Varsity Closes 4th Probo Add-On

Varsity Closes 4th Probo Add-On

Probo Medical, a portfolio company of Varsity Healthcare Partners since October 2018, has acquired Mount International United Services (MIUS).

MIUS is a provider of third-party service, repairs and maintenance for medical imaging equipment including Ultrasound, CT, MRI, and X-ray. The company also buys, sells and rents medical imaging equipment. Customers of MIUS include more than 250 National Health Service (NHS) hospitals (the NHS is the umbrella term for the publicly-funded healthcare systems of the United Kingdom).

MIUS was founded in 1997 by Paul Mount and is headquartered 100 miles west of London in Gloucester, United Kingdom.

“We are thrilled to be joining with Probo,” said Mr. Mount. “The combination of MIUS with the Probo team in both the US and UK positions our company as one of the leading independent service and sales organizations for medical imaging equipment across Europe.”

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.

“The addition of MIUS to the Probo family is a tremendously exciting development for our company,” said Mr. Asmer. “Looking forward into a post-COVID world, we see a significant opportunity to bring forward a comprehensive set of diagnostic imaging equipment solutions to the European market. By combining MIUS with our existing operations in the UK, Probo is well-positioned as a global leader for sales, service, rentals and repair of medical imaging equipment.”

In February 2020, Probo Medical acquired Elite Medical Technologies and Future Medical Equipment. Elite Medical is a US-based reseller of used digital medical imaging equipment, including CT, MRI and PET/CT across all major OEM manufacturers. Future Medical is a UK-based provider of used medical equipment across a wide range of imaging modalities and equipment types. In February 2019, Probo Medical acquired Trisonics, a Pennsylvania-based provider of ultrasound service, support, systems, parts, transducers/probes and service training.

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 | January 27, 2021

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