TAMPA, Fla.-- Probo Medical (Probo), a leading global provider of medical imaging equipment, parts, repair, and service, announced the acquisition of Mi Healthcare. 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. Transaction terms were not disclosed. For more information, visitwww.avistacap.com. 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. Practices: Tenvision, LLC, founded in 2005, in a Gallatin, TN provider of ultrasound sales, service, maintenance, repair and training to healthcare facilities across the United States. Probo Medical's annual revenues are $10-$50 million (see exact revenue data) and has 100-500 employees. 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. TAMPA, Fla., Aug. 15, 2022 /PRNewswire/ -- Probo Medical ("Probo"), a leading global provider of medical imaging equipment, parts, repair, and service, announced the acquisition of Mi Healthcare. The Ropes & Gray team that advised Avista Capital was led by private equity partner Bob Rivollier and private equity associate Samuel Levitt (both of New York), and included private equity partner Helen Croke (London), leveraged finance partner Arek Maczka (New York), life sciences regulatory & compliance partner Kellie Combs (Washington, D.C.), health care partner Christina Bergeron (Boston), benefits partner Alexandra Alperovich (New York), labor & employment partner Megan Bisk (Boston), tax partner Benjamin Rogers (San Francisco), litigation & enforcement counsel Joseph Rafferty, Lee Gayer (both of New York) and Steven Kaye (Boston), and real estate partners Peter Alpert (Boston) and David Seymour (London). Probo Medical is backed by Avista Capital Partners, a leading New York-based private equity firm with more than 40 growth-oriented healthcare businesses globally. Probo Medical is backed by Avista Capital Partners, a leading New York-based private equity firm with more than 40 growth-oriented healthcare businesses globally. Jun 2022 - Present10 months. 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 closing of the transaction was announced on March 8 in a press release. PHCN is a management services company that manages home health benefit for major insurance plans with the focus on Medicare Advantage and managed Medicaid patients. For more information about Probo Medical, visit www.probomedical.com. Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by . Varsity first backed the founder-run business in October of that year. 328 Medical Device jobs available in Sharper, NJ on Indeed.com. Probo Medical is backed by Avista Capital Partners, a leading New York-based private equity firm with more than 40 growth-oriented healthcare businesses globally. from 8 AM - 9 PM ET. Avista Capital Partners to Acquire Probo Medical. Los Angeles, CA 90067, One Landmark Square, 9th Floor 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 specific companies identified and described above do not represent all of the companies purchased or sold by Avista. Probo Medical is backed by Avista Capital Partners, a leading New York-based private equity firm with more than 40 growth-oriented healthcare businesses globally. New York, NY 10022. [5] Vistria also owns Behavioral Health Solutions, a behavioral health company that acquired home-based geriatric therapy provider Colorado In-Home Counseling in March. The transaction closed on September 28, 2018. Separately, the equipment supply chain is getting digitized. mmandelbaum@prosek.com / jcohen@prosek.com, Internet Explorer presents a security risk. 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. For more information about Probo Medical, visithttp://www.probomedical.com/. No financial terms were disclosed for the transaction that was done in partnership with Probo's executive team and shareholders. Probo Medical is a diversified supplier of refurbished diagnostic imaging equipment sales, service, rental, repair and installation of a vast array of imaging . Acquired by Probo Medical LLC (Company) on 2022-08-15 | At Probo Medical, we provide Sales, Service, Rental, and Repair for ultrasound systems and probes and C-arms. All 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. All rights reserved. 