Surgery Partners, Bain Capital conclude discussions

Surgery Partners (SGRY), announced that a Special Committee of independent directors of the Board and Bain Capital Private Equity have concluded discussions related to Bain Capital’s non-binding proposal to acquire all the outstanding shares of Surgery Partners not already owned by Bain Capital. The Independent Committee, after considering the Proposal and with the assistance of independent financial and legal advisors, ultimately determined that Surgery Partners’ prospects to deliver long-term growth and value creation as an independent publicly traded company exceeded the value of the Proposal. The Independent Committee’s conclusion demonstrates its ongoing confidence in the Company’s ability to continue implementing its established long-term growth algorithm and disciplined business execution to enhance shareholder value. Brent Turner, Chairman of the Independent Committee, commented, “Surgery Partners offers a unique, scaled platform in the high-growth outpatient surgical care market that leverages its proven joint venture model, strong M&A track record, and favorable demographic and policy tailwinds. Following review of the Proposal and discussions with Bain Capital, the Independent Committee concluded that the best path forward for Surgery Partners and its stockholders is to continue operating as an independent publicly traded company. We remain confident in the management team’s ability to continue delivering sustained growth and significant stockholder returns.”