Surgery Partners, Inc. (NASDAQ:SGRY) stock fell 12% after the company announced it has concluded discussions with Bain Capital regarding a potential acquisition.
A Special Committee of independent directors determined that Surgery Partners’ prospects as an independent public company exceeded the value of Bain Capital’s non-binding proposal to acquire all outstanding shares not already owned by the private equity firm.
Brent Turner, Chairman of the Independent (LON:IOG) Committee, emphasized the company’s “unique, scaled platform in the high-growth outpatient surgical care market” as a key factor in the decision to remain independent. The committee expressed confidence in management’s ability to deliver sustained growth and significant returns to stockholders.
Despite the failed acquisition talks, Bain Capital Partners (WA:CPAP) Andrew Kaplan and Devin O’Reilly (NASDAQ:ORLY) stated they remain “tremendously optimistic about the business, leadership team, and growth strategy of Surgery Partners” and look forward to continuing as long-term investors.
Surgery Partners CEO Eric Evans reaffirmed the company’s full-year 2025 guidance, projecting revenues between $3.30 billion and $3.45 billion and Adjusted EBITDA of $555 million to $565 million. The company cited its strong first quarter performance as evidence of its ability to achieve these targets.
The surgical facility operator plans to host an Investor Day in the second half of 2025 to present its strategy, industry outlook, and plans for portfolio performance, M&A pipeline advancement, and operational efficiencies.
