Wakefield headquartered Prism Medical, the leading manufacturer and provider of specialist mobility and handling equipment, has completed the acquisition of The Mobility Equipment Company (“TMEC”) for an undisclosed sum.
The deal, which was transacted with support from leading mid-market private equity provider LDC, who invested in the £30million acquisition of Prism Medical in April 2014, forms part of the business’ on-going acquisitive growth strategy.
Prism Medical is the market leader in the provision of moving & handling solutions that enable the mobility disadvantaged to live at home in a safe and dignified manner, thereby helping to improve their quality of life. In addition to homecare, the business also has a significant presence in the long term care and acute care areas.
Prism Medical manufactures and supplies products under a number of market leading brands and provides a wide range of complementary services including assessment, installation, training, maintenance and after sale customer service. The business has an industry leading reputation for adding value by delivering fully serviced, high quality, patient specific solutions with a product range encompassing hoists, shower chairs, slings, baths, beds, stair lifts and other moving and handling products.
Based in Hinckley in Leicestershire, TMEC distributes, installs and services a wide range of specialist mobility equipment, with a particular specialism in the supply, installation and maintenance service of high quality stair lifts.
The acquisition of TMEC will extend Prism Medical's existing presence and direct sales drive across the Midlands region whilst significantly enhancing the business’ capabilities in stair lifts. The deal will also enhance and develop Prism Medical’s relationships with its existing customers by widening its service offering.
The deal with TMEC represents the second acquisition completed by Prism Medical since LDC backed the business, and follows the takeover of Handling Moving and Ergonomics Limited (“HME”) which was completed in September 2014. As a leading provider of specialist training to people using moving and handling equipment, this business has brought additional skills to Prism Medical’s existing expertise in the health and social care sector, effectively enabling staff to provide operational training for the equipment they install.
Prism Medical’s staff numbers have increased by ten percent as a result of the acquisitions, with the business now employing around 330 people.
Stuart Meldrum, Chief Executive of Prism Medical said: "The acquisitions of TMEC and HME in quick succession represent our ambition to accelerate growth across our business with LDC’s support. TMEC provides us with a more established presence in the Midlands from which we can further develop our existing service offering in this key region, while HME brings additional training skills and capabilities.”
Andy Lyndon, Director at LDC said: "TMEC is the second high quality acquisition completed by Prism Medical since we backed the business earlier this year, reflecting our belief that there is real scope to build the business both organically and acquisitively.
"LDC's investment strategy is to back the management teams of high performing businesses, and we’re working closely with the Prism Medical team to identify complimentary acquisition opportunities to support the businesses buy and build strategy, whilst they maintain their existing organic growth plan.”