# EDGAR Filing Document

**Accession Number:** 0001638833
**File Stem:** 0000950170-25-087071
**Filing Date:** 2025-6
**Character Count:** 18401
**Document Hash:** 26b9c6eba1d90f1d8caccdbc156440fe
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-087071.hdr.sgml**: 20250617

**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

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13D

### Under the Securities Exchange Act of 1934

**(Amendment No. 10)**

**Surgery Partners, Inc.**

*(Name of Issuer)*

**Common Stock, $0.01 par value per share**

*(Title of Class of Securities)*

**86881A100**

*(CUSIP Number)*

**Bain Capital Investors, LLC**<br>200 Clarendon Street<br>Boston MA 02116<br>617-516-2000

*(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)*

**06/16/2025**

*(Date of Event Which Requires Filing of this Statement)*

| **CUSIP No.** | **86881A100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BCPE Seminole Holdings LP** | Name of reporting person<br>**BCPE Seminole Holdings LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**10708102.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**10708102.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**10708102.00** | Aggregate amount beneficially owned by each reporting person<br>**10708102.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**8.36%** | Percent of class represented by amount in Row (11)<br>**8.36%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **86881A100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BCPE Seminole Holdings II Intermediate, LP** | Name of reporting person<br>**BCPE Seminole Holdings II Intermediate, LP** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**DELAWARE** | Citizenship or place of organization<br>**DELAWARE** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**30055197.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**30055197.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**30055197.00** | Aggregate amount beneficially owned by each reporting person<br>**30055197.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**23.45%** | Percent of class represented by amount in Row (11)<br>**23.45%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **86881A100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BCPE Seminole Holdings III, L.P.** | Name of reporting person<br>**BCPE Seminole Holdings III, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**7832450.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**7832450.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**7832450.00** | Aggregate amount beneficially owned by each reporting person<br>**7832450.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**6.11%** | Percent of class represented by amount in Row (11)<br>**6.11%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

| **CUSIP No.** | **86881A100** |

---

| | | | |
|:--|:--|:--|:--|
| 1 | Name of reporting person<br>**BCPE Seminole Holdings IV, L.P.** | Name of reporting person<br>**BCPE Seminole Holdings IV, L.P.** | |
| 2 | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | Check the appropriate box if a member of a Group (See Instructions)<br>[x] (a)<br>[ ] (b) | |
| 3 | SEC use only | SEC use only | |
| 4 | Source of funds (See Instructions)<br>**OO** | Source of funds (See Instructions)<br>**OO** | |
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)<br>[ ] | |
| 6 | Citizenship or place of organization<br>**CAYMAN ISLANDS** | Citizenship or place of organization<br>**CAYMAN ISLANDS** | |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 7 | Sole Voting Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 8 | Shared Voting Power<br>**1351223.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 9 | Sole Dispositive Power<br>**0.00** |
| Number of Shares<br>Beneficially Owned by<br>Each Reporting Person With: | 10 | Shared Dispositive Power<br>**1351223.00** |
| 11 | Aggregate amount beneficially owned by each reporting person<br>**1351223.00** | Aggregate amount beneficially owned by each reporting person<br>**1351223.00** | |
| 12 | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)<br>[ ] | |
| 13 | Percent of class represented by amount in Row (11)<br>**1.05%** | Percent of class represented by amount in Row (11)<br>**1.05%** | |
| 14 | Type of Reporting Person (See Instructions)<br>**PN** | Type of Reporting Person (See Instructions)<br>**PN** | |

---

**Item 1. Security and Issuer**

**(a) Title of Class of Securities:**
Common Stock, $0.01 par value per share

**(b) Name of Issuer:**
Surgery Partners, Inc.

**(c) Address of Issuer's Principal Executive Offices:**
340 Seven Springs Way, Suite 600, Brentwood, TN, 37027

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.

**Item 4. Purpose of Transaction**

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.

**Item 5. Interest in Securities of the Issuer**

**(a)**
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.

**(b)**
The information included in part (a) of Item 5 above is incorporated by reference herein.

**(c)**
During the past 60 days, the Reporting Persons have not effected any transactions with respect to the Common Stock.

**Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.**

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.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BCPE Seminole Holdings LP

**Signature:** /s/ Andrew T. Kaplan

**Name/Title:** Andrew T. Kaplan/Partner

**Date:** 06/17/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BCPE Seminole Holdings II Intermediate, LP

**Signature:** /s/ Anrew T. Kaplan

**Name/Title:** Andrew T. Kaplan/Partner

**Date:** 06/17/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BCPE Seminole Holdings III, L.P.

**Signature:** /s/ Andrew T. Kaplan

**Name/Title:** Andrew T. Kaplan/Partner

**Date:** 06/17/2025

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Reporting Person:** BCPE Seminole Holdings IV, L.P.

**Signature:** BCPE Seminole Holdings IV, L.P.

**Name/Title:** /s/ Andrew T. Kaplan

**Date:** 06/17/2025