Probo Medical

KKR acquired a majority stake in Probo Medical in September 2019 through its middle-market health care strategy. The firm's management team, led by founder and CEO Michael Asmer, retains a minority position. KKR's involvement provides acquisition capital and strategic oversight, positioning Probo as a platform for consolidation.

Probo generates revenue by acquiring pre-owned ultrasound, CT, MRI, and X-ray equipment — often decommissioned during hospital upgrades — refurbishing it to manufacturer specifications, and reselling or leasing it to hospitals, clinics, and veterinary practices. It also earns recurring revenue from multi-year service contracts and equipment maintenance agreements on the systems it places.

KKR is Probo Medical's majority owner and financial sponsor. The firm operates independently under its own brand and management, but KKR provides the capital and strategic framework for its acquisition-driven growth. Probo is a portfolio company within KKR's health care strategy, not a fund or separate investment vehicle.

Probo Medical's primary market is the United States, where it distributes equipment to all 50 states through its refurbishment centers in Indiana, Florida, and Texas. The firm has not publicly disclosed international distribution or service operations, focusing its consolidation strategy on the North American market.

Probo Medical specializes in pre-owned diagnostic imaging equipment. Its primary vertical is ultrasound systems — used in cardiology, radiology, OB/GYN, and veterinary medicine — but its inventory also extends to refurbished CT scanners, MRI machines, C-arms, and X-ray systems sourced from hospital system upgrades and decommissioned equipment.

Probo sources pre-owned imaging equipment primarily from large hospital systems and imaging centers that are upgrading to newer technology. Its procurement team works directly with health networks to buy decommissioned machines in bulk. The firm's scale as the largest consolidator in refurbished imaging gives it preferential access to large-trade-in and decommissioning cycles.

The refurbished imaging market remains highly fragmented, with most competitors being small regional resellers and service providers. Probo Medical's strategy of acquiring dozens of these local operators under KKR's ownership has made it the largest vertically integrated platform. Other competition includes OEMs' own refurbished-equipment divisions, such as GE HealthCare's and Siemens Healthineers' pre-owned programs.