M&A Deal Summary

Surgery Partners Acquires National Surgical Healthcare

On May 10, 2017, Surgery Partners acquired healthcare services company National Surgical Healthcare from Irving Place Capital for 760M USD

Acquisition Highlights
  • This is Surgery Partners’ 5th transaction in the Healthcare Services sector.
  • This is Surgery Partners’ 2nd largest (disclosed) transaction.
  • This is Surgery Partners’ 5th transaction in the United States.
  • This is Surgery Partners’ 1st transaction in Illinois.

M&A Deal Summary

Date 2017-05-10
Target National Surgical Healthcare
Sector Healthcare Services
Buyer(s) Surgery Partners
Sellers(s) Irving Place Capital
Deal Type Add-on Acquisition
Deal Value 760M USD
Advisor(s) J.P. Morgan Securities (Financial)
Weil Gotshal & Manges (Legal)

Target

National Surgical Healthcare

Chicago, Illinois, United States
National Surgical Hospitals, Inc. partners with orthopedic surgeons and neurosurgeons to build specialty hospitals through development of de novo specialty hospitals, and by acquiring and converting ambulatory surgery centers into specialty hospitals.

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Buyer(S) 1

Buyer

Surgery Partners

Brentwood, Tennessee, United States

Category Company
Founded 2004
Sector Healthcare Services
Employees10,500
Revenue 2.7B USD (2023)
DESCRIPTION

Surgery Partners is a 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. Surgery Partners was founded in 2004 and is based in Brentwood, Tennessee.


DEAL STATS #
Overall 6 of 6
Sector (Healthcare Services) 5 of 5
Type (Add-on Acquisition) 5 of 5
State (Illinois) 1 of 1
Country (United States) 5 of 5
Year (2017) 2 of 2
Size (of disclosed) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-01-01 ValueHealth

Leawood, Kansas, United States

ValueHealth is a clinically integrated provider network mission to transform healthcare. ValueHealth operates in more than 30 states with proven, data-driven pathways and nationally-recognized Ambulatory Centers of Excellence (ACE) program. ValueHealth was founded in 1997 and is based in Leawood, Kansas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-15 Surgery Partners Anesthesia Services Business

Texas, United States

Surgery Partners Anesthesia Services Business provides and manages third party providers of anesthesia services at 25 locations across select Surgery Partners facilities in Georgia, Florida, Kentucky, North Carolina, and Texas.

Sell -

Seller(S) 1

SELLER

Irving Place Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 4.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Irving Place Capital (formerly Bear Stearns Merchant Banking) is an independent private equity firm focused on making investments in middle-market companies located in North America and Western Europe. Irving primarily looks for opportunities in the retail, financial services, consumer products and packaging sectors, but will also consider investments in other traditional and service based businesses such as restaurants, transportation/logistics, healthcare, energy, and industrial products/services. The Firm's target investment size is $50 to $250 million of equity capital and EBITDA in excess of $7 million. Prospective transaction situations include traditional management buyouts, growth capital financings, divestitures, consolidations, and recapitalizations. Irving Place is based in New York City.


DEAL STATS #
Overall 31 of 39
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 14 of 17
State (Illinois) 1 of 1
Country (United States) 25 of 32
Year (2017) 2 of 3
Size (of disclosed) 4 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-02 cabi

Compton, California, United States

cabi is a direct seller of women’s apparel and accessories with nearly 3,500 independent stylists who conduct shows in the homes of more than 78,000 hostesses throughout the U.S., U.K., and Canada. cabi was founded in 2002 and is based in Compton, California.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-26 Chromalox

Pittsburgh, Pennsylvania, United States

Chromalox, Inc. is a provider of electrical products, systems and solutions for industrial process heating and temperature management. Chromalox, Inc. was founded in 1915 and is based in Pittsburgh, Pennsylvania.

Sell $415M