M&A Deal Summary

Surgery Partners Acquires Symbion

On June 16, 2014, Surgery Partners acquired healthcare services company Symbion from Ridgemont Equity Partners, Stone Point Capital and Crestview Partners for 792M USD

Acquisition Highlights
  • This is Surgery Partners’ 1st transaction in the Healthcare Services sector.
  • This is Surgery Partners’ largest (disclosed) transaction.
  • This is Surgery Partners’ 1st transaction in the United States.
  • This is Surgery Partners’ 1st transaction in Tennessee.

M&A Deal Summary
Date 2014-06-16
Target Symbion
Sector Healthcare Services
Buyer(s) Surgery Partners
Sellers(s) Ridgemont Equity Partners
Stone Point Capital
Crestview Partners
Deal Type Add-on Acquisition
Deal Value 792M USD
Advisor(s) Morgan Stanley (Financial)
Waller (Legal)

Target

Symbion

Nashville, Tennessee, United States
Symbion owns and operates a national network of short stay surgical facilities.

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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 2 of 6
Sector (Healthcare Services) 1 of 5
Type (Add-on Acquisition) 2 of 5
State (Tennessee) 1 of 2
Country (United States) 1 of 5
Year (2014) 1 of 2
Size (of disclosed) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2011-05-04 NovaMed

Jerusalem, Israel

Novamed, Inc. is an Israel-based life science company founded in December 1995. Since its inception Novamed has been committed to the development of innovative, proprietary diagnostic systems with worldwide marketing potential.

Buy $214M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-11-03 Symbion Holdings

Nashville, Tennessee, United States

Symbion Holdings Corp. is a operator of national network of short stay surgical facilities.

Buy -

Seller(S) 3

SELLER

Ridgemont Equity Partners

Charlotte, North Carolina, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1993
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Ridgemont Equity Partners is an independent private equity firm specializing in middle-market buy-outs, corporate divestitures, recapitalizations and growth capital investments. The Firm targets to invest in companies located in North America, preferably in US and Canada. REP looks to invest up to $500 million in companies with EBIDTA of $5 - $50 million. The Firm seeks to hold both majority and minority equity interest in portfolio companies. Specific areas of interest include basin industries and services, energy, healthcare, telecommunications, media and technology. Ridgemont Equity Partners is a spun-off of Banc of America Capital Investors (BACI). Ridgemont Equity Partners was formed in August 2010 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 65 of 91
Sector (Healthcare Services) 5 of 7
Type (Add-on Acquisition) 24 of 36
State (Tennessee) 3 of 4
Country (United States) 55 of 80
Year (2014) 5 of 9
Size (of disclosed) 11 of 23
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-05-16 Qantum Communications

Brunswick, Georgia, United States

Qantum Communications Corp. is an owner and operator of radio stations in small to mid-sized markets. Qantum Communications is based in Brunswick, Georgia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-26 Terminix

Memphis, Tennessee, United States

Terminix is a provider of residential and commercial pest management. The Company provides pest management services and protection against termites, mosquitoes, rodents and other pests. Terminix is based in Memphis, Tennessee.

Sell -
SELLER

Stone Point Capital

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 25.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Stone Point Capital is a private equity firm that targets investments in financial services sector. Specific areas of interest include insurance underwriting, outsourcing service providers to financial institutions, specialty lending and other credit opportunities, employee benefits and healthcare, asset management/retirement savings, and banking/depository institutions. Stone Point looks to commit between $5 and $500 million of equity per transaction and will consider control or substantial minority positions. Geographic areas of interest include North America and Europe. Stone Point Capital was formed in 1994 and is based in Greenwich, Connecticut.

DEAL STATS #
Overall 16 of 55
Sector (Healthcare Services) 1 of 1
Type (Add-on Acquisition) 6 of 28
State (Tennessee) 3 of 3
Country (United States) 11 of 49
Year (2014) 4 of 6
Size (of disclosed) 7 of 16
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-06-11 Univita Health - Insurance Administration Services

United States

Univita Health's Insurance Administration Services provides insurance services.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-01 Amherst Holdings

Austin, Texas, United States

Amherst Holdings is a specialist broker-dealer focused on high-grade, mortgage-related securities and their derivatives.

Sell -
SELLER

Crestview Partners

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 10.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Crestview Partners is a private equity firm focused on challenging investment situations. Crestview targets opportunities across a broad range of industries, with a special interest in asset management, media, healthcare and financial service companies. The Firm looks to commit $100 to $250 million of equity capital in transactions valued between $500 million and $3 billion. Crestview Partners was formed in 2004 and is based in New York, New York.

DEAL STATS #
Overall 9 of 27
Sector (Healthcare Services) 1 of 2
Type (Add-on Acquisition) 4 of 12
State (Tennessee) 1 of 1
Country (United States) 6 of 19
Year (2014) 2 of 4
Size (of disclosed) 7 of 11
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-17 Munder Capital Management

Birmingham, Michigan, United States

Munder Capital is an investment management firm offering actively managed investment products to an institutional and retail client base.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2014-07-24 Martin Currie Investment Management

Edinburgh, United Kingdom

Martin Currie is a specialist active equity manager. Headquartered in Edinburgh, Scotland, Martin Currie manages approximately ₤10 billion for 175 clients worldwide. Martin Currie’s product offering includes multi-regional and specialist equity portfolios and hedge funds through both segregated mandates and pooled funds. Martin Currie was founded in 1881 and prior to Crestview’s investment was a 100% employee-owned company.

Sell -
Mergr

Product

Company

Legal