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. Apabila dikembangkan, paparan ini akan memberikan senarai opsyen carian yang akan menukar input carian agar sepadan dengan pilihan semasa. Tenvision, founded in 2005, is a Gallatin, TN based provider of medical equipment sales, service, maintenance, repair and training organization with deep specialization in ultrasound equipment. All Rights Reserved. New York, NY and Tampa, FL February 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. Probo Medical is backed by Varsity Healthcare Partners, a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. Avista Capital Partners has announced it will acquire Probo Medical from Varsity Healthcare Partners (VHP). When expanded it provides a list of search options that will switch the search inputs to match the current selection. We look forward to supporting Tenvisions customers with the breadth and depth of Probos products, services and solutions, and we are tremendously excited to welcome the Tenvision team to Probo., Tenvision President, Kevin Gregory, said, Aligning with Probo connects Tenvision into a platform that places our team on the leading edge of solutions that we can bring to our customers. (VHP) is a lower middle-market private equity investment . Bloomington, MN 55437 For more information about Probo Medical, visit http://www.probomedical.com/. . Probo Medical is backed by Varsity Healthcare Partners, a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading health care services companies. 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. Stamford, Connecticut 06901, Copyright 2023 Varsity Healthcare Partners | All Rights Reserved | One-Pager | Privacy Notice | Website Disclaimer, Varsity Healthcare Partners Adds Dr. Pat Basu to Its Senior Leadership Team, Ventra Health Announces Steven Huddleston as Chief Executive Officer, Michael OBoyle to Move to Vice Chairman, Varsity Healthcare Partners Announces New Senior Additions to Investment, Operating Teams; Merrick Axel Joins VHP as Partner, Head of Chicago Office. The Company is well-positioned to accelerate growth as favorable sector trends continue, particularly growing demand for newer, high-quality refurbished equipment. At Probo Medical, we buy, sell, and repair ultrasound transducers and stock systems from industry-leading OEM's. Our mission is to deliver the perfect transducer at wholesale cost to every customer, every time. Our partnership with Probo will provide a deeper and more comprehensive solution set for our customers, as well as opportunities to best support our growing team, said Tim Dickinson, Founder of Mi Healthcare. Probo Medical is backed by Varsity Healthcare Partners, a lower middle-market private equity investment firm focused on partnering with founders, entrepreneurs and management teams to build leading healthcare services companies. Probo Medical is a diversified supplier of refurbished diagnostic imaging equipment. Prosek Partners When typing in this field, a list of search results will appear and be automatically updated as you type. Transaction terms were not disclosed. Defining a clear strategic direction within the 7 business departments to maximise growth and minimise risk/cashflow impact. About Varsity Healthcare PartnersVarsity 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. Probo Medical is a global diversified supplier of refurbished medical equipment. Probo Medical is a global diversified supplier of refurbished diagnostic imaging equipment. 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. TripleTree - Minneapolis State of play: Avista's investment adds to a recent uptick in investment activity in the medical equipment service and repairs universe. For more information about Mi Healthcare, visit https://www.mihealthcare.co.uk/. 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. Cain Brothers, a division of KeyBanc Capital Markets, acted as lead financial advisor, Houlihan Lokey acted as co-financial advisor, and Morgan Lewis acted as legal advisor to Varsity Healthcare Partners. Prior to joining Probo Medical, Jay was Chief Development Officer for PhyMed Healthcare Group, an anesthesia practice management business and portfolio company of Ontario Teacher's Pension Plan. Baring Private Equity Asia in its US$1.07 billion carve-out sale of the surgical business of Lumenis, an Israel-based manufacturer of medical devices TSG Consumer Partners in its acquisition of a majority stake in Rough Country, one of the leading manufacturers of aftermarket suspension products and accessories Probo Medial is a portfolio company of Varsity Healthcare Partners, a lower middle-market private equity investment firm. Probo Medical is a diversified supplier of refurbished diagnostic imaging equipment. Environmental, Social and Governance (ESG), HVAC (Heating, Ventilation and Air-Conditioning), Machine Tools, Metalworking and Metallurgy, Aboriginal, First Nations & Native American, https://drive.google.com/drive/folders/1f1IVD30IL35kfg1stYekh6e2pZRt7gBX?usp=sharing, Brian Keith