Symbion prepares for sale

By Marc Castro

Nov 08, 2013 08:31 PM EST

Surgical facilities operator Symbion Inc, which was privatized back in 2007, is now up for sale. The sale price may reach over USD800 million, according to individuals familiar with the matter.

Crestview Partners LP, a private equity firm based out of New York, had acquired Symbion for USD637 million. It has hired Morgan Stanley to provide expertise as to the possible sale options. The appointment was also confirmed by the same individuals who sought anonymity as the matter still was to be announced.

Symbion's Sale comes after the success of the IPO of industry competitor Surgical Care Affilates, who was able to raise USD235 million with trading around eleven times the value of the company's earnings before interest, tax, depreciation and amortization or EBITDA.

Symbion, which is based out of Nashville, TN, owns and operates a network of surgical facilites providing non-emergency surgical procedures covering many specialties and disciplines. As of September 30, the company owned and operated 49 surgical centers and manages seven other facilities across 24 states in the US. 

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