Probo Medical, a portfolio company of Varsity Healthcare Partners since October 2018, has acquired SonoDepot.
SonoDepot is a national provider of ultrasound maintenance, service, repair and equipment sales to hospitals, physician offices and imaging centers. SonoDepot, led by President Floyd McAuliffe and CEO Jack McAuliffe, was founded in 1985 and is headquartered near Orlando in St. Cloud, Florida.
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, led by CEO Michael Asmer, was founded in 2014 and is headquartered north of Indianapolis in Fishers, Indiana with additional facilities in Oklahoma, Florida, and Pennsylvania.
“We are excited to welcome the SonoDepot team to Probo Medical,” said Mr. Asmer. “Adding the SonoDepot field service engineers to Probo’s existing service footprint extends Probo as a coast-to-coast third-party service provider and we’re excited to support SonoDepot’s customers with the added resources of Probo.”
The add-on buy of SonoDepot follows Probo’s buys of France-based IMAX Medical in February 2021; 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 | April 23, 2021