Acquisition deal to snap up healthcare specialist
Limerston Capital backed Prism Medical Healthcare has completed the acquisition of Harvest Healthcare for an undisclosed sum.
Prism Medical supports customers in a range of care environments, such as homes, care homes and hospitals, and provides a full-service that includes the design, installation and servicing of its equipment across the homecare, long-term and acute care markets.
The group operates from eight UK locations and employs about 450 staff delivering a portfolio of 180 products.
South Yorkshire-based Harvest offer a range of pressure care equipment from profiling beds, static and active mattresses and cushions through to moving and handling equipment as well as a full range of services including replacement, servicing and repair.
Since Limerston Capital invested in Prism Medical in December 2018, the group has extended its presence in the UK with the acquisition of patient lifting and bathing supplier Assured Healthcare in Scotland and extended its products range with the acquisition of the moving and handling manufacturer Care-ability.
The acquisition of Harvest allows Prism Medical to enter the pressure area care market and substantially increases the group’s reach in care homes, hospitals and loan stores.
A spokesman for Limerston Capital said: “Prism Medical has seen considerable investment and solid progress since our acquisition, benefiting from both strong organic growth and a successful acquisition strategy.
“This acquisition is another step in our plan to build the leading manufacturer and service provider of mobility and care equipment.”
Stuart Meldrum, chief executive of Prism Medical said: “The investment from Limerston Capital has been vital to our growth strategy.
“This acquisition will significantly increase the size of our business, and demonstrates the commitment of our investors, Limerston Capital, to the continued growth of Prism Medical.
“We would like to thank our financing banks HSBC and Investec for the continued support of our growth strategy.”