Private equity-backed imaging supplier continues rapid expansion with another acquisition

Probo Medical—a private equity-backed provider of imaging equipment, parts, repair and other services—continues to its rapid expansion via acquisition.

The Tampa, Florida-based company has entered into a definitive agreement to acquire Alpha Source Group, which delivers technical field services, repair, refurbishment and parts distribution. Probo Medical said the deal will significantly expand its diagnostic imaging solutions platform.

“This acquisition is transformational in nature for both Probo Medical and Alpha Source,” CEO Michael Asmer said in a Dec. 28 announcement. "Probo has built a scalable platform in the ultrasound market in North America, capable of supporting customers with ultrasound system sales, repairs, service, applications training, and spare parts at a quality and value level that leads the market. Alpha Source's capabilities, team and relationships provide us with the ability to extend that platform wider and deeper into new imaging modalities like nuclear medicine, CT and PET/CT.”

Milwaukee-based Alpha Source Group was founded in 1986 and has a team of more than 100 field service engineers. Its subsidiaries include Alpha Source Biomed Solutions, BC Technical Imaging Solutions and Medical Optics Surgical Solutions. The company bills itself as one of the largest field-service organizations for diagnostic imaging equipment in North America, operating four centers of excellence in Utah, Indiana, Florida and Wisconsin. Each specializes in the repair, refurbishment, parts harvesting, and distribution of imaging equipment. Baird Capital has owned Alpha Source since 2015.

Meanwhile, Probo Medical was founded in 2014 and sold a majority stake in the company to New York-based Avista Capital Partners last year for $450 million. Since then, Probo has expanded rapidly, acquiring Davis Medical Electronics in November, National Ultrasound in May, and Ultra Select Medical in April.