Investing.com - Surgery Partners Inc (NASDAQ:SGRY), a surgical facilities operator backed by private equity firm Bain Capital, is reportedly exploring potential sale options, sources familiar with the matter told Bloomberg on Thursday.

The Brentwood, Tennessee-based company is working with a financial adviser to assess interest from potential buyers, according to sources familiar with the situation who asked to remain anonymous due to the confidential nature of the discussions.

Bain Capital, the company’s largest shareholder, holds a 39% stake in Surgery Partners, as shown by Bloomberg data. The company could attract interest from strategic buyers or other private equity firms, insiders suggested.

Surgery Partners' shares surged 8.9% after regular trading hours ended in New York on Thursday. However, the stock has lost about a third of its value over the past 12 months, leaving the company with a market value of $3.7 billion.

It's important to note that the considerations are in the preliminary stages, and the company may ultimately decide against pursuing a deal. Representatives for Surgery Partners and Bain Capital have not yet issued any comments on the matter.

Established in 2004, Surgery Partners operates over 180 locations across the U.S., including surgery centers, surgical hospitals, physician practices, and urgent care facilities. The company went public in 2015 and merged with National Surgical Healthcare in 2017, at which point Bain Capital acquired HIG Capital’s stake in Surgery Partners.

In May, Surgery Partners projected that it would generate a minimum of $3.05 billion in annual revenue and at least $505 million in adjusted earnings before interest, taxes, depreciation, and amortization.

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