MEDNAX Subsidiary Acquires Southeast Anesthesiology Consultants

MEDNAX, Inc. subsidiary American Anesthesiology has acquired Southeast Anesthesiology Consultants, PA, a 90-physician group practice that provides anesthesia and pain management services at nine hospitals, 12 ambulatory surgery centers, and 10 pain management centers in the Charlotte, NC, area.

Financial terms were not disclosed, but Deutsche Bank Equity Research North America estimated that American Anesthesiology paid between $150 million and $200 million in the cash deal.

Deutsche Bank research shows Southeast Anesthesiology Consultants generates about $100 million in annual revenues and between $25 million and $30 million in trailing EBITDA. SAC, which does anesthesia volume of about 111,000 cases annually, is the fifth and largest group practice acquisition for MEDNAX, in terms of volume and facilities served.

SAC services eight of the 32 hospitals within Carolinas HealthCare System, the nation's second-largest not-for-profit healthcare system, including the system's largest hospital, the 874-bed Carolinas Medical Center.

SAC also provides anesthesia services at 11 ambulatory surgery centers in the Charlotte area, which includes part of South Carolina, and one facility in Virginia Beach, VA. The group also provides services at 10 pain management centers in Charlotte with annual volume of approximately 50,000 patient visits.

The group employs eight physician assistants and six certified registered nurse anesthetists. The physicians practice under an anesthesia care team model that includeshospital-employed CRNAs. SAC also has 45 clinical and administrative employees.

American Anesthesiology includes more than 620 anesthesia providers, including more than 275 physicians and 345 CRNAs and anesthesia assistants practicing in the Carolinas, Virginia, and Georgia, with administrative offices in Raleigh, NC, and Sunrise, FL.