We are delighted to have advised Med Imaging Holdings Limited (Mi Healthcare) on their sale to Probo Medical LLC.
Founded in 1995, Mi Healthcare provides maintenance services for medical diagnostic imaging equipment, predominantly to the NHS. Foresight Group invested in the business in 2016, facilitating a partial buy out and providing growth capital.
Probo Medical LLC is a global provider of medical imaging equipment, parts, repair and service, with a particular focus on ultrasound equipment. Based in the US and backed by Avista Capital, Probo has a UK division in Gloucestershire and was a direct competitor of Mi Healthcare.
We engaged with the shareholders to deliver a transaction which met the objectives of all the stakeholders. In a targeted process, we progressed the relationship with Probo who had attempted to acquire the business a few years ago, however the valuation at this point was disappointing and a transaction did not progress.
After initial discussions we and the shareholders recognised the strong strategic fit, their pre-existing relationship, and appetite for the transaction and provided Probo with the information memorandum ahead of formally introducing the opportunity to the wider market.
Following a short period of negotiation and positioning of a strong pipeline to the buyer, a offer at the upper end of expectations was received and Probo were selected as the preferred buyer.