Avista has entered into definitive documentation to acquire Probo Medical from Varsity Healthcare Partners. Transaction terms of the acquisition were not disclosed.

Founded in 2014 as a provider of affordable, quality ultrasound probe sales and repair services, Probo is a provider 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.

“Probo has earned its strong market position through operational excellence and timely, strategic acquisitions,” says Sriram Venkataraman, partner at Avista. “The company is well-positioned to accelerate growth as favorable sector trends continue, particularly growing demand for newer, high-quality refurbished equipment. We look forward to working with Michael and his team to execute on the numerous growth opportunities ahead.”

The company’s footprint includes fourteen facilities in the U.S. and Europe, the majority of which are ISO-certified. Probo sources equipment from a multi-channel global supply chain and serves customers through a large and internally trained workforce of repair technicians and salespersons.

“On behalf of Probo team members around the world, I am excited for the future of our partnership with Avista Capital,” says Michael Asmer, CEO of Probo. “Avista shares our passion for delivering health care solutions that drive superior outcomes in an efficient and efficacious manner.  With their strategic and financial support, and a robust pipeline of acquisition opportunities in the U.S. and Europe, we will continue our impressive growth trajectory while serving the market with the highest-quality diagnostic imaging equipment and services.”