Surgery Partners Announces Closing Date for National Surgical Healthcare Transaction
16 August 2017 - 2:00PM
Combination creates leading independent surgery
company with strong musculoskeletal programs
Surgery Partners, Inc. (NASDAQ:SGRY) ("Surgery Partners"), a
leading healthcare services company, is pleased to announce that as
of today, certain regulatory steps in the closing process have been
completed and its previously announced acquisition of National
Surgical Healthcare (“NSH”) is scheduled to close on August
31, 2017. All the financing for the transaction is in
place, including a Surgery Partners’ recently completed offering of
$370 million in 6.750% senior unsecured notes due 2025, a new
$1.29 billion term loan and a new preferred security
purchased by Bain Capital Private Equity. Simultaneously with
this transaction, Bain Capital Private Equity, as previously
announced, will complete its purchase of H.I.G. Capital’s stake in
Surgery Partners.
On May 9, 2017, Surgery Partners announced a definitive merger
agreement under which Surgery Partners will acquire NSH from Irving
Place Capital for approximately $760 million. Funding for
Surgery Partners’ acquisition of NSH was provided in part by Bain
Capital Private Equity, a leading global private investment
firm. In conjunction with this transaction, Bain Capital
Private Equity will acquire H.I.G. Capital’s existing equity stake
in Surgery Partners at $19 per share.
The transaction builds upon each company’s physician-centric
services model. It combines two best in class organizations,
creating a diversified inpatient and outpatient surgical provider
with a portfolio of 125 surgical facilities, 58 physician practice
locations and complementary ancillary services. The combined
business will be one of the leading independent surgical facilities
operators in the country, with a strong presence in musculoskeletal
programs, including orthopedics, pain and spine. The combined
company will operate facilities in 32 states with a network of over
5,000 physicians, creating an attractive, diversified surgical
provider with pro forma revenues of more than $1.7 billion.
Bain Capital Private Equity is a long-term investor and has a
history of successful investments across a broad range of
healthcare sectors including service providers, facilities, life
sciences, devices, and distribution. The firm’s experience
owning industry leading facilities-based healthcare businesses
includes HCA Healthcare, Acadia Healthcare Company, Air Medical
Group Holdings, Grupo NotreDame Intermedica and Aveanna Healthcare,
among others.
About Surgery PartnersHeadquartered in
Nashville, Tennessee, Surgery Partners is a leading healthcare
services company with a differentiated outpatient delivery model
focused on providing high quality, cost effective solutions for
surgical and related ancillary care in support of both patients and
physicians. Founded in 2004, Surgery Partners is one of the
largest and fastest growing surgical services businesses in the
country, with more than 150 locations in 29 states, including
ambulatory surgical facilities, surgical hospitals, a diagnostic
laboratory, multi-specialty physician practices and urgent care
facilities.
About National Surgical HealthcareNSH is an
innovative healthcare partner that
empowers physicians to thrive in
a changing marketplace. NSH owns and operates 21
surgical facilities, specializing in orthopedic surgery, spine and
back, pain management, and neurosurgery. For information
about NSH, visit the company's website at www.nshinc.com.
About Bain Capital Private Equity Bain Capital
Private Equity (www.baincapitalprivateequity.com) has partnered
closely with management teams to provide the strategic resources
that build great companies and help them thrive since our founding
in 1984. Our team of more than 220 investment professionals
creates value for our portfolio companies through our global
platform and depth of expertise in key vertical industries,
including industrials, consumer/retail, financial and business
services, healthcare, and technology, media and telecommunications.
In addition to private equity, Bain Capital invests across
asset classes including credit, public equity and venture capital,
and leverages the firm’s shared platform to capture opportunities
in strategic areas of focus.
Contacts:
Surgery Partners, Inc.
Teresa Sparks, Chief Financial Officer
(615) 234-8940
IR@surgerypartners.com
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