LDC leads “significant investment” in Prism UK Medical Limited to support £30m acquisition from Canadian Prism Medical Limited
Deal to help “accelerate growth” of patient care handling solutions provider
Private equity firm LDC, an arm of Lloyds Banking Group, has closed a “significant investment” in patient movement and handling solution provider Prism UK Medical Limited (Prism), to support its £30m acquisition from Toronto-based parent company Prism Medical Limited.
As part of the transaction, former CEO of Alliance Medical’ Alan Pilgrim has been appointed as Prism’s non-executive chairman whilst ex-CEO of Tunstall Group; James Buckley, LDC investment director; Andy Lyndon, and LDC investment manager; Matt Newbold, will be joining the company’s board as non-executive directors.
Founded in 1996, Prism says it is the market leader in the manufacture and supply of safe patient handling solutions, such as hoists, shower chairs, slings, baths, beds and stair lifts, which enable those with mobility issues to live at home “in a safe and dignified manner”.
It also specialises in products that offer long term care and acute care and provides a range of additional services to clients, including product installation, training and maintenance.
With its central manufacturing centres located in Welsh town Rhyl and Yorkshire city Wakefield and regional service offices operating across the UK, Prism intends to use the funding to develop and expand its product offering within the UK market and enter key European markets.
It also plans to pursue a “number of strategic acquisition opportunities”.
The deal marks LDC’s fifth new investment of 2014, having invested over £50m so far to support client business acquisitions, with £409m invested last year.
Prism UK Medical Limited chief executive, Stuart Meldrum, discussed the deal:
“LDC’s investment and support brings additional strategic focus and financial backing to our business and reflects the confidence both parties have in Prism’s continued growth.
“Looking forward, we anticipate that LDC’s support will allow us to further strengthen our UK market leading position, expand the company’s business into Europe and accelerate growth through acquisitions whilst maintaining our reputation for provision of high quality products and services to our valued UK and European customers, existing and new.”
Martin Draper, chief investment officer at LDC, continued: “In Prism we are partnering with a high quality management team led by Stuart Meldrum and a business operating in an attractive market driven by strong fundamentals, including an ageing population and the need to deliver health care more effectively in the community.
“The management team has successfully implemented a strategic plan to capitalise on the market opportunity going forward and we will work closely with them to accelerate the business’ expansion strategy.”