Agiliti Acquires Mobile Instrument Service & Repair, Inc.

2/19/2020

Combination expands and extends Agiliti’s clinical equipment service offering

MINNEAPOLIS--(BUSINESS WIRE)--Agiliti, Inc. (“Agiliti”), a leading, nationwide provider of healthcare technology management and service solutions, announced it has acquired Mobile Instrument Service & Repair, Inc., (“Mobile Instrument”), the third largest provider, by revenue, of surgical equipment repair services to the U.S. healthcare industry. The transaction was priced at 11x the company’s 2019 Adjusted EBITDA.

“Mobile Instrument is an exciting new addition to our leading medical device service platform,” said Tom Leonard, CEO of Agiliti. “This acquisition builds on our proven, customer-centric model for outsourced clinical engineering services.”

Like Agiliti, Mobile Instrument operates at scale, serving customers nationwide. “Our teams share a common approach based on localized, responsive service, expertly trained technicians, and certification to the quality gold-standard of ISO 13485:2016,” added Leonard. “I look forward to the value we will bring to our customers as a combined company.”

Mobile Instrument specializes in servicing flexible and rigid endoscopes, powered surgical equipment, general and laparoscopic handheld instruments, video cameras and processing systems, case carts and rolling stock sterilizers. Headquartered in Ohio, the business operates through a network of more than 200 mobile repair labs along with satellite repair facilities in Tennessee, Missouri, Kansas and Southern California.

“Our founders helped pioneer the delivery of onsite clinical equipment repair more than 40 years ago,” said David Anbari, CEO of Mobile Instrument. “Since then, we’ve maintained a strong reputation as a highly skilled and reliable partner to our healthcare customers. Agiliti provides a platform that will enable us to grow within a broader, value-based solution portfolio. I see tremendous potential for us and for our customers as we combine our offerings.”

Leonard added, “Our Equipment Value Management solution provides a flexible roadmap to lower the cost and complexity of acquiring, owning and managing medical equipment. Within that framework, we help healthcare providers address the critical need to efficiently manage and maintain a growing and ever more complex range of equipment and technology across the spectrum of care. Our services help optimize the clinical, financial and operational health of our customers, and we remain committed to building and investing in capabilities that further expand and strengthen our unique role in healthcare.”

About Agiliti, Inc.
Agiliti, Inc. (formerly Universal Hospital Services) is a leading nationwide provider of healthcare technology management and service solutions to the healthcare industry. Agiliti owns or manages more than 800,000 units of medical equipment for approximately 7,000 national, regional and local acute care hospitals and alternate site providers across the U.S. For nearly eight decades, Agiliti has delivered medical equipment management and service solutions that help clients reduce costs, increase operating efficiencies, improve caregiver satisfaction and support optimal patient outcomes. More information is available at www.agilitihealth.com.

About Mobile Instrument Service & Repair
Mobile Instrument Service & Repair is a national independent service organization and ISO 13485:2016 certified provider of surgical equipment repair services to the healthcare industry. More information is available at www.mobileinstrument.com.

Contacts
James Pekarek
Agiliti, Executive Vice President and Chief Financial Officer
james.pekarek@agilitihealth.com

Kate Kaiser
Agiliti, Vice President, Corporate Communication and Investor Relations
kate.kaiser@agilitihealth.com