Varsity Closes Fifth Probo Add-On

Probo Medical, a portfolio company of Varsity Healthcare Partners since October 2018, has acquired IMAX Medical.

IMAX specializes in the sale, purchase, inspection, installation/de-installation, and transport of pre-owned medical diagnostic imaging equipment including ultrasound, X-Ray, CT and MRI systems. The company, led by CEO Simon Roussel, was founded by Patrick Roussel in 2012 and is based 240 miles southwest of Paris in Nantes, France.

Probo Medical provides new, used and refurbished ultrasound systems and ultrasound probes. The company uses its global supply chain to procure used ultrasound equipment from more than 250 source points and its internally trained workforce of repair technicians then refurbishes the equipment for resale to more than 500 customers globally.

Probo Medical, led by CEO Michael Asmer, was founded in 2014 and is headquartered north of Indianapolis in Fishers, Indiana with additional US facilities in Tulsa, Oklahoma; Tampa, Florida; and Harrisburg, Pennsylvania.

“This is a significant announcement for Probo as we continue to grow our business on a global scale,” said Mr. Asmer. “France is an important market in the diagnostic medical imaging equipment vertical and we looked hard for a partner that shared our vision for the future.”

The add-on buy of IMAX follows Probo’s buys of UK-based Mount International United Services in January 2021; UK-based Future Medical Equipment and Florida-based Elite Medical Technologies in February 2020; and Pennsylvania-based Trisonics in February 2019.

Varsity Healthcare Partners invests from $10 million to $60 million in companies that are active in the healthcare services sector and have from $5 million to $15 million of EBITDA. Varsity is currently investing out of its third fund, Varsity Healthcare Partners III LP, which closed in August 2019 with $417 million of capital commitments. The firm was founded by David Alpern and Kenton Rosenberry and has offices in Los Angeles and Stamford.

© 2021 Private Equity Professional | February 26, 2021

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