LDC completed a significant investment to support the £30m acquisition of Prism UK Medical Limited, a manufacturer and provider of specialist movement and handling solutions, from Toronto-based TSX Venture Exchange listed business Prism Medical Limited.
The deal, which includes additional funding alongside an initial investment, will enable the company to accelerate growth, through organic expansion and strategic acquisitions. Prism will initially focus on the development and expansion of existing product and service offering within the UK market, expansion into European markets and target a number of acquisition opportunities.
Led by Stuart Meldrum, CEO, Prism provides safe patient handling solutions for disadvantaged people to live at home. In addition to homecare, the company also has business in the long term care and acute care areas. It manufactures and supplies encompassing hoists, shower chairs, slings, baths, beds, stair lifts and other moving and handling products in addition to offering a range of complementary services including assessment, installation, training, maintenance and after sale customer service.
Prism has manufacturing operations in Rhyl and Wakefield, together with a network of service centres providing national coverage across the UK, employing circa.300 staff.
As part of the transaction, Alan Pilgrim (previously CEO of Alliance Medical and Chairman of Cancer Partners UK) will join the board as Non-Executive Chairman and James Buckley (previously CEO of Tunstall Group and brings substantial M&A experience in this sector) as Non-Executive Director. LDC’s Birmingham-based Investment Director Andy Lyndon and Matt Newbold will both join the board as Non-Executive Directors.
Banking facilities were provided by HSBC in Birmingham.