Clearwater International 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. The business 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 service – over a network of service centres providing national coverage across the UK.
A team at Clearwater International 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 debt financing for the transaction, after running a competitive process with funders.
“We first met Clearwater in 2005 as they advised us on a major acquisition of a competitor. In early 2013 we began to consider the divestiture of our UK holdings and again consulted Clearwater, retaining Paul Newell and his team to evaluate our situation, recommend a course of action and expedite any resulting process. They provided high calibre advice and exhibited a relentless drive to get things done. More than anything, what impressed me was the ability of Paul Newell to bring buyer and seller together – it’s an art which he has mastered. I can recommend Clearwater as accomplished deal makers, classic investment advisors and people of high ethical standards who work for much more than just the fees.”
Andy McIntyre, CEO, Prism Medical Inc
“Clearwater International 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.”
Paul Newell, Partner, Clearwater International