Block Imaging, a Holt, Michigan-headquartered leading U.S. provider of refurbished medical equipment, parts and service has been acquired by a joint venture consisting of imaging manufacturer Siemens Medical Solutions and CommonSpirit Health, a large non-profit health system.
Varnum represented Block Imaging in all aspects of the transaction, including negotiation of all definitive acquisition documents.
Under the agreement, Block Imaging will continue supplying parts to providers across the United States to help create a more sustainable and cost-effective fleet of imaging equipment. Terms of the deal, which closed in July, were not disclosed.
Block Imaging has six locations around the world including its large refurbishment facility in Holt. The company includes 170-plus team members serving more than 100 countries. Siemens Healthineers, based in Frankfurt, Germany, has nearly 70,000 team members across the globe. CommonSpirit is a Chicago-based nonprofit healthcare system employing more than 25,000 physicians and other advanced-practice providers, operating across 138 hospitals and 2,000 care sites.
Varnum partner Jake Droppers led the Varnum M&A team which included Chris George and Alex Campbell, negotiating the purchase and sale agreements and advising on future plans. The team was supported by Shawn Strand (tax) and John Sturgis (real estate).
“Jake Droppers and the entire Varnum team did a remarkable job from start to finish,” said Block Imaging President Josh Block. “I’m so grateful for the Varnum team’s support in helping our organization navigate the complexities of an acquisition for the first time in our history.” More information about the transaction can be found here and here.