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Probo Medical buys UK's Mi Healthcare

by John R. Fischer, Senior Reporter | August 16, 2022
Ultrasound X-Ray
Probo Medical acquires Mi Healthcare.
Service provider Probo Medical has acquired the U.K.’s Mi Healthcare, which provides ultrasound and X-ray services to public and private healthcare facilities in Great Britain.

Based in Liverpool, Mi Healthcare has been servicing providers since 1995, and has offices in England and Scotland. It also rents and sells equipment.

Its addition to the Probo family expands the latter’s reach in the U.K.’s diagnostic imaging market and aligns with its long-term goal of growing its presence in Europe.

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"Mi Healthcare is well-known in the U.K. market as a high-quality service provider for their customers, with long-standing relationships that evidence that commitment to quality. As we look to harness the shared expertise and collaboration between our teams, we are excited at what this combination will bring to both Probo and Mi Healthcare's customers,” said Probo CEO Michael Asmer in a statement.

Probo Medical is based in Illinois and sells, rents, repairs and installs refurbished ultrasounds, C-arms, X-rays, mammography, fluoroscopy, CT and MR systems. Founded in 2014, it had over $30 million in EBITDA in 2021, up from $8 million in 2018.

Avista Capital Partners, a private equity firm in New York with more than 40 growth-oriented healthcare businesses worldwide, acquired a majority stake in Probo in February 2022. While no financial details were disclosed, sources said the price was around $450 million. At the time, Probo had 14 healthcare facilities in the U.S. and Europe.

Earlier that month, Probo expanded its footprint in North America through the acquisition of REMETRONIX, which installs and deinstalls CT, MR, PET/CT, X-ray and proton therapy equipment. The company has multiple offices in the U.S. and Canada and one in the U.K., and added transportation, rigging, maintenance, storage and refurbishment services to Probo.

In April, Probo acquired another organization, Canute Medical in Canada. It is located in Oakville and installs, deinstalls, removes and remarkets MR, CT, X-ray and gamma cameras.

“The combination with Probo connects us to a significant platform that allows both organizations to grow faster together, and brings a set of resources to our customers and employees that is unmatched in our sector,” said Mi Healthcare's CEO Mark Edwards.

No financial details were disclosed.

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