Three Leading National Medical Device Service And Manufacturing Companies Combine To Form Innovatus Imaging Corporation

PITTSBURGH, Sept. 6, 2017 /PRNewswire/ -- Innovatus Imaging Corporation, 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:

• Pittsburgh-based Multi Vendor Service (MVS), acquired from Bayer Corporation, is a market leader in the third-party service business for radiology devices including ultrasound probes, magnetic resonance (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 (COO) of Innovatus Imaging.
  
  
• Tulsa-based 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. Dennis Wulf, who becomes chief executive officer (CEO) of Innovatus Imaging, most recently served as president of Wetsco and CEO of MDMT.
  
  
• Denver-based MD MedTech, LLC (MDMT), which designs and manufactures specialty medical ultrasound products for the OEM, third-party repair and research markets. MDMT was co-founded by Michael LaBree, who becomes Innovatus Imaging's chief technology officer (CTO).

Innovatus Imaging also has reached a definitive agreement to acquire the European operations of MVS, based in Maastricht, 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," said Wulf. "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."

Added Kollitz, "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."

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. Through careful transition and integration planning, Innovatus Imaging is targeting zero impact to customers and will continue to provide the same service levels its customers are used to receiving.

Among the radiology modalities that Innovatus Imaging will concentrate on are:

• Magnetic Resonance
• MR Coils – Service of radio frequency antennae that are used in MR scans to receive a signal from the area of interest during a study, and transmit it to the scanner for processing and image creation. MR Coils are peripheral devices and come in many different shapes, size, and complexities to accommodate different areas of interest and scans.
  
  
• Ultrasound
• Ultrasound Probes – Service of peripheral devices that create the ultrasound waves, and receive back the echoes from the area of interest for processing and image creation by the ultrasound scanner. Ultrasound probes come in many different shapes, sizes and styles for various imaging procedures including surface probes, endo-cavity probes and trans-esophageal probes for cardiac imaging.
• Specialty Ultrasound Manufacturing – Design and manufacturing of ultrasound probes and probe array modules for specialty applications including needle guidance and tracking, laparoscopic and robotic surgery, neurosurgery and other procedures that require custom-designed ultrasound related probes or components.
  
  
• X-Ray
• Imaging Product Services (or Imager Service) – Field-based service offering for dry film printers which print images from all imaging modalities on hard copy film, and Computed Radiography (or CR) readers, which read and convert x-ray-excited phosphorous plates into a digital image in the traditional x-ray modality.
• Digital Radiography – Sale of new digital radiography (DR) detectors that enable imaging departments to upgrade existing analog x-ray rooms and portable units into digital radiography systems.

About Innovatus Imaging Corporation

Innovatus Imaging was established in 2017 through the acquisition of three leading medical device service and manufacturing companies. Today, Innovatus Imaging provides best-in-class customer service and repair capabilities for radiology devices including ultrasound probes, magnetic resonance imaging (MR) Coils, computed radiography readers and dry film printers. In addition, Innovatus Imaging sells and installs digital radiography detectors and manufactures specialty ultrasound products. Its predecessor companies include the U.S. third-party radiology device service business of Bayer's Multi Vendor Service (MVS); Wetsco, Inc.; and MD MedTech, LLC (MDMT). Innovatus Imaging is owned by funds managed by private equity firm Resilience Capital Partners and North Park Capital Partners.

Contact:
Jeff Jones
For Innovatus Imaging
412.642.7700
[email protected]

SOURCE Innovatus Imaging Corporation