ZIEGLER ADVISES PREFERRED VASCULAR GROUP ON ITS ACQUISITION BY SURGERY PARTNERS

Rhea-AI Summary

Surgery Partners (NASDAQ: SGRY) acquired Preferred Vascular Group, an ambulatory surgical center operator focused on dialysis access procedures. PVG operates eight ASCs in Georgia and Ohio with 16 physicians and >160 employees. The deal gives Surgery Partners entry into the $6 billion dialysis access market with over two million procedures annually and retains PVG management to run the new operating entity.

Ziegler served as exclusive financial advisor to PVG; legal counsel included Benesch for PVG and McDermott for Surgery Partners.

Positive

• Entry into $6B market for dialysis access procedures
• Adds 8 ASCs in Georgia and Ohio
• 16 physicians and >160 employees join Surgery Partners
• PVG management retained to lead the new operating entity

Negative

• None.

Key Figures

Dialysis access market size: $6 billion Dialysis access procedures: over two million procedures annually PVG ambulatory surgery centers: 8 ASCs +3 more

6 metrics

Dialysis access market size $6 billion Market entered via PVG acquisition

Dialysis access procedures over two million procedures annually Annual procedure volume in target market

PVG ambulatory surgery centers 8 ASCs PVG facilities in Georgia and Ohio

PVG physicians 16 physicians Clinical team size at PVG

PVG employees more than 160 employees Staff supporting PVG operations

PVG founding year 2005 Year Preferred Vascular Group was founded

Market Reality Check

Price: $14.08 Vol: Volume 5,879,099 is 2.86x...

high vol

$14.08 Last Close

Volume Volume 5,879,099 is 2.86x the 20-day average of 2,057,898, indicating elevated trading activity ahead of this deal. high

Technical Shares at $13.92 are trading below the $19.63 200-day MA and sit 44.43% under the 52-week high.

Peers on Argus

SGRY fell 12.34% while key peers showed mixed, far smaller moves (e.g., LFST +3....

SGRY fell 12.34% while key peers showed mixed, far smaller moves (e.g., LFST +3.41%, CON +0.56%, AMED -0.03%, ADUS -0.31%). This points to stock-specific pressure rather than a sector-wide move.

Previous Acquisition Reports

1 past event · Latest: Jan 28 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Jan 28	Acquisition proposal	Positive	+21.2%	Bain Capital non-binding proposal to acquire remaining SGRY shares at cash premium.

Pattern Detected

Prior acquisition-related headlines for SGRY produced a strong upside reaction, suggesting investors have historically rewarded strategic or control-focused M&A news.

Recent Company History

In January 2025, Surgery Partners disclosed a non-binding acquisition proposal from Bain Capital to buy remaining shares at $25.75, sending the stock up 21.18%. That event framed SGRY as a potential takeout target. Today’s announcement instead highlights SGRY as a strategic acquirer, expanding into dialysis access via PVG, and complements its broader growth-through-acquisitions strategy described in recent filings.

Historical Comparison

+21.2% avg move · Past acquisition-themed news, like Bain’s proposal, moved SGRY about 21.18%. Today’s PVG acquisition...

acquisition

+21.2%

Average Historical Move acquisition

Past acquisition-themed news, like Bain’s proposal, moved SGRY about 21.18%. Today’s PVG acquisition reflects strategic portfolio expansion rather than a change-of-control proposal.

Acquisition headlines progressed from SGRY being a potential buyout target in early 2025 to acting as a strategic acquirer, using M&A to broaden its vascular and dialysis-access footprint.

Market Pulse Summary

This announcement highlights Surgery Partners’ push to deepen its vascular footprint by acquiring PV...

Analysis

This announcement highlights Surgery Partners’ push to deepen its vascular footprint by acquiring PVG, adding eight ASCs and access to a $6 billion dialysis access market with over two million annual procedures. It complements SGRY’s disclosed strategy of growth through acquisitions and new facility development. Investors may track how PVG scales nationally, the impact on case mix and margins, and future M&A cadence relative to recent financing activity.

Key Terms

ambulatory surgical center

1 terms

ambulatory surgical center medical

"PVG is a leading Ambulatory Surgical Center (ASC) operator focused specifically on dialysis"

An ambulatory surgical center is a licensed medical facility that performs surgical and diagnostic procedures that do not require an overnight hospital stay, like a specialized day clinic focused on same‑day care. For investors it matters because these centers often lower costs and turnaround times compared with hospitals, creating steady revenue streams tied to procedure volume, reimbursement rates and regulatory approvals—similar to a focused service shop in a larger healthcare market.

AI-generated analysis. Not financial advice.

CHICAGO, March 4, 2026 /PRNewswire/ -- Ziegler, a specialty investment bank, is pleased to announce that it served as the exclusive financial advisor to Preferred Vascular Group (PVG) in connection with its acquisition by Surgery Partners (NASDAQ: SGRY), a leading operator of surgical facilities and ancillary services. Founded in 2005, PVG is a leading Ambulatory Surgical Center (ASC) operator focused specifically on dialysis access procedures, with eight ASCs in Georgia and Ohio.

