ASC giant United Surgical Partners International, owned by Tenet Healthcare, quietly purchased Covenant Physician Partners in the first quarter of 2024, ION Analytics recently reported. According to the report, the sale occurred after Covenant’s private equity owner, KKR, paid off lenders at par to avoid a potential distressed debt exchange. Covenant was facing financial pressure from increased labor costs and high interest rates. Nashville, Tenn.-based ASC chain Covenant Physician Partners was acquired by KKR in 2017 and operates more than 80 locations across 17 states.
Read the full article: USPI Quietly Buys Covenant Physician Partners: Report //
Source: https://www.beckersasc.com/asc-transactions-and-valuation-issues/uspi-quietly-buys-covenant-surgical-partners-report.html