H.I.G. Capital Acquires Surgery Partners HoldingsMarket Leader in Ambulatory Surgical Centers
MIAMI – January 7, 2010 – H.I.G. Capital, LLC, a leading global private equity firm, today announced that an affiliate has completed a majority investment in Surgery Partners Holdings, LLC (“Surgery Partners” or the “Company”). Based in Tampa, Surgery Partners is a leading operator of ambulatory surgical centers (ASCs), providing outpatient surgical procedures in a variety of practice specialties. The Company owns and operates eleven ambulatory surgical centers and several related practice specialties.
“As one of the largest and most successful ASC operators in the Southeast, Surgery Partners has a long history of stable growth. We are delighted to have the opportunity to partner with Mike Doyle and his team” said Chris Laitala, Managing Director of H.I.G. “We believe that patient volumes for these types of procedures will continue to shift from hospital settings to outpatient surgery centers due to greater efficiency and ease of use for physicians combined with a lower overall cost for payors. We believe that the Surgery Partners model of partnering with leading physicians to provide superior patient outcomes will allow the Company to continue to grow at an attractive rate. We share management’s excitement about the future and look forward to working with them to build on their market-leading position.”
Mike Doyle, CEO of Surgery Partners, said “H.I.G. is an experienced healthcare investor with an impressive track record of success in the healthcare industry. We are delighted by the prospect of building our business together with the H.I.G. team. Our partnership will allow Surgery Partners to continue to provide our physician partners and patients with the most efficient, highest quality service in the industry.”
About Surgery Partners
Surgery Partners acquires, develops and manages free-standing ambulatory surgical centers (ACSs) in partnership with leading physicians. The company owns and operates eleven ambulatory surgical centers. As one of the largest ASC operators in the Southeast, Surgery Partners is dedicated to clinical excellence in outpatient surgery services and provides its centers with experienced and efficient operations leadership, development expertise, and practice partnership.
About H.I.G. Capital
H.I.G. Capital is a leading global private equity investment firm with more than $7.5 billion of equity capital under management. Based in Miami, and with offices in San Francisco, Atlanta, Boston, and New York in the U.S., as well as affiliate offices in London, Hamburg and Paris in Europe, H.I.G. specializes in providing capital to small- and medium-sized companies with attractive growth potential. H.I.G. invests in management-led buyouts and recapitalizations of profitable and well managed service or manufacturing businesses. H.I.G. also has extensive experience with financial restructurings and operational turnarounds. Since its founding, H.I.G. has invested in and managed more than 200 companies worldwide. The firm’s current portfolio includes companies with combined revenues in excess of $7 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.