Prism is the market leader in the provision of safe patient handling solutions that enable the mobility disadvantaged to live at home in a safe and dignified manner, improving their quality of life. In addition to homecare, Prism also has significant business in the long term care and acute care areas. Prism manufactures and supplies products under a number of market leading brands in addition to offering a 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.
Prism has significant manufacturing operations in Rhyl and Wakefield, together with a network of strategically located service centres providing national coverage across the UK, employing circa.300 staff.
The deal with LDC includes additional funding alongside the initial investment to accelerate growth, through organic expansion and strategic acquisitions. Initially, Prism will focus on the development and expansion of Prism’s existing product and service offering within the UK market, expansion into key European markets and target a number of acquisition opportunities.
Commenting on the investment, Martin Draper, Chief Investment Officer at LDC said: “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.
The deal was led by Birmingham-based Investment Director Andy Lyndon, supported by Matt Newbold. Both will join the board as Non-Executive Directors with immediate effect.
Stuart Meldrum, Chief Executive at Prism said: “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.”
The transaction was completed with support from a number of Midlands-based advisors and funders, including Deloitte, who provided financial due diligence, and Gateley, who acted as legal adviser to LDC. The vendor was advised by Clearwater Corporate Finance and SGH Martineau, and management were advised by Cattaneo LLP. Banking facilities were provided by HSBC in Birmingham who provided a package of senior debt plus growth cap-ex facilities to support the acquisition.