Covenant Surgical Partners

Covenant experienced unprecedented growth in its operations and complexity during DFW’s ownership. The firm’s people were by our side every step of the way in helping to navigate a myriad of new challenges as we built a business for scale and eventual successful sale. DFW’s patience, perspective, and guidance were critical in helping us achieve our goals.”

–  Lew Little, CEO

Covenant, one of the country’s largest owners of single-specialty surgery centers, teamed with DFW to access needed expansion and acquisition capital to accelerate its growth. During DFW’s five-year investment tenure, Covenant (i) completed 23 acquisitions in the endoscopy and ophthalmology fields; (ii) rolled out a comprehensive anesthesia and pathology laboratory business to support its physician partners; (iii) made significant investments in its regulatory, finance, revenue cycle management, and quality infrastructure; and (iv) accessed the private high yield market with a creative financing structure that helped support operations and facilitate its rapid growth. The company was sold to affiliates of Kohlberg, Kravis & Roberts, which continued to build on the platform that management and DFW had worked together to build.