<SEC-DOCUMENT>0000950170-25-087071.txt : 20250617
<SEC-HEADER>0000950170-25-087071.hdr.sgml : 20250617
<ACCEPTANCE-DATETIME>20250617083400
ACCESSION NUMBER:		0000950170-25-087071
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250617
DATE AS OF CHANGE:		20250617

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Surgery Partners, Inc.
		CENTRAL INDEX KEY:			0001638833
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-GENERAL MEDICAL & SURGICAL HOSPITALS, NEC [8062]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				473620923
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-89294
		FILM NUMBER:		251051934

	BUSINESS ADDRESS:	
		STREET 1:		310 SEVEN SPRINGS WAY
		STREET 2:		SUITE 500
		CITY:			BRENTWOOD
		STATE:			TN
		ZIP:			37027
		BUSINESS PHONE:		615-234-5900

	MAIL ADDRESS:	
		STREET 1:		310 SEVEN SPRINGS WAY
		STREET 2:		SUITE 500
		CITY:			BRENTWOOD
		STATE:			TN
		ZIP:			37027

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCPE Seminole Holdings LP
		CENTRAL INDEX KEY:			0001712856
		ORGANIZATION NAME:           	
		EIN:				821436887
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
		BUSINESS PHONE:		(617)516-2000

	MAIL ADDRESS:	
		STREET 1:		200 CLARENDON STREET
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001712856</cik>
          <ccc>XXXXXXXX</ccc>
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      <liveTestFlag>LIVE</liveTestFlag>



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  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>10</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.01 par value per share</securitiesClassTitle>
      <dateOfEvent>06/16/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001638833</issuerCIK>
        <issuerCUSIP>86881A100</issuerCUSIP>
        <issuerName>Surgery Partners, Inc.</issuerName>
        <address>
          <street1 xmlns="http://www.sec.gov/edgar/common">340 Seven Springs Way, Suite 600</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Brentwood</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">TN</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">37027</zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Bain Capital Investors, LLC</personName>
          <personPhoneNum>617-516-2000</personPhoneNum>
          <personAddress>
            <street1 xmlns="http://www.sec.gov/edgar/common">200 Clarendon Street</street1>
            <city xmlns="http://www.sec.gov/edgar/common">Boston</city>
            <stateOrCountry xmlns="http://www.sec.gov/edgar/common">MA</stateOrCountry>
            <zipCode xmlns="http://www.sec.gov/edgar/common">02116</zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001712856</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>BCPE Seminole Holdings LP</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.0</soleVotingPower>
        <sharedVotingPower>10708102.00</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>10708102.00</sharedDispositivePower>
        <aggregateAmountOwned>10708102.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>8.36</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>BCPE Seminole Holdings II Intermediate, LP</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>DE</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>30055197.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>30055197.00</sharedDispositivePower>
        <aggregateAmountOwned>30055197.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>23.45</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>BCPE Seminole Holdings III, L.P.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>7832450.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>7832450.00</sharedDispositivePower>
        <aggregateAmountOwned>7832450.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>6.11</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
      <reportingPersonInfo>
        <reportingPersonNoCIK>Y</reportingPersonNoCIK>
        <reportingPersonName>BCPE Seminole Holdings IV, L.P.</reportingPersonName>
        <fundType>OO</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>E9</citizenshipOrOrganization>
        <soleVotingPower>0.00</soleVotingPower>
        <sharedVotingPower>1351223.00</sharedVotingPower>
        <soleDispositivePower>0.00</soleDispositivePower>
        <sharedDispositivePower>1351223.00</sharedDispositivePower>
        <aggregateAmountOwned>1351223.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>1.05</percentOfClass>
        <typeOfReportingPerson>PN</typeOfReportingPerson>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, $0.01 par value per share</securityTitle>
        <issuerName>Surgery Partners, Inc.</issuerName>
        <issuerPrincipalAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">340 Seven Springs Way, Suite 600</street1>
          <city xmlns="http://www.sec.gov/edgar/common">Brentwood</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">TN</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">37027</zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 10 relates to the shares of common stock, $0.01 par value per share (the "Common Stock") of Surgery Partners, Inc., a Delaware corporation (the "Issuer"), and amends the initial statement on Schedule 13D filed by BCPE Seminole Holdings LP on September 8, 2019, as amended by Amendment No. 1 filed on December 15, 2017, Amendment No. 2 filed on February 12, 2021, Amendment No. 3 filed on May 19, 2021, Amendment No. 4 filed on November 15, 2021, Amendment No. 5 filed on November 23, 2022, Amendment No. 6 filed on December 27, 2022, Amendment No. 7 filed on March 3, 2023, Amendment No. 8 filed on December 21, 2023, and Amendment No. 9 filed on January 27, 2025 (the "Initial Statement" and, as further amended by this Amendment No. 10, the "Statement"). Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Initial Statement and unless amended and restated hereby, all information in the Initial Statement remains in effect, as supplemented hereby.</commentText>
      </item1>
      <item4>
        <transactionPurpose>Item 4 of the Initial Statement is hereby amended and supplemented by adding the following at the end of Item 4 of the Initial Statement:

On the evening of January 27, 2025, Bain Capital Private Equity, LP, the investment advisor to funds invested through the Reporting Persons, delivered on behalf of the Reporting Persons a non-binding proposal (the "Proposal") to the Board of Directors (the "Board") of the Issuer offering to acquire all of the outstanding shares of Common Stock that the Reporting Persons do not already own (the "Proposed Transaction"), on the terms and subject to the conditions set forth in the Proposal.

