AmSurg Corp. has signed a definitive merger agreement for the acquisition of National Surgical Care for $173.5 million in cash. Dallas-based NSC owns and operates 18 ambulatory surgery centers, including 16 multi-specialty centers and 2 centers that specialize in gastroenterology procedures. These 18 facilities in 9 states performed more than 100,000 cases during 2010 with annual revenues of $124.5 million. AmSurg, one of the nation's largest outpatient surgery center chains, expects to complete the deal by the end of June. AmSurg's holdings already include 43 multi-specialty and 179 single-specialty ASCs in multiple states for a total of 222 centers in multiple states.
"We are very pleased to announce this definitive agreement with NSC," says Christopher A. Holden, president and CEO of AmSurg Corp. "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. This strategic acquisition diversifies our portfolio and advances our vision of becoming a global leader in ambulatory healthcare services."
Sami S. Abbasi, chairman and CEO of NSC, remarked, "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."
Dan O'Connor
