the entire Surgery Partners organisation for all their contributions in building this tremendous platform over the past several years. We are proud of what this team has accomplished during our partnership together and look forward to watching the company’s continued success in the future.”

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