Shares of Surgery Partners, Inc. (NASDAQ:SGRY) dropped 12% following the announcement that the company has wrapped up acquisition discussions with Bain Capital without reaching a deal.
A Special Committee composed of independent board members reviewed Bain Capital’s non-binding offer to acquire the remaining shares it does not already own. After evaluation, the committee concluded that Surgery Partners’ future potential as a standalone public company surpasses the value proposed in the offer.
Brent Turner, who chairs the Special Committee, underscored the company’s strong position in the fast-expanding outpatient surgical care space. He said the company’s robust platform and growth opportunities reinforced their decision to remain independent, with expectations of delivering meaningful long-term value to shareholders.
While talks have ended, Bain Capital Partners representatives Andrew Kaplan and Devin O’Reilly expressed continued confidence in Surgery Partners’ leadership and strategic direction, noting their commitment to supporting the company as long-term investors.
CEO Eric Evans reaffirmed the company’s financial guidance for 2025, projecting revenue between $3.30 billion and $3.45 billion, and Adjusted EBITDA in the range of $555 million to $565 million. Evans pointed to the strong first-quarter performance as a sign the company is on track to meet these goals.
Surgery Partners also announced plans to host an Investor Day in the second half of 2025. The event will outline the company’s strategic vision, operational priorities, acquisition pipeline, and plans for enhancing overall portfolio performance.