AmSurg Corp. has announced it is acquiring National Surgical Care (NSC) for $173.5 million in cash.
NSC currently owns and operates 18 ambulatory surgery centers, including 16 multi-specialty centers and two GI centers. The centers, in total, performed more than 100,000 cases during 2010. NSC's consolidated revenues for 2010 were $124.5 million and its adjusted EBITDA was $21.5 million.
AmSurg expects to complete the transaction by the end of the second quarter, according to a company news release.
"We are very pleased to announce this definitive agreement with NSC," said Christopher A. Holden, president and CEO of AmSurg Corp., in the news release. "NSC's CEO, Sami Abbasi, and his team have developed a premier organization that operates 18 large, high quality and well managed ASCs, staffed with outstanding center teams. These centers are located across the United States in nine states and compliment and expand our existing footprint.
"Through this transaction, we will increase our multi-specialty ASCs to a total of 43, based on year-end 2010 numbers, making AmSurg's network of majority-owned multi-specialty centers one of the largest among ASC companies in the country, in addition to our leading positions in the single-surgical specialty markets for GI ASCs and ophthalmology ASCs," he said. "This strategic acquisition diversifies our portfolio and advances our vision of becoming a global leader in ambulatory healthcare services."
Mr. Abbasi, chairman and CEO of NSC, said in the news release, "We are also pleased to be joining AmSurg, a company whose physician-centric culture and commitment to excellence mirror our own. We are proud of NSC's accomplishments in the development of high quality centers that provide outstanding services and operating performance for our physician partners and excellent care for our patients. Our mission has always been to be the surgical provider of choice in our communities, with a culture that attracts the best possible people and that promotes learning, continuous improvement and growth. We are confident that our agreement to join AmSurg represents the right opportunity to carry this mission forward successfully."
Read the news release about the acquisition of NSC by AmSurg.
Read more coverage of ASC transactions:
- ASC Transactions and Pricing During 2010: 4 Key Concepts
- NovaMed to Be Acquired by Surgery Partners, Go Private
- California Surgery Center in Templeton Acquired by French Hospital Medical Center