Surgery Partners, Inc ( SGRY ). received a non-binding proposal from Bain Capital Private Equity in January for a cash consideration of $25.75 per share.

Bain Capital and its affiliates own approximately 39% of the company's outstanding common stock.

Surgery Partners ( SGRY ) announced on Tuesday that the Independent Committee and Bain Capital had concluded discussions related to Bain Capital’s non-binding acquisition proposal.

The Independent Committee determined that Surgery Partners’ prospects to deliver long-term growth and value creation as an independent publicly traded company exceeded the value of the proposal.

Also Read: Surgery Partners Misses Q1 Marks But Sticks To 2025 Outlook

Headquartered in Brentwood, Tennessee, Surgery Partners ( SGRY ) is a healthcare services company that operates an outpatient delivery model focused on solutions for surgical and related ancillary care in support of patients and physicians.

Founded in 2004, Surgery Partners ( SGRY ) operates over 200 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices, and urgent care facilities.

“Surgery Partners offers a unique, scaled platform in the high-growth outpatient surgical care market that leverages its proven joint venture model, strong M&A track record, and favorable demographic and policy tailwinds,” said Brent Turner, chairman of the Independent Committee. “Following review of the Proposal and discussions with Bain Capital, the Independent Committee concluded that the best path forward for Surgery Partners ( SGRY ) and its stockholders is to continue operating as an independent publicly traded company. We remain confident in the management team’s ability to continue delivering sustained growth and significant stockholder returns.”

Eric Evans, CEO of Surgery Partners ( SGRY ) also commented. “Our strong first quarter performance gives us even more confidence in our ability to achieve our full-year 2025 revenue and Adjusted EBITDA guidance, reinforcing that Surgery Partners ( SGRY ) is well positioned to deliver results that support our long-term growth algorithm,” he said. “Given favorable surgical trends and our bullish outlook on the regulatory landscape, we continue to be excited by Surgery Partners’ unique competitive positioning and growth potential…”

Surgery Partners ( SGRY ) expects to host an Investor Day in the second half of 2025.

During this event, the company plans to present its business’s go-forward strategy, provide an outlook on key industry trends, and detail its plans to maximize portfolio performance, advance its M&A pipeline, and drive operational efficiencies.

2025 Outlook

The company reaffirmed its outlook for 2025. It expects sales of $3.30 billion—$3.45 billion versus the consensus of $3.39 billion and adjusted EBITDA of $555 million—$565 million.

Price Action: SGRY stock is down 13.6% at $20.03 during the premarket session at the last check on Tuesday.

Read Next:

Eli Lilly Expands Into Gene Editing With Verve Therapeutics Acquisition