Varsity Healthcare Partners Completes Recapitalization and Growth Capital Partnership with Probo Medical, LLC
October 1, 2018
NEW YORK – October 1, 2018 – Varsity Healthcare Partners (“VHP”), a leading lower middle-market private equity firm focused on healthcare services, announced today the completion of a joint recapitalization transaction and growth capital partnership with the shareholders and executive team of Probo Medical, LLC (“Probo” or “the Company”), a leading vertically-integrated reseller of refurbished ultrasound systems and ultrasound probes to a diverse worldwide customer base.
Probo’s Founder and CEO David Trogden will continue to lead the recapitalized Company, along with the Company’s current management team. Probo is partnering with VHP to accelerate its growth through select diversifying strategic acquisitions and robust resourcing of its global equipment procurement and multi-channel sales efforts.
Trogden commented, “I couldn’t be more excited about our partnership with Varsity. Their deep expertise in healthcare and track record of partnering with dynamic businesses provide perfect alignment with Probo’s organic and acquisitive growth goals. Our team is tremendously excited about the future.”
Based in Indianapolis, Probo leverages a developed global supply chain to procure used ultrasound equipment from more than 250 source points, a large and internally trained workforce of proprietary repair technicians to refurbish used ultrasound equipment, an electronic operational workflow to ensure speed of responsiveness and enterprise-wide quality control, and a sales network to market refurbished ultrasound equipment to more than 500 customers globally. Additionally, Probo’s unique culture of accountability, urgency and entrepreneurial spirit has resulted in low historical employee turnover and strong productivity growth.
Probo’s current executive leadership team will continue to be meaningful equity owners in the recapitalized Company. TripleTree, LLC served as exclusive financial advisor to Probo Medical.
About Probo Medical, LLC
Probo Medical, LLC (www.probomedical.com) provides new, used and refurbished medical equipment to a global customer base. Established in 2014, Probo has quickly grown to 80 employees in three locations: Indianapolis, Tulsa and Tampa. Probo’s 2018 merger with MedCorp LLC expanded its product offering and made it one of the largest ultrasound-focused dealers in the world. Probo was recognized as one of the Best Places to Work in Indiana in February 2018 by the Indiana Chamber of Commerce and was ranked 4th on the 25 Fastest Growing Companies in Indiana list by the Indianapolis Business Journal, July 2018.
About Varsity Healthcare Partners
Varsity Healthcare Partners (VHP) is a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. VHP 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. VHP 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.
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Media Contact:
Mickey Mandelbaum or Nick Rust
Prosek Partners
(212) 279-3115
mmandelbaum@prosek.com / nrust@prosek.com