M&A Deal Summary

Avista Healthcare Partners and Constitution Capital Partners Acquire Probo Medical

On February 15, 2022, private equity firms Avista Healthcare Partners and Constitution Capital Partners acquired business services company Probo Medical from Varsity Healthcare Partners

Acquisition Highlights
  • This is Avista Healthcare Partners’ 2nd and Constitution Capital Partners’ 8th transaction in the Business Services sector.
  • This is Avista Healthcare Partners’ 40th and Constitution Capital Partners’ 70th transaction in the United States.
  • This is Avista Healthcare Partners’ 1st and Constitution Capital Partners’ 4th transaction in Florida.

M&A Deal Summary

Date 2022-02-15
Target Probo Medical
Sector Business Services
Buyer(s) Avista Healthcare Partners
Constitution Capital Partners
Sellers(s) Varsity Healthcare Partners
Deal Type Secondary Buyout

Target

Probo Medical

Tampa, Florida, United States
Probo Medical is a provider of equipment sales, part sales, equipment rentals, depot repair service, equipment installation and de-installation, and field-based repair services. Probo Medical was founded in 2014 and is based in Tampa, Florida.

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Buyer(S) 2

Buyer

Avista Healthcare Partners

New York, New York, United States

Category Private Equity Firm
Founded 2005
PE ASSETS 8.0B USD
Size Mega
Type Sector Focused
DESCRIPTION

Avista Capital Partners is a private investment firm formed by a group of professionals with roots from DLJ Merchant Banking Partners. Avista makes controlling and minority investments in US based energy, healthcare, and media companies with revenues greater than $25 million. Typical transactions include leverage buyouts, build-ups, and growth capital financings. Avista Capital was formed in 2005 and is based in New York City with an additional office in Houston, Texas.


DEAL STATS #
Overall 49 of 54
Sector: Business Services M&A 2 of 2
Type: Secondary Buyout M&A Deals 14 of 19
State: Florida M&A 1 of 2
Country: United States M&A 40 of 43
Year: 2022 M&A 1 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-16 Acino

Zurich, Czech Republic

Acino is a pharmaceutical company focused on developing, manufacturing and marketing well-proven and innovative pharmaceuticals in novel drug delivery forms. Acino was founded in 1836 and is based in Zurich, Czech Republic.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-04-18 Inform Diagnostics

Irving, Texas, United States

Inform Diagnostics is a provider of anatomic pathology services primarily in the fields of gastroenterology, dermatology, hematology, breast health, and urology. The company's team of more than 90 distinguished expert subspecialists utilizes state-of-the-art pathology laboratories to serve more than 5,500 patients every day. Inform Diagnostics continuously improves diagnostic accuracy through consensus-based terminology and criteria, rigorous quality assurance, daily consensus conferences, extensive educational and training activities, and close relationships with clinical partners. Inform Diagnostics was formed in 1996 and is based in Irving, Texas.

Sell $170M
Buyer
DESCRIPTION

Constitution Capital Partners is a private equity and asset management firm focused on opportunities throughout North America. Constitution Capital typically invests in private equity partnerships, however the Firm also makes direct private equity and credit investments. Constitution Capital Partners does not have any sector preferences. Constitution Capital Partners was formed in 2008 and is headquartered in Andover, Massachusetts.


DEAL STATS #
Overall 76 of 88
Sector: Business Services M&A 8 of 11
Type: Secondary Buyout M&A Deals 32 of 40
State: Florida M&A 4 of 6
Country: United States M&A 70 of 82
Year: 2022 M&A 1 of 12
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-12-14 OmniSYS

Dallas, Texas, United States

OmniSYS is a provider of medical claims management and compliance IT services for pharmacies, durable medical equipment providers, managed care organizations, and commercial retiree plans. OmniSYS was founded in 1988 and is based in Dallas, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-03-02 SpendMend

Grand Rapids, Michigan, United States

SpendMend helps healthcare organizations nationwide discover the full impact of financial leakage upon their organization. As the healthcare expert in audit recovery and spend visibility, SpendMend has perfected the process of holistically analyzing complex spend data to help an organization shed light upon ubiquitous financial leakage. SpendMend helps recover financial leakage and partners with clients to optimize cost cycle management and improve spend visibility. SpendMend was founded in 1993 and is based in Grand Rapids, Michigan.

Buy -

Seller(S) 1

DESCRIPTION

Varsity Healthcare Partners is a specialist private equity firm focused on the healthcare sector. Varsity seeks companies that solve fundamental problems for the healthcare industry with a focus on multi-site providers and critical outsourced services to providers and payors. Prospective companies are profitable with $5 to $15 million of EBITDA and are typically founder owned. Varsity Healthcare Partners was formed in 2012 and has offices in Los Angeles, California and Stamford, Connecticut.


DEAL STATS #
Overall 3 of 4
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 2 of 3
State: Florida M&A 1 of 1
Country: United States M&A 3 of 4
Year: 2022 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-06 Peak Dental Services

Colorado Springs, Colorado, United States

Peak Dental Services is one of the fastest-growing dental services organizations with 35 locations supporting over 65 generalist and specialist dentists across Colorado. Peak is committed to improving the dentist experience through high-quality non-clinical support services while maintaining exceptional patient satisfaction and clinical outcomes. Peak Dental Services was founded in 2008 and is based in Colorado Springs, Colorado.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-21 Aspirion

Columbus, Georgia, United States

Aspirion is a specialty revenue cycle management vendor focused on helping hospitals and health systems process complex healthcare claims. Aspirion’s current focus is on worker's compensation, motor vehicle accident, and veterans affairs cases, which are time- and labor-intensive to process relative to traditional commercial healthcare claims. Aspirion was founded in 2006 and is based in Columbus, Georgia.

Buy -