Prism Medical UK provides safe patient handling services such as hoists, shower chairs, slings and stair lifts. The deal also includes an injection of growth capital for the business aimed at organic expansion and strategic acquisitions.
According to LDC, Prism in the UK will now begin building out its products and service in Britain before then branching out into what it has identified as ‘key European markets’ where it will seek to identify acquisitions.
Stuart Meldrum, CEO at Prism, comments, ‘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.’
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To coincide with the exit of its US parent company and introduction of LDC, Prism Medical UK has hired Alan Pilgrim as a non-executive chairman and James Buckley as a non-executive director.
Pilgrim has served as CEO of Alliance Medical and chairman of Cancer Partners UK while Buckley has held the role of CEO of Tunstall Group and is said to bring experience relating to mergers and acquisitions. LDC investment directors Andy Lyndon and Matt Newhold will also be joining the board as non-executive directors.
Prism’s current UK set up consists of manufacturing operations in Rhyl and Wakefield alongside a network of service centres. Its total staff count stands at 300 people.
Martin Draper, chief investment officer at LDC, adds, ‘In Prism we are patterning 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.’