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Eric Evans

Chief Executive Officer at Surgery Partners

Brentwood, TN

EE
Why they matter

As CEO of a $3B+ ASC roll-up who just rebuffed a Bain take-private bid, Evans sets the acquisition pace and pricing discipline for the whole physician-practice/ASC consolidation space.

Background

Eric Evans has served as CEO and a director of Surgery Partners, Inc. (NASDAQ: SGRY) since January 2020, after joining the company in early 2019 as Executive Vice President and Chief Operating Officer. Before Surgery Partners, he was President of Hospital Operations at Tenet Healthcare (2016-2018), overseeing 68 acute care hospitals and 161 hospital-affiliated facilities; he holds a BS in industrial management from Purdue University and an MBA from Harvard Business School.

Notable deals

  • 2020
    Promoted from EVP/COO to CEO and appointed to the board of directors of Surgery Partners
  • 2023
    Appointed to the board of directors of Teladoc Health, joining the compensation committee
  • 2025
    Led Surgery Partners' rejection of Bain Capital's non-binding $25.75/share take-private proposal, opting to remain independent
  • 2026
    Surgery Partners acquired Preferred Vascular Group, an 8-center dialysis-access ASC operator, entering the $6B dialysis access market

Call-prep brief

Background

  • CEO and director of Surgery Partners since Jan 2020; joined 2019 as EVP/COO. Prior: President of Hospital Operations at Tenet Healthcare (68 hospitals, 161 affiliated facilities).
  • Purdue BS, Harvard MBA. Also sits on Teladoc Health's board (since 2023) and QuVa Pharma's board.

Current focus

  • Scaling Surgery Partners' ASC and physician-practice platform via bolt-on M&A (~$400M deployed in 2024, ~$66M in Q2 2025) plus de novo builds.
  • Pushed back on Bain Capital's $25.75/share take-private bid in June 2025, betting the standalone growth story is worth more.
  • Recently closed the Preferred Vascular Group deal (2026), pushing into dialysis-access procedures — signals appetite for adjacent high-acuity ASC verticals.

What they care about

  • Migration of higher-acuity procedures (vascular, spine, orthopedics) into the ASC setting.
  • Maintaining EBITDA growth and multiple expansion as a public company rather than re-levering under a PE sponsor.
  • Physician partnership models that keep clinical leadership incentivized post-acquisition.

Potential sensitivities

  • Turned down a real buyout offer once already — any new take-private or platform-combination pitch needs a credible premium and independence rationale.
  • Bain Capital remains a shareholder despite the failed deal; be mindful of how any conversation could be read given that overhang.
  • CMS reimbursement policy for ASC-eligible procedures is a live variable in his guidance.

Questions to ask

  1. What acquisition criteria separate a "pass" from a "buy" in the current physician-practice/ASC pipeline?
  2. How is the Preferred Vascular Group integration informing the next specialty vertical you'd enter?
  3. What would change your view on remaining an independent public company versus a sponsor-backed platform?

Outreach draft

Subject
Perspective on ASC consolidation economics
Eric, I've followed Surgery Partners' build-out closely — the discipline to pass on Bain's proposal earlier this year while still deploying capital into deals like Preferred Vascular Group says a lot about how you're underwriting the physician-practice/ASC roll-up thesis right now. We're doing work in this space and would value 20 minutes to get your read on where reimbursement, physician alignment, and deal multiples are heading over the next 12-18 months. Happy to work around your schedule, and glad to share what we're seeing across the sector in return. Would a short call in the next couple of weeks work? Best, [Your Name]

Linked companies

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