Page 39 Bain Capital Helthcare
P. 39
In 2017, Bain Capital Private Equity bought Surgery
Partners, a a short-stay surgical facility company, after
developing a broader thesis about the Ambulatory
Surgery Centers industry, in which the firm had deep
experience. That knowledge and network were pivotal
to the 2020 buyout of HST Pathways by another of
the firm’s investment businesses, Bain Capital Tech
Opportunities, formed in 2019 to target growth-stage
opportunities that typically fall between the firm’s
venture and private equity strategies.
In evaluating HST Pathways, Bain Capital Tech
Opportunities had a significant advantage relative to
other competing private equity bidders as a result of
our deep knowledge of the end-market.
The Tech Opportunities team was quickly able to
understand the distinct technology challenges faced
by surgery centers and gain conviction that HST was at
the forefront of addressing those challenges. The team
also drew upon an existing relationship with Casetabs,
a surgery-coordination software provider, that HST
management considered a prime merger candidate.
“There is a very interesting fit between HST and
Casetabs,” says Darren Abrahamson, a Partner on
the Tech Opportunities team. “In addition to the
opportunity to cross-sell products, there is a better-
together vision of how we can leverage data across
platforms and create products to solve specific pain
points in the ASC market that don’t exist today.”
Bain Capital Tech Opportunities was ultimately able
to line up a double play: the simultaneous purchase
of HST and merger with Casetabs to form a single,
stronger platform in the ASC market.
39
Bain Capital
Healthcare
Partners, a a short-stay surgical facility company, after
developing a broader thesis about the Ambulatory
Surgery Centers industry, in which the firm had deep
experience. That knowledge and network were pivotal
to the 2020 buyout of HST Pathways by another of
the firm’s investment businesses, Bain Capital Tech
Opportunities, formed in 2019 to target growth-stage
opportunities that typically fall between the firm’s
venture and private equity strategies.
In evaluating HST Pathways, Bain Capital Tech
Opportunities had a significant advantage relative to
other competing private equity bidders as a result of
our deep knowledge of the end-market.
The Tech Opportunities team was quickly able to
understand the distinct technology challenges faced
by surgery centers and gain conviction that HST was at
the forefront of addressing those challenges. The team
also drew upon an existing relationship with Casetabs,
a surgery-coordination software provider, that HST
management considered a prime merger candidate.
“There is a very interesting fit between HST and
Casetabs,” says Darren Abrahamson, a Partner on
the Tech Opportunities team. “In addition to the
opportunity to cross-sell products, there is a better-
together vision of how we can leverage data across
platforms and create products to solve specific pain
points in the ASC market that don’t exist today.”
Bain Capital Tech Opportunities was ultimately able
to line up a double play: the simultaneous purchase
of HST and merger with Casetabs to form a single,
stronger platform in the ASC market.
39
Bain Capital
Healthcare