Don Holton founded the Company after identifying a gap in dialysis access care and seeking to fill a critical role in the dialysis ecosystem. PVG provides a cost-efficient, high-quality outpatient option for the initial creation and maintenance procedures required for patients receiving dialysis care. The group's state-of-the-art facilities, team of 16 physicians and more than 160 employees are focused on delivering exceptional clinical outcomes that benefit patients, referring nephrologists and dialysis clinics.

Surgery Partners' partnership with PVG enables entry into the $6 billion dialysis access market with over two million procedures annually. PVG's management team will continue to lead the new operating entity with backing from Surgery Partners to pursue measured growth centered on exceptional patient outcomes. The acquisition also represents a strategic move to enhance Surgery Partners' presence in the broader vascular market, positioning the organization to leverage PVG's vascular expertise across its full portfolio of surgical centers.

"Ziegler was not only a highly skilled advisor; but they also became an integral part of our team through a highly competitive and complex process. The successful outcome, selling to a publicly traded and nationally scaled short-stay surgical platform, was the optimal outcome that would not have been possible without the partnership between Preferred Vascular Group and Ziegler," stated, Dustin Greene, CEO.

"PVG is a differentiated ASC operator uniquely positioned in the vascular space through its focus on dialysis access procedures, which address a critical pain point in the dialysis care ecosystem. Its services drive significant value to patients, payors, and nephrologists. The partnership with Surgery Partners will help enable PVG to scale its services nationally," added Andrew Colbert, Senior Managing Director in Ziegler's Healthcare Investment Banking practice and lead banker on this transaction. Colbert concluded, "We are very excited to have represented PVG on this transaction."

Benesch, Friedlander, Coplan & Arnoff, LLP served as legal counsel to PVG. McDermott Will & Schulte served as legal counsel for Surgery Partners.

Ziegler's Healthcare Investment Banking team is focused on delivering best-in-class advisory and financing solutions for companies and organizations across the healthcare industry. In our core practice areas of healthcare services, information technology, hospitals, and senior living, Ziegler is one of the most active M&A firms offering differentiated sell-side, buy-side, recapitalization/restructuring, equity private placement, and strategic partnering services.

For more information about Ziegler, please visit us at www.Ziegler.com.

About Ziegler:

Ziegler is a privately held investment bank, capital markets and proprietary investments firm. Specializing in the healthcare, senior living and education sectors, as well as general municipal and structured finance, enables Ziegler to generate a positive impact on the clients and communities it serves. Headquartered in Chicago with regional and branch offices throughout the United States, Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading and research. To learn more, visit www.ziegler.com.

Certain comments in this news release represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. This client's experience may not be representative of the experience of other clients, nor is it indicative of future performance or success. The forward-looking statements are subject to a number of risks and uncertainties, in particular, the overall financial health of the securities industry, the strength of the healthcare sector of the U.S. economy and the municipal securities marketplace, the ability of the Company to underwrite and distribute securities, the market value of mutual fund portfolios and separate account portfolios advised by the Company, the volume of sales by its retail brokers, the outcome of pending litigation, and the ability to attract and retain qualified employees.

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SOURCE Ziegler

FAQ

What does Surgery Partners (SGRY) gain from acquiring Preferred Vascular Group on March 4, 2026?

Direct entry into the dialysis access market, estimated at $6 billion with over two million procedures annually. According to Surgery Partners, the acquisition adds specialized vascular capabilities and outpatient dialysis access capacity to its portfolio.

How many outpatient centers did PVG contribute to Surgery Partners (SGRY)?

PVG brings eight ambulatory surgical centers located in Georgia and Ohio. According to the company, those centers expand SGRY's footprint in vascular and dialysis access care.

Will PVG management remain after the Surgery Partners (SGRY) acquisition?

Yes. PVG's management team will continue to lead the new operating entity after the acquisition. According to Surgery Partners, leadership retention supports measured growth and continuity of care.

What clinical scale and staff did Preferred Vascular Group add to Surgery Partners (SGRY)?

PVG adds a team of 16 physicians and more than 160 employees focused on dialysis access procedures. According to Surgery Partners, this expertise supports enhanced vascular services across its centers.

How does this acquisition affect Surgery Partners' position in the vascular market?

The deal strategically enhances Surgery Partners' presence in the broader vascular market by adding dialysis access expertise and outpatient capacity. According to Surgery Partners, this positions the company to leverage PVG skills across its surgical portfolio.

Who advised Preferred Vascular Group on the sale to Surgery Partners (SGRY)?

Ziegler served as exclusive financial advisor to Preferred Vascular Group on the transaction. According to PVG, legal counsel was Benesch for PVG and McDermott for Surgery Partners.