Probo Medical

Probo Medical

Founded in 2014 by CEO Michael Asmer, Probo Medical began as a broker of refurbished ultrasound equipment and quickly expanded into a vertically integrated platform spanning procurement, refurbishment, sales, and service. The firm operates out of Fishers, Indiana, and targets the growing market for cost-effective diagnostic imaging, serving both human healthcare providers and veterinary clinics across the United States. Its scale comes from a buy-and-build consolidation strategy that aggregates regional equipment resellers and service providers. Probo's strategy centers on acquiring, refurbishing, and reselling pre-owned diagnostic imaging systems — primarily ultrasound, but also including CT, MRI, and X-ray — to hospitals, clinics, and veterinary practices. It generates revenue through equipment sales, leasing, and multi-year service contracts. The firm's geographic footprint is concentrated in North America, with distribution to all 50 states, and it has expanded its customer base from acute-care hospitals to ambulatory surgery centers and veterinary chains like VCA. KKR's 2019 acquisition through its middle-market health care strategy provided the capital for Probo to acquire more than a dozen smaller equipment resellers and service providers, deepening its inventory and technical workforce. KKR acquired a majority stake in Probo Medical in September 2019 (per KKR press release, September 2019), and the firm subsequently accelerated its acquisition pace under the private equity sponsor's ownership. In March 2024, Probo acquired Pacific Ultrasound, a Washington-state-based refurbished imaging equipment distributor, further consolidating its position in the veterinary vertical (public record). The firm operates additional refurbishment and distribution centers in Florida and Texas, with a workforce that has grown through its serial acquisitions. No disclosed AUM or total deployment figure is publicly available; Probo operates as a KKR portfolio company rather than a standalone fund. Probo's structural differentiator is its vertical-integration model within refurbished imaging: it controls procurement (sourcing used equipment from hospital system upgrades), technical refurbishment (in-house biomedical engineers recertify every unit), distribution, and ongoing field service. This full-stack control, combined with KKR's capital backing for roll-up acquisitions, creates an inventory scale that independent regional resellers cannot match. The firm is subject to KKR's eventual exit timeline, which will define its next ownership structure — whether through a strategic sale, secondary buyout, or public listing.