
One of the largest ambulatory surgery center (ASC) chains in the U.S. could be up for grabs.
After seeing its stock price tumble throughout 2024, Surgery Partners (Nasdaq: SGRY) is now exploring strategic alternatives for the business, including a potential sale, according to a new report from Bloomberg. The ASC company has already engaged a financial adviser to gauge buyout interest, Bloomberg reported, citing people familiar with the matter.
Founded in 2004, the Brentwood, Tennessee-based Surgery Partners has over 180 locations in 33 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities.

From a January 2024 Surgery Partners investor presentation
Its biggest shareholder is buyout firm Bain Capital, which owns a 39% stake in the business. Surgery Partners went public in 2015, later merging with National Surgical Healthcare.
Discussions are in the early stages, according to Bloomberg. Neither Surgery Partners nor Bain Capital has commented on the matter.
As of January 2024, Surgery Partners had at least 139 ASCs. Its network of roughly 5,000 affiliated physicians cares for upwards of 650,000 patients each year, according to a company investor presentation.
Higher-acuity procedures have become Surgery Partners’ bread and butter. About 80% of its facilities perform musculoskeletal procedures, and about 70% of its facilities have the potential for cardio procedures.
The vast majority of its facilities are multi-speciality.

From a January 2024 Surgery Partners investor presentation
During the first quarter of 2024, Surgery Partners posted revenues of about $717.4 million, up 7.7% compared to the prior year period.
“In addition to the strength of our quarter, we closed on a number of targeted acquisitions in late April, including a large system acquisition that includes a specialty surgery hospital, ASC and physician practices,” CEO Eric Evans said in May. “Our year-to-date acquisitions, robust de novo pipeline, as well as execution on all of our key growth levers gives us confidence in our continued future growth including our ability to raise our 2024 revenue and Adjusted EBITDA guidance.”
Surgery Partners is scheduled to release its Q2 2024 financial results on Aug. 6.