Alpha Source Group of Milwaukee, which has been owned by Baird Capital since 2015, was sold to Tampa medical device company Probo Medical in a deal that Probo said significantly expands its diagnostic-imaging solutions platform.
Financial terms were not disclosed for the transaction announced on Thursday. Baird Capital’s parent company, Milwaukee-based Baird, didn’t immediately respond to a Milwaukee Business Journal request for comment.
Alpha Source Group is comprised of subsidiaries Alpha Source Biomed Solutions, BC Technical Imaging Solutions and Medical Optics Surgical Solutions, according to a press release from Probo Medical.
Probo Medical has rapidly expanded through acquisitions since New York private equity giant Avista Capital Partners acquired a majority stake in the company for a reported $450 million in early 2022, according to Milwaukee Business Journal sister publication the Tampa Bay Business Journal.
Avista Capital acquired Probo from Varsity Healthcare Partners, which initially backed Probo with a growth capital investment in 2018.
Probo moved its headquarters from Fishers, Indiana, to Tampa in 2018 after merging with Tampa-based MedCorp LLC to form one of the largest ultrasound system resell and repair companies in the U.S.
Alpha Source was founded in 1986 and delivers technical field service, depot repair, equipment refurbishment and resale and parts distribution solutions to the North American health care market, according to the press release.
Alpha Source customers include original equipment manufacturers, independent service organizations, asset managers, hospitals, distributors and resellers.
The Milwaukee company has over 100 field-based engineers and offices in Milwaukee; Salt Lake City; Jeffersonville, Indiana; and Tamarac, Florida. Those centers work with medical equipment including nuclear medicine, PET, CT, MRI, PET/CT, ultrasound, bone mineral density, medical batteries and biomedical equipment.
Probo Medical CEO Michael Asmer, said Alpha Source's capabilities, team and relationships provide his company “with the ability to extend that platform wider and deeper into new imaging modalities.”
Baird Capital is the Chicago-based venture capital and private equity arm of Milwaukee's Robert W. Baird & Co. Inc.
Baird Capital acquired Alpha Source in March 2015 with the intention of building a diverse medical device service, repair and parts distribution business. After the Baird acquisition, Alpha Source continued making strategic acquisitions including BC Technical in November 2017.
Alpha Source’s headquarters is on West Calumet Road on Milwaukee’s northwest side.
