PE-backed Probo Medical makes two acquisitions

Probo Medical, which is backed by Varsity Healthcare Partners, has acquired Elite Medical Technologies and Future Medical Equipment Ltd.

Probo Medical, which is backed by Varsity Healthcare Partners, has acquired Elite Medical Technologies and Future Medical Equipment Ltd. No financial terms were disclosed. Florida-based Elite Medical is a wholesale reseller of pre-owned digital medical imaging equipment while UK-based Future Medical Equipment Ltd specializes in the de-installation, purchasing and sales of pre-owned medical equipment.

PRESS RELEASE

FISHERS, Ind.–(BUSINESS WIRE)–Probo Medical (“Probo”), a leading provider of medical imaging equipment, parts, repair and service, announced today the acquisitions of Elite Medical Technologies, LLC (“Elite Medical”) and Future Medical Equipment, Ltd. (“Future Medical”). Terms of the transactions were not disclosed.

“Probo is tremendously excited to announce these significant acquisitions,” said Michael Asmer, CEO of Probo Medical. “Over the past five years, Probo Medical has become a leader in the global ultrasound market. As we look forward, our strategic plan involves expansion into adjacent imaging modalities where we can leverage our supply chain and sales channels. In terms of strategic fit, Elite Medical and Future Medical represent ideal partners, and, as equally important, we share a cultural philosophy that places customers, suppliers and employees at the center. We are pleased to welcome the Elite Medical and Future Medical teams to our family and are excited to accelerate down this growth path as a combined organization.”

Elite Medical is a US-based wholesale reseller of pre-owned digital medical imaging equipment, including CT, MRI and PET/CT across all major OEM manufacturers. Future Medical, based in Bristol, UK, specializes in the de-installation, purchasing and sales of pre-owned medical equipment across a wide array of imaging modalities and equipment types. Both the Elite Medical and Future Medical management teams will remain in place leading their respective organizations.

“We have known and respected the Probo team for many years,” said Frank Lewis, Managing Director of Elite Medical. “As we have grown, we have realized the complementary nature of our businesses, and we believe our partnership with Probo will only provide a wider and deeper solution set for our customers.”

Future Medical Managing Director, Richard Hart, added “By aligning with Probo, we are able to further enhance the value we provide to our customers and other constituents in the medical imaging. The wealth of experience in the Probo group will help in maximizing the value we can deliver.”

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.

About Elite Medical Technologies
Elite Medical Technologies is a wholesale provider of medical imaging equipment. For more information on Elite Medical, please visit http://elitemedicaltech.com/.

About Future Medical Equipment
Future Medical Equipment, Ltd specializes in the de-installation, purchasing and sales of pre-owned medical equipment across a wide array of imaging modalities and equipment types. For more information on Future Medical, please visit http://www.futuremedical.co.uk/.

About Probo Medical
Probo Medical is a diversified supplier of refurbished medical equipment. Traditionally focusing on a vertically integrated offering of ultrasound probe and system refurbishment, sales, parts, service and repair, Probo has since expanded into additional imaging modalities, including C-Arms, CT, MRI, PET/CT and more. Varsity Healthcare Partners partnered with Probo in 2018 with a growth capital investment to support Probo Medical’s growth and expansion.

For more information about Probo Medical, please visit http://www.probomedical.com/.