Joins Probo Medical Leadership. My past operational experiences, from running a PE-backed business at the age of 29 to starting up Probo Medical - now with over 400 employees, 12 acquisitions completed, and two private equity . P. 952.223.8400 Mi Healthcare's 25-year track record of quality in the diagnostic imaging sector have positioned it as a leading partner for Probo's continued European expansion. "That's a great lesson for entrepreneursstay close to home. Varsity Healthcare Partners' Probo Medical gears up for sale, Veritas' Cotiviti reportedly evaluates $15b-plus IPO . VHP initially invested in Probo in September 2018, at which point Probo was focused exclusively on the U.S. ultrasound repair and resale market. The Ropes & Gray team that advised Avista Capital was led by private equity partner, 401(k)/403(b) Plan Litigation Risk Management, Analytics & Behavioral Science Consulting (R&G Insights Lab), Committee on Foreign Investment in the United States (CFIUS), E-Discovery, Discovery Strategies & Data Analytics, Executive Compensation & Employee Benefits, Government Enforcement / White Collar Criminal Defense, Life Sciences Licensing, Collaborations & Joint Ventures. Probo Medical | 2,413 followers on LinkedIn. Revenue: $1 to $5 million (USD) Competitors: Unknown. Have questions or would like to speak to a Probo Medical Professional? Probos footprint includes fourteen facilities across the United States, the United Kingdom, Germany, France, and Canada, breaking into international markets as demand continues to grow for refurbished imaging equipment and service solutions that extend machinery lifespan. VHP has been successful in developing and executing a . The current physician owners/partners receive some combination of cash and/or stock in the larger entity (often . All rights reserved. Join 70,000+ private equity peers who receive daily deals news via PE Hub . "Our partnership with Probo will provide a deeper and more comprehensive solution set for our customers, as well as opportunities to best support our growing team," said Tim Dickinson, Founder of Mi Healthcare. 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. All content 2023 Private Equity Stakeholder Project PESP. 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.. For more information please visit: www.varsityhealthcarepartners.com. Butang ini akan menunjukkan jenis carian yang dipilih buat masa ini. Check. Transaction terms were not disclosed. The Company also now provides its full suite of services across a spectrum of imaging modalities, including Ultrasound, PET, X-Ray, C-Arms, CT Scanners, MRI, and Mammography machines. Contact: Jay BurkhardtPhone: 317-759-9210Email: [emailprotected], Cision Distribution 888-776-0942 As we look to harness the shared expertise and collaboration between our teams, we are excited at what this combination will bring to both Probo and Mi Healthcares customers.. Our long tenure in the market leads to a deep understanding of the micro and macro trends driving value and opportunity within the healthcare sector. When Ultra Solutions was sold to a private equity group in 2013, he returned to Indiana. service, rental, and repair. Probo, based in Fishers, Ind., is a supplier of refurbished diagnostic imaging equipment.Founded in 2014, the company's set of services include equipment sales, part sales, equipment rentals, depot repair service, equipment installation and de-installation, and field-based repair service It ranked second on last year's list, with revenue growth from 2016 to 2018 of 398%. All rights reserved. [4]https://www.businesswire.com/news/home/20220406005897/en/Serent-Capital-Announces-Sale-of-Professional-Health-Care-Network-PHCN, [7]https://health.wusf.usf.edu/npr-health/2022-03-25/the-case-of-the-489-000-air-ambulance-ride ; https://www.wbur.org/news/2018/12/20/cunningham-angel-medflight-charges, [8]https://www.reuters.com/business/private-equitys-latest-play-troubled-kids-industry-2022-02-17/, [9]https://homehealthcarenews.com/2020/02/private-equity-likely-to-deploy-1-5-trillion-war-chest-in-home-based-care-market/, [10]https://pestakeholder.org/report/private-equity-at-home-wall-streets-incursion-into-the-home-healthcare-and-hospice-industries/. Typing in this field, a list of search options that will switch the search inputs to match the selection. Ultra Solutions was sold to a probo Medical is a diversified supplier of refurbished diagnostic equipment! Or sold by Avista lower middle-market private equity investment security risk lower middle-market private investment! 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