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Next week, we\u2019ll release the first episode of Season 3 of Private Equity Deals, this time focusing on deals in the middle market.


As an interlude between Season 2 and 3, this week\u2019s show is a classic \u2013 it\u2019s Bain Capital and KKR\u2019s take private of Hospital Corporation of America (HCA) in 2006.\xa0 The $33 billion club deal was the largest private equity transaction in history at the time and was significantly larger than any deal since KKR\u2019s famous run at RJR Nabisco in the late 1980s. The HCA deal showed the private equity industry the scale of what was possible and set the stage for both mega buyouts and public to private deals ever since.


My guest is Chris Gordon, a Partner and Co-Head of Private Equity in North America for Bain Capital. Bain Capital today is one of the world\u2019s largest private, multi-asset investing firms that oversees over $165 billion in assets. Seventeen years ago, Chris was a younger member of Bain Capital\u2019s HCA deal team.

HCA is one of the nation\u2019s leading healthcare services providers, with over 182 hospitals and 2,300 sites of care in 20 states and the United Kingdom. Its origins date back to 1968 when it was one of the first hospital companies in the United States.


Our conversation covers HCA\u2019s history, the private equity environment in the mid-2000s, and the impetus for the HCA buyout. We discuss the complexity of navigating a large-scale transaction, conducting due diligence discretely, navigating the financial crisis, and what happened to the company. We turn to HCA\u2019s return to the public markets through an IPO in 2011, Bain Capital\u2019s eventual exit of the investment, and the implications of the deal on the firm and industry.


For full show notes, visit the episode webpage here.


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