AmSurg to be Acquired by Ascension (~14.2x EBITDA)
- Will Hamilton
- Jun 5, 2025
- 2 min read
On June 2, 2025, Ascension Health Alliance, one of the largest nonprofit Catholic health systems in the U.S., entered into a definitive agreement to acquire AmSurg, a leading ambulatory surgery center (ASC) developer, manager and operator that owns and partners with more than 250 outpatient surgery centers across 34 states. The all‑cash transaction, reported by multiple industry sources at approximately $3.9 billion in enterprise value, will significantly expand Ascension’s outpatient footprint, bolstering its ability to provide community‑based surgical care in high‑growth service lines such as gastroenterology, ophthalmology and orthopedics.
The acquisition reflects Ascension’s strategic shift toward ambulatory, value‑oriented care delivery, aligning with broader industry trends of moving services outside traditional inpatient settings to enhance cost efficiency and patient experience. By integrating AmSurg’s extensive ASC network into its care continuum, Ascension aims to deepen its community presence, better manage referral patterns, and support coordinated care pathways across the system. This move also underscores the increasing importance of outpatient surgical platforms in health system portfolios as demand grows for convenient, lower‑acuity procedures and health systems seek scalable growth engines amid shifting reimbursement models and competitive pressures.
Ambulatory Surgery Center EBITDA Multiples
According to bond rating reports from 2022, AmSurg's revenue was approximately $1b and expected to grow organically in the mid-single digit range over the next several years (acquisition activity appears to have been minimal) - so we estimate 2025 revenue at $1.2b. Also according to the bond market research, adjusted EBITDA margins (after distributions to noncontrolling interests) were expected to be within the 22%-23% range, implying EBITDA, implying a multiple of approximately 14.2x EBITDA.
Specialty Outpatient Facilities M&A Deal Volume
The number of announced U.S. specialty outpatient facility deals (ambulatory surgery centers, dialysis, imaging, and radiation therapy) decreased to an average of 13 per quarter, down from 16 per quarter the year prior. Due to low volumes of announced deals, it’s difficult to draw any significant conclusions at the subsegment level.
About Scope Research
The Scope Research Healthcare M&A Valuation Database currently has financial details related to 241 ambulatory surgery center, cancer center, dialysis, and diagnostic imaging deals, segmented by type, including 171 deals with disclosed EBITDA multiples. The data can be purchased individually, while our affordable annual subscriptions provide access to all of our healthcare M&A databases and segments, updated continuously.
Don't hesitate to reach out to Will Hamilton at will@scoperesearch.co with questions about your specific situation.
