Innovatus Imaging Corp., a newly created holding company formed by private equity firm Resilience Capital Partners and other co-investors, announced that it has acquired three leading medical device service and manufacturing companies including Bayer Multi Vendor Service (MVS), of Pittsburgh, Westco, based in Tulsa, Okla., and MD MedTech (MDMT), of Denver.
Innovatus Imaging also has reached a definitive agreement to acquire the European operations of MVS, based in the Netherlands. This transaction is expected to close by March 31, 2018. In the interim, Innovatus Imaging will continue to serve European customers through a transitional service agreement with Bayer.
“Combining the legacy Bayer MVS, Wetsco, and MDMT units to create Innovatus Imaging fuels our ability to support customers and the imaging community with expanded service offerings and new products,” says Dennis Wulf, who becomes chief executive officer (CEO) of Innovatus Imaging and most recently served as president of Wetsco and CEO of MDMT. “The combination will enable us to expand our offerings in such growth areas as medical equipment repair and help develop new and innovative products in the medical imaging space.”
Acquired from Bayer Corp., MVS is a market leader in the third-party service business for radiology devices including ultrasound probes, MR coils, computed radiography (CR) readers, dry film printers, and the sale of digital radiography retrofit devices.
MVS provides repair and maintenance primarily for non-Bayer radiology devices, while Bayer will continue to focus on providing service support for its own radiology devices. Bill Kollitz, general manager of MVS, becomes president and chief operating officer of Innovatus Imaging.
Wetsco, a leading third-party ultrasound probe repair provider that has had an exclusive agreement with MVS since 2008, specializes in repair and capability development on standard and 3D/4D probes.
MDMT, which designs and manufactures specialty medical ultrasound products for the OEM, third-party repair, and research markets, was co-founded by Michael LaBree, who becomes Innovatus Imaging’s chief technology officer.
“The combination of these three businesses creates an unparalleled opportunity to expand the value of what we offer and provides strategic resources and services that will benefit healthcare organizations throughout the world,” says Kollitz.
Before becoming part of Innovatus Imaging, all three units had worked closely together for more than a decade, entering into a focused strategic alliance and supplier relationship to better serve their growing base of customers. Headquartered in Pittsburgh, Innovatus Imaging will continue to maintain major hubs in Tulsa and Denver. The company currently employs more than 170 people at these facilities.