NovaMed has announced it will be acquired by Surgery Partners, an affiliate of Surgery Center Holdings, for about $109 million.
The transaction, which will make NovaMed private, is valued at approximately $214 million, including the assumption or repayment of approximately $105 million of indebtedness by Surgery Partners.
Surgery Partners is an affiliate of H.I.G. Capital, a global private equity investment firm.
The agreement was unanimously approved by NovaMed's board of directors, including a special committee of independent directors.
The acquisition is expected to close in the second quarter of 2011.
McGuireWoods, led by Scott Becker, Geoff Cockrell and Amber Walsh, was one of the law firms which provided counsel to the buyer in connection with this transaction. For information on the McGuireWoods healthcare practice, please contact sbecker@mcguirewoods.com.
Read the news release about the acquisition of NovaMed.