Transaction Supports NorthStar’s Growth in Core Markets and Surgery Partners’ Continued Focus on Its Core Short-Stay Surgical Business
IRVING, Texas, Sept. 15, 2020 /PRNewswire/ — NorthStar Anesthesia (“NorthStar” or the “Company”), one of the country’s leading anesthesia care providers and managers, today announced that Anesthesia Consulting & Management, LP, has completed an acquisition of select anesthesia services businesses of Surgery Partners, Inc. (NASDAQ:SGRY) (“Surgery Partners”), a leading short-stay surgical facility owner and operator.
Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the U.S. Surgery Partners’ anesthesia business provides and manages third party providers of anesthesia services at 25 locations across select Surgery Partners facilities in Georgia, Florida, Kentucky, North Carolina and Texas.
Through its outsourced and managed anesthesia service providers, NorthStar provides operating room efficiencies and improved clinical outcomes to hospitals and ambulatory surgery centers (“ASCs”) across the country. Since the Company’s founding in 2004, NorthStar has successfully transitioned anesthesia departments in more than 120 facilities in 19 states and is focused on further expansion through a combination of organic and acquisition-driven growth opportunities.
This acquisition is consistent with NorthStar’s growth strategy to expand the Company’s provision and management of providers of anesthesia services to facilities in markets where NorthStar already operates. This transaction will further expand NorthStar’s presence in its core markets including Georgia as well as areas in the Midwest, Mid-Atlantic and Southeast, strengthening the Company’s ability to provide high quality, efficient anesthesia care.
“We are pleased to complete our acquisition of these anesthesia services businesses and strategically expand our best-in-class anesthesia services during a dynamic time for our industry,” said Adam Spiegel, Chief Executive Officer of NorthStar. “A trusted provider in the anesthesia space, Surgery Partners’ anesthesia services businesses offer NorthStar a compelling opportunity to further strengthen our presence in our core markets while expanding our footprint within ASCs, an attractive and fast-growing care setting. This transaction underscores our commitment to sustainable, long-term growth and we look forward to working closely with the Surgery Partners team as we continue providing the highest quality of service and patient care.”
“Today’s announcement marks another milestone as Surgery Partners executes on its strategy to focus on its core short-stay surgical business. NorthStar has extensive experience providing patients with premier anesthesia care and an impressive track record of delivering solutions to the hospitals and surgery centers its serves,” said Eric Evans, Chief Executive Officer of Surgery Partners. “This transaction represents a terrific outcome for our customers and centers, and we are confident the business is well-positioned for success as part of NorthStar.”
Katten Muchin Rosenman LLP served as legal counsel to NorthStar. Greenhill & Co. served as exclusive financial advisor to Surgery Partners and McDermott Will & Emery served as its legal counsel.
About NorthStar Anesthesia
NorthStar Anesthesia is a company of caregivers, founded by an anesthesiologist and a Certified Registered Nurse Anesthetist (CRNA). NorthStar partners with hospitals and ambulatory surgery centers to deliver a more productive and efficient model of anesthesia care. Its “care team” approach focuses on the provision of high-quality care while measurably improving operating room performance. For more information, visit www.northstaranesthesia.com.
About Surgery Partners
Headquartered in Brentwood, Tennessee, Surgery Partners is a leading healthcare services company with a differentiated outpatient delivery model focused on providing high quality, cost effective solutions for surgical and related ancillary care in support of both patients and physicians. Founded in 2004, Surgery Partners is one of the largest and fastest growing surgical services businesses in the country, with more than 180 locations in 30 states, including ambulatory surgery centers, surgical hospitals, multi-specialty physician practices and urgent care facilities. For additional information, visit www.surgerypartners.com.
Jonathan Keehner / Julie Oakes / Julia Sottosanti
Joele Frank, Wilkinson Brimmer Katcher
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SOURCE NorthStar Anesthesia