Varsity Healthcare Partners Completes Sale of Probo Medical

LOS ANGELES & STAMFORD, Conn.--(BUSINESS WIRE)--Varsity Healthcare Partners (“VHP”), a leading healthcare services private equity investment firm, announced today the close of its sale of Probo Medical, LLC (“Probo” or “the Company”) to Avista Capital Partners (“Avista”). Terms of the transaction were not disclosed.

VHP initially invested in Probo in September 2018, at which point Probo was focused exclusively on the U.S. ultrasound repair and resale market. Since that time, the VHP and Probo partnership has worked collaboratively to both grow and diversify the Company’s service lines, leveraging an organic and targeted acquisition strategy to expand Probo’s recurring service capabilities globally. Today, Probo offers a vertically integrated set of medical imaging products and services to customers worldwide, including equipment sales, part sales, equipment rentals, depot repair service, equipment installation and de-installation, and contractual field-based repair service. 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. Probo’s 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.

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. Ropes & Gray acted as legal advisor to Avista Capital Partners.

ABOUT PROBO MEDICAL

Probo Medical is a diversified supplier of refurbished diagnostic imaging equipment. 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. For more information about Probo Medical, visit www.probomedical.com.

ABOUT VARSITY HEALTHCARE PARTNERS

Varsity 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. 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. 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. For more information please visit: www.varsityhealthcarepartners.com.

ABOUT AVISTA CAPITAL PARTNERS

Founded in 2005, Avista Capital is a leading New York-based private equity firm with nearly $8 billion invested in more than 40 growth-oriented healthcare businesses globally. 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. 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. For more information, visit www.avistacap.com.