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.
