TPG, MTS Health-backed Surgical Care Affiliates files for $100m IPO


Surgical Care AffiliatesPrivate equity-backed outpatient surgery provider Surgical Care Affiliates (SCA) has filed to raise up to $100m in a IPO.

TPG Capital bought the business for about $920m in a carve-out from rehabilitation chain HealthSouth in 2007.

HealthSouth kept a stake in the business, which is also backed by fellow private equity firm MTS Health Partners.

SCA increased its net operating revenues from $715m in 2010 to just over $750m last year, but had a net loss of $20m for 2012.

JP Morgan and Citigroup are acting as lead underwriters for the offering.

Last month it emerged that Austin, Texas-based buyout major TPG had asked for an additional year to allocate its $19bn flagship fund TPG VI, which still has around $3bn of undeployed capital.

The firm is looking to secure an extension to the fund’s investment period to February 2015 in exchange for waving management fees and other charges that could amount to tens of millions of dollars, said the FT.

TPG said in a handout that the extension would enable it to focus on performance and there would be “no need to begin raising TPG VII prematurely.”

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