| NEW YORK
NEW YORK Nov 8 Symbion Inc, a surgical facility
operator that was taken private in 2007, is up for sale, in a
deal that may fetch more than $800 million, people familiar with
the matter said.
New York-based private equity firm Crestview Partners LP,
which acquired Symbion for $637 million, has hired Morgan
Stanley to assist with the effort, the people said on
Friday, asking not to be named because the matter is not public.
The potential sale of Symbion would come on the heels of a
successful initial public offering last week of industry peer
Surgical Care Affiliates, which raised $235 million and
trades at around 11 times earnings before interest, tax,
depreciation and amortization (EBITDA).
Nashville, Tennessee-based Symbion owns and operates a
network of short-stay surgical facilities that provide
non-emergency surgical procedures across many specialties,
according to its website.
The company has around $80 million in 2013 EBITDA and could
fetch more than 10 times in a sale, the people familiar with the
matter said. It grew its earnings around 10 percent annually
during Crestview's ownership.
Private equity firms, which have been actively buying assets
in the healthcare services space, are likely to take a look at
Symbion as well, the people familiar with the matter said.
As of the end of September, Symbion owned and operated 49
surgical facilities and managed seven additional facilities in
Representatives for Crestview and Morgan Stanley declined to