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Ropes & Gray Advises Surgery Partners and Bain Capital on Acquisition of National Surgical Healthcare

Practices: Mergers & Acquisitions, Private Equity, Finance, Tax

Ropes & Gray advised publicly held Surgery Partners, Inc. and leading private investment firm Bain Capital Private Equity in the planned acquisition by Surgery Partners of National Surgical Healthcare (NSH) from Irving Place Capital for approximately $760 million. The funding for Surgery Partners’ acquisition of NSH will be provided in part by Bain Capital Private Equity, who as part of the transaction is injecting capital in exchange for a preferred security in the company. In conjunction with this transaction, Bain Capital Private Equity will acquire H.I.G. Capital’s existing equity stake in Surgery Partners.

The transaction, which was announced May 10, is expected to close during 2017, subject to the receipt of required regulatory approvals and the satisfaction of other customary closing conditions.

Nashville-based Surgery Partners (NASDAQ: SGRY) is one of the largest and fastest growing surgical services businesses in the United States. Its combination with NSH will create a diversified inpatient and outpatient surgical provider with a portfolio of 125 surgical facilities, 58 physician practice locations and complementary ancillary services. At closing, the combined business will be one of the leading independent surgical facilities operators in the country, with a strong presence in musculoskeletal programs, including orthopedics, pain and spine, and will operate facilities in 32 states with a network of more than 5,000 physicians.

The Ropes & Gray team representing Surgery Partners and Bain Capital included mergers & acquisitions partner Carl Marcellino (New York), private equity partner Will Shields (Boston), finance partners Byung Choi (Boston) and Stefanie Birkmann (New York), tax partner Adam Greenwood (New York), and business & securities litigation partner David Hennes (New York).

Read the company press release.