UnitedHealth Group, parent company of Optum, is one of the potential buyers of Brentwood, Tenn.-based ASC operator Surgery Partners, Bloomberg reported Aug. 23.
Sources told Bloomberg that private equity firm TPG is also an interested buyer. Surgery Partners is also drawing interest from other PE firms and strategic bidders.
The deal is in its early stages and is not confirmed, according to the report. Representatives for UnitedHealth and Surgery Partners did not respond to Bloomberg's requests for comment.
Surgery Partners, which went public in 2015, is the third-largest ASC operator in the U.S., with more than 160 centers and 4,600 affiliated physicians. In 2017, it merged with National Surgical Healthcare, and Bain acquired HIG Capital’s stake in Surgery Partners.
Optum is the parent company of Deerfield, Ill.-based ASC chain SCA Health, which has a portfolio of more than 320 ASCs and 9,200 physicians. The company quietly purchased at least two cardiovascular providers in 2023, National Cardiovascular Partners and Pivotal Healthcare.
Surgery Partners' revenues jumped 14.2% to $762.1 million for the second quarter of 2024. Additionally, its full year guidance was raised to more than $3 billion in revenue and more than $508 million in adjusted EBITDA.
"Our year-to-date acquisitions and robust de novo pipeline, coupled with execution on all of our key growth levers gives us confidence in our continued growth including an updated outlook for the remainder of 2024," CEO Eric Evans said in the Q2 earnings call.
Becker's has reached out to Surgery Partners and will update this story if more information becomes available.