Bain Capital offers US $3.2B to take Surgery Partners private

USA – Bain Capital has submitted a formal offer to acquire Surgery Partners, Inc. for US $3.2 billion, with the intent to transition the publicly traded surgical facilities operator into a privately held company.

Currently under review by Surgery Partners’ board, the proposal would mark a strategic deepening of Bain Capital’s position in the ambulatory surgical center (ASC) market — a sector where it already holds substantial influence.

The private equity firm has maintained a 39.3% stake in the company since 2017 and is now seeking full operational control as consolidation accelerates across the healthcare ecosystem.

Surgery Partners operates a vast network of over 200 surgical facilities, including ASCs and surgical hospitals, spread across 33 U.S. states.

The company provides a broad suite of surgical services in high-demand specialties such as orthopedics, pain management, gastroenterology, and ophthalmology — areas primed for growth amid shifting reimbursement models and payer preference for cost-effective, outpatient procedures.

With annual revenues of approximately US $3.1 billion, Surgery Partners has emerged as a leading platform for delivering lower-cost, high-quality care outside the traditional hospital setting.

Demographic tailwinds, technological innovation, and a push toward value-based care continue to fuel its outpatient volume growth.

Bain Capital’s bid comes after a strategic review by Surgery Partners’ board, during which various transaction paths — including acquisition interest from TPG and UnitedHealth Group — were evaluated but not pursued.

Investor landscape and market reaction

In addition to Bain, major institutional investors Fidelity Investments, Wellington Management, and The Vanguard Group each hold more than 5% of Surgery Partners’ outstanding shares, collectively owning roughly 27% of the company as of last spring.

A special board committee will assess the proposal, which includes a provision requiring approval from a majority of the remaining shareholders — those who collectively control the 60% of equity not owned by Bain.

Market sentiment has responded positively. Following news of the offer, Surgery Partners’ stock surged from under US $21 to above US $25, reflecting renewed investor confidence.

By January 29, when the announcement was made, shares were trading near US $26, still below their US $31 high in mid-November, signaling speculation that additional bidders could emerge.

According to RBC Capital Markets analyst Ben Hendrix, the offer is expected to “accelerate interest” from competing buyers, given the company’s solid fundamentals and continued growth prospects.

The acquisition, if approved, will undergo regulatory scrutiny, particularly under evolving state-level healthcare transaction frameworks.

Yet Bain’s longstanding involvement and deep familiarity with Surgery Partners’ operations are expected to smooth the approval process.