Both the management teams of Elite Medical and Future Medical will continue operating their respective organisations
US-based medical devices company Probo Medical has acquired medical equipment companies Elite Medical Technologies and Future Medical Equipment, for an undisclosed amount.
Probo Medical is a medical device company that offers medical imaging equipment, parts, repair and services.
The company is supported by Varsity Healthcare Partners, a lower middle-market private equity investment firm focused on healthcare services companies.
Varsity Healthcare Partners made a growth capital investment in Probo in 2018.
Probo Medical CEO Michael Asmer said: “Probo is tremendously excited to announce these significant acquisitions. 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.”
Both Elite Medical and Future Medical offer refurbished medical devices
Established in April 2018, Future Medical Equipment is the European arm of the US-based medical equipment company Elite Medical Technology.
Based in Bristol, UK, the company specialises in the de-installation, purchasing and sales of pre-owned medical equipment across a wide array of imaging modalities and equipment types.
Future Medical managing director Richard Hart said: “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.”
Elite Medical is a wholesale reseller of pre-owned digital medical imaging equipment, including CT, MRI and PET/CT across all major OEM manufacturers.
Following the transaction, both the Elite Medical and Future Medical management teams are expected to remain operating from their respective organisations.
Elite Medical managing director Frank Lewis said: “We have known and respected the Probo team for many years. 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.”