February 15, 2022
NEW YORK and TAMPA, Fla. – Feb. 15, 2022 – Avista Capital Partners (“Avista”), a leading private equity firm focused exclusively on healthcare, and Probo Medical, LLC (“Probo” or “the Company”) today announced that Avista has entered into definitive documentation to acquire Probo from Varsity Healthcare Partners. Transaction terms were not disclosed.
Founded in 2014 as a provider of affordable, quality ultrasound probe sales and repair services, Probo is a global leader in the medical imaging equipment market, offering a vertically-integrated set of products and services to customers worldwide, including equipment sales, part sales, equipment rentals, depot repair service, equipment installation and de-installation, and field-based repair service. The Company’s footprint includes fourteen facilities in the U.S. and Europe, the majority of which are ISO-certified. Probo sources equipment from a multi-channel global supply chain and serves a diverse base of customers through a large and internally trained workforce of repair technicians and salespersons.
Sriram Venkataraman, Partner at Avista, said, “Probo has earned its strong market position through operational excellence and timely, strategic acquisitions. The Company is well-positioned to accelerate growth as favorable sector trends continue, particularly growing demand for newer, high-quality refurbished equipment. We look forward to working with Michael and his team to execute on the numerous growth opportunities ahead.”
Michael Asmer, CEO of Probo, added, “On behalf of Probo team members around the world, I am excited for the future of our partnership with Avista Capital. Avista shares our passion for delivering health care solutions that drive superior outcomes in an efficient and efficacious manner. With their strategic and financial support, and a robust pipeline of acquisition opportunities in the U.S. and Europe, we will continue our impressive growth trajectory while serving the market with the highest-quality diagnostic imaging equipment and services.”
David Alpern, Founding Partner at Varsity Healthcare Partners, said, “We want to thank Michael and the entire Probo team for three years of highly successful collaboration, and look forward to continuing our partnership with Probo through a commitment from our third fund. We are confident that Probo will continue to thrive with Avista as their partner, and we look forward to supporting them on this next chapter of their growth story.”
ABOUT PROBO MEDICAL
Probo Medical is a diversified supplier of refurbished diagnostic imaging equipment. Probo is a global leader in the medical imaging equipment market, offering a vertically-integrated set of products and services to customers worldwide, including equipment sales, part sales, equipment rentals, depot repair service, equipment installation and de-installation, and field-based repair service. For more information about Probo Medical, visit www.probomedical.com.
ABOUT AVISTA CAPITAL PARTNERS
Founded in 2005, Avista Capital is a leading New York-based private equity firm with nearly $8 billion invested in more than 40 growth-oriented healthcare businesses globally. Avista partners with businesses that feature strong management teams, stable cash flows and robust growth prospects – targeting product and technology businesses with clear scale potential across six sub-sectors experiencing strong tailwinds. The team is supported by a group of seasoned Strategic Executives enhancing the entire investment process through strategic insight, operational oversight and senior counsel, which helps drive growth and performance, while fostering sustainable businesses and creating long-term value for all stakeholders. For more information, visit www.avistacap.com.
About Varsity Healthcare Partners
Varsity Healthcare Partners is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. Varsity has been successful in developing and executing a tailored value creation plan, in partnership with the leadership of each company that typically emphasizes an appropriate investment in infrastructure followed by an aggressive organic and acquisition growth strategy. Varsity draws upon its extensive healthcare industry experience and relationships, as well as its hands-on partnership approach to effectively drive growth and maximize value. For more information please visit: www.varsityhealthcarepartners.com.