The pandemic quieted ASC deals midyear, but there have been several fascinating transactions in the second half of 2020.
Here are seven of the most interesting deals in the ASC space this year.
1. Nashville, Tenn.-based Covenant Surgical Partners shifted its strategy from being an ASC-focused company to becoming a physician services company and rebranded to Covenant Physician Partners in January. The organization also completed a partnership with Corpus Christi-based Texas Eye Care Network.
2. Memphis, Tenn.-based Gastro One partnered with private equity firm Webster Equity Partners in April to create the seventh PE-backed platform in gastroenterology, One GI.
3. In September, Surgery Partners sold its anesthesia business to Anesthesia Consulting & Management, known as NorthStar Anesthesia. The anesthesia business provides services to 25 locations in the Southeastern region of the country. Surgery Partners turned its focus to the company's short-stay surgical business after the sale.
4. Medical Facilities Corp., based in Toronto, sold its interest in Two Rivers Surgical Center in Eugene, Ore., to two of the managing physician partners in October. The company then refocused capital and resources toward its current strategic initiatives and other growth opportunities in the ASC space, including de novo centers.
5. ValueHealth partnered with Hershey, Pa.-based Penn State Health to develop an outpatient surgical network. The deal was announced on Dec. 1 and will initially focus on orthopedics centers. ValueHealth inked a similar deal with Cleveland-based University Hospitals earlier this year.
6. Rochester Hills, Mich.-based Center for Digestive Health partnered with H.I.G. Growth Partners to form a new investment platform, Pinnacle GI Partners. The deal was announced Dec. 1.
7. Tenet Healthcare in Dallas signed a deal to acquire 45 ASCs from Towson, Md.-based SurgCenter Development for $1.1 billion. The deal was announced on Dec. 10 and will boost the portfolio of United Surgical Partners International, Tenet's ASC subsidiary, to 355 centers.