In response to feedback from a special committee of independent directors of the Board (the "Independent Committee") that it will not pursue a transaction with the Reporting Persons under the terms set forth in the Proposal and as subsequently discussed by the Reporting Persons and the Independent Committee, the Reporting Persons have informed the Independent Committee on the evening of June 16, 2025 that they would withdraw the Proposal and cease to pursue the Proposed Transaction.

Notwithstanding the withdrawal of the Proposal, the Reporting Persons intend to continue to engage in discussions with, among others, the Issuer and the Board and/or third parties, including debt and equity financing sources and other relevant parties and may take other actions concerning any extraordinary corporate transaction (including but not limited to a merger, reorganization or liquidation) or the business, operations, assets, strategy, future plans, prospects, corporate structure, Board composition, management, capitalization, dividend policy, charter, bylaws, corporate documents, agreements, de-listing or de-registration of the Issuer, which discussions may include proposing or considering proposals and counterproposals.

Notwithstanding the withdrawal of the Proposal, the Reporting Persons intend to regularly review their investment in the Issuer on a continuing basis and may from time to time and at any time in the future depending on various factors, including, without limitation, the outcome of any discussions referenced in this Statement, as may be further amended from time to time, and any limitations imposed by the Issuer's financial position and strategic direction, actions taken by the Board (or any committee thereof), price levels of the Issuer's securities, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, take such actions with respect to the investment in the Issuer as they deem appropriate. These actions may include, (i) acquiring additional shares of Common Stock and/or other equity, debt, notes, other securities, or derivative or other instruments that are based upon or relate to the value of securities of the Issuer (collectively, "Securities") in the open market or otherwise; (ii) disposing of any or all of their Securities in the open market or otherwise; (iii) engaging in any hedging or similar transactions with respect to the Securities; or (iv) proposing or considering one or more of the actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

Although the foregoing reflects activities presently contemplated by the Reporting Persons, the foregoing is subject to change at any time, and the Reporting Persons reserve their right to change their plans and intentions with respect to the Issuer, including in connection with any of the actions described in this Item 4. Any action taken by the Reporting Persons may be effected at any time and from time to time, subject to applicable limitations imposed by applicable law.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>As of the date hereof, BCPE Seminole Holdings LP holds 10,708,102 shares of Common Stock, representing approximately 8.36% of the issued and outstanding shares of Common Stock, BCPE Seminole Holdings II Intermediate, LP holds 30,055,197 shares of Common Stock, representing approximately 23.45% of the issued and outstanding shares of Common Stock, BCPE Seminole Holdings III, L.P. holds 7,832,450 shares of Common Stock, representing approximately 6.11% of the issued and outstanding shares of Common Stock, and BCPE Seminole Holdings IV, L.P. holds 1,351,223 shares of Common Stock, representing approximately 1.05% of the issued and outstanding shares of Common Stock.

As a result of the foregoing and the relationships described in Item 2(a) of this Statement, the Reporting Persons may be deemed to beneficially own an aggregate of 49,946,972 shares of Common Stock, representing approximately 38.97% of the issued and outstanding shares of Common Stock.

Ownership percentages set forth in this Statement are based upon a total of 128,160,075 shares of Common Stock issued and outstanding as of May 5, 2025, as reported by the Issuer in the Quarterly Report on Form 10-Q filed by the Issuer on May 12, 2025 for the quarterly period ending March 31, 2025.</percentageOfClassSecurities>
        <numberOfShares>The information included in part (a) of Item 5 above is incorporated by reference herein.</numberOfShares>
        <transactionDesc>During the past 60 days, the Reporting Persons have not effected any transactions with respect to the Common Stock.</transactionDesc>
        <listOfShareholders>To the knowledge of the Reporting Persons, only the Reporting Persons have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of, any of the shares of Common Stock beneficially owned by the Reporting Persons as described in this Item 5.</listOfShareholders>
        <date5PercentOwnership>Not applicable. </date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Item 6 of the Initial Statement is hereby amened and supplemented by adding the following at the end of Item 6 of the Statement:

The information set forth in Item 4 of this Schedule 13D is incorporated herein by reference.
</contractDescription>
      </item6>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>BCPE Seminole Holdings LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Andrew T. Kaplan</signature>
          <title>Andrew T. Kaplan/Partner</title>
          <date>06/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BCPE Seminole Holdings II Intermediate, LP</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Anrew T. Kaplan</signature>
          <title>Andrew T. Kaplan/Partner</title>
          <date>06/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BCPE Seminole Holdings III, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Andrew T. Kaplan</signature>
          <title>Andrew T. Kaplan/Partner</title>
          <date>06/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <signaturePerson>
        <signatureReportingPerson>BCPE Seminole Holdings IV, L.P.</signatureReportingPerson>
        <signatureDetails>
          <signature>BCPE Seminole Holdings IV, L.P.</signature>
          <title>/s/ Andrew T. Kaplan</title>
          <date>06/17/2025</date>
        </signatureDetails>
      </signaturePerson>
      <commentText>Bain Capital Investors, LLC is the sole member of (i) BCPE Seminole GP, LLC, which is the general partner of each of BCPE Seminole Holdings LP and BCPE Seminole Holdings IV, L.P., (ii) BCPE Seminole GP II LLC, which is the general partner of BCPE Seminole Holdings II Intermediate, LP and (iii) BCPE Seminole GP III LLC, which is the general partner of BCPE Seminole Holdings, L.P.</commentText>
    </signatureInfo>
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</SEC-DOCUMENT>
