Probo Medical expands footprint in Canada with Canute Medical buy

by John R. Fischer, Senior Reporter | April 07, 2022
Business Affairs Parts And Service
Probo Medical has acquired Canute Medical.
Parts and repair provider Probo Medical has acquired Canute Medical in Canada.

Canute specializes in installing, deinstalling, removing and remarketing MR, CT, X-ray and gamma cameras. It is located in Oakville, Ontario and serves healthcare systems worldwide. "Aligning with Probo connects the Canute team to a platform that will enhance our services for customers. We see a great opportunity ahead for the expansion of the solutions we can bring to the market,” said Ben Rice, director of Canute, in a statement.

Founded in 2014 as an ultrasound equipment refurbisher, Probo now has 14 facilities in the U.S. and Europe and offers equipment and part sales, rentals, repair, and equipment installation and deinstallation for ultrasound solutions. The company is based in Illinois.

Backing Probo is Avista Capital Partners, a private equity firm with more than 40 healthcare businesses. It agreed to buy a majority stake in the company in February. While no financial terms were released, sources close to the deal said it was around the $450 million range.

In the same month, Probo acquired REMETRONIX, which provides parts and repair services for CT, MR, PET/CT, X-ray and proton therapy equipment. It has multiple offices in the U.S. and Canada and one in the U.K.

Prior to this, it acquired Tenvision, a service provider in Tennessee specializing in ultrasound equipment that brought to Probo a team of sales representatives, field service engineers and in-house repair technicians with expertise on the modality.

It also bought Mount International United Services, which offers third-party service, repairs and maintenance for ultrasound, CT, MR, X-ray and other medical imaging equipment to over 250 trusts in the U.K. It has a 99.98% average uptime rate; holds ISO 13485:2016, ISO 9001:2015 and ISO 14001:2015 certifications; and buys, sells and rents imaging equipment.

"With this expansion, we look forward to growing our presence in Canada with a recognized team in the industry,” said Michael Asmer, CEO of Probo Medical.

Financial details were not disclosed.

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