LDC completes exit from £40m healthcare equipment manufacturer
LDC, the mid-market private equity investor, has completed the sale of its stake in a Wakefield-headquartered manufacturer and provider of specialist healthcare equipment.
Prism Medical UK specialises in moving, handling and bathing equipment for elderly, disabled and mobility disadvantaged clients
The £40m-turnover company provides a full-service that includes the design, installation and servicing of its equipment across the homecare, long-term and acute care markets.
With 450 employees, the company also operates from sites in Hinckley, Winchester, Wigan, Rhyl and Bridgend.
LDC first backed the management buyout of Prism in April 2014, and has since supported CEO Stuart Meldrum and his management team.
During this time, LDC has helped with the acquisition of four complementary businesses – HME, Smirthwaite, Mackworth and TMEC.
Over the same period, Prism has also built a portfolio of more than 180 products and expanded overseas to new markets including Australia and China. International sales now account for 10% of turnover.
Stuart Meldrum, CEO of Prism Medical UK, said: “Our partnership with LDC provided the financial firepower and strategic guidance we needed to kick-start an acquisitive growth strategy and the team’s support has been instrumental in helping us to achieve our ambitions.
“They have helped to guide a growth journey that has ultimately seen us expand across the UK, ramp up exports and enter new market segments – all of which means we can bring more of our market leading products to those who need it the most.
“The past four years have been a period of true transformation and we now have an even stronger platform on which to build as we enter the next stage of our journey with Limerston Capital.”
The sale was led by investment director Matt Newbold and head of South West and Wales Andy Lyndon.
Matt Newbold, investment director at LDC in Birmingham, added: “Over the past four years Stuart and his team have built a truly formidable business – one underpinned by the quality of its product, service and proposition.
“While quality is vital for any business operating in the care sector, this unwavering focus, combined with astute management, has helped Prism to deliver strong and sustainable growth. It’s been a pleasure to support Stuart and his team and we wish them every success on the next phase of their growth journey.”
Prism Medial UK and the shareholders were advised by Clearwater International and Gateley PLC, with EY Parthenon, KPMG and JLT Speciality providing due diligence support. Management were advised by Cattaneo Corporate Finance and Freeths.
