BUYER POOL ANALYSIS
Selling a Ambulatory Surgery Center to Private Equity / PE-Backed Roll-Up buyers
Private equity firms and PE-backed platform consolidators acquiring for roll-up, add-on, or platform plays. Pricing tends to lead the market for fee-viable scale, with multi-bidder competitive processes above the EBITDA floor.
Quick answers
- What multiple does this buyer pool pay?
- Median EV/EBITDA 10.27x across 12 disclosed deals (P25: 7.19x, P75: 11.65x). Median EV/Revenue 1.95x across 12 deals. Median deal value: $760M.
- How many disclosed transactions?
- 13 deals total (2 from 2018+), filtered to Private Equity / PE-Backed Roll-Up acquirers of ambulatory surgery center businesses.
- Most active buyers
- Bain Capital (2) · Bain Capital Private Equity, LP (2) · Surgery Partners, Inc. (2) · Welsh, Carson, Anderson & Stowe, L.P. (2) · KKR (1) · DFW Capital Partners (1)
Recent disclosed deals
Private Equity / PE-Backed Roll-Up acquisitions of ambulatory surgery center businesses with named target, named acquirer, and disclosed financials.
| Year | Target | Acquirer | EV | EV/EBITDA | EV/Rev |
|---|---|---|---|---|---|
| 2025 | Surgery Partners | Bain Capital | $6300.0M | 12.4x | 2.00x |
| 2025 | Surgery Partners, Inc. | Bain Capital Private Equity, LP | $7319.0M | 11.7x | 2.77x |
| 2017 | Covenant Surgical Partners, Inc. | KKR | $375.0M | 12.9x | 2.20x |
| 2017 | National Surgical Hospitals, Inc. | Surgery Partners, Inc. | $760.0M | — | 1.30x |
| 2017 | Surgery Partners, Inc. | Bain Capital Private Equity, LP | $2809.7M | 11.1x | 2.45x |
| 2017 | Surgery Partners, Inc. | Bain Capital | $3222.9M | 11.5x | 1.90x |
What this buyer pool prices for
Private equity acquirers price for scale and roll-up arbitrage. They pay up for businesses that fit a platform thesis — recurring revenue mix above 30%, technician/professional depth, clean financials, and a management layer that survives integration. The same ambulatory surgery center can command 1.5x to 2x the multiple of an individual-buyer transaction simply because the PE buyer is acquiring a platform piece, not an owner-operated shop.
Methodology note
Multiples shown are computed from disclosed M&A transactions in the ExitValue.ai database, filtered to ambulatory surgery center businesses acquired by private equity / pe-backed roll-up buyers. EV/EBITDA outliers outside the [0.5x, 60x] band and EV/Revenue outliers outside [0.05x, 25x] are excluded from medians. Where available, post-2018 transactions are weighted; otherwise the all-time sample is used. Deal counts shown reflect deals with disclosed financials only — total transaction count for this buyer pool is typically 2-3x larger. Full methodology
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