Clearwater Corporate Finance has advised Toronto-based Prism Medical Ltd on the sale of its UK subsidiary, through a management buyout backed by LDC.
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. It also supplies products to the residential care market and hospital market. Prism manufactures products under a number of market leading brands as well as offering a range of complementary services that include assessment, installation, training, maintenance and after sale customer services – over a network of service centres providing national coverage across the UK.
A team at Clearwater Corporate Finance advised the vendor, led by partner Paul Newell with support from director Ramesh Jassal and manager Mark Gillingham. Partner Chris Smith and assistant director Alex Patey of Clearwater’s Debt Advisory team also advised the acquirer on financing the transaction.
Ramesh Jassal, director of Healthcare Intelligence at Clearwater, said: “As the government continue to ration budgets and integrate health and social care, we will observe more of the budget being used to take care of individuals in their own home as a default position. This means Prism is in a strong position to benefit from this trend.”
Paul Newell, partner at Clearwater, commented: “Clearwater is delighted to have assisted Prism Medical in its strategic objective to exit the UK. The listed Canadian group has spent 12 years consolidating the UK’s fragmented Moving and Handling Equipment market, making multiple acquisitions alongside organic growth. The management team buy the business with the blessing of the group and the ongoing support of LDC and HSBC. This was a transaction funded and advised on both sides by the Midlands Corporate Finance community. Long term local relationships helped enormously whenever challenges arose.”
Andy McIntyre, chief executive of Prism Medical, added: “We are very pleased to have unlocked significant shareholder value as a result of this transaction. As a result of the sale of the UK operations, we expect to focus on the North American market for our products and services. We deeply appreciate our UK experience; wish the company and its management well, with special thanks to our advisory team led by Clearwater.”