Bain Capital will roll its stake in Surgery Partners into a new ownership structure alongside HealthSpan Partners, an affiliate of US non-profit health system Bon Secours Mercy Health.
Bain, the company’s largest shareholder with about 39% of the shares, will instead exchange its holding for equity in the acquiring entity and remain a significant partner in the business after closing. It has also signed a voting and support agreement committing all of its shares in favour of the transaction.
The outcome is a notable twist for Bain, which tried to buy out Surgery Partners on its own less than two years ago. In January 2025, the firm made a non-binding proposal to acquire all the shares it did not already own for $25.75 each, $2.25 above the price Health Span is now paying public shareholders.
Source: PE Insights · Summarized by HeadlinesBriefing