Varsity Healthcare Partners (VHP), a healthcare services private equity investment firm, has closed its sale of Probo Medical to Avista Capital Partners.

Varsity Healthcare initially invested in Probo Medical 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.

Probo Medical now 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.

Terms of the transaction were not disclosed.