Medical firm snapped up as Prism continues acquisitive growth strategy
YORKSHIRE’S Prism Medical has acquired a mobility equipment distributor in a deal supported by mid-market private equity firm LDC.
Hinckley-based The Mobility Equipment Company distributes, installs and services a wide range of specialist mobility equipment, with a particular specialism in the supply, installation and maintenance service of high quality stair lifts.
It has been acquired by Wakefield-headquartered Prism Medical, a leading manufacturer and provider of specialist mobility and handling equipment. Details of the deal have not been disclosed.
LDC invested £30m into the acquisition of Prism Medical in April last year. The private equity firm said the deal formed part of its acquisitive growth strategy for Prism.
Prism provides specialist equipment which allows disabled or mobility-challenged people to live a better life in their own home. In addition to homecare, the business also has a significant presence in the long term care and acute care areas.
Prism Medical manufactures and supplies products under a number of market leading brands and provides a wide range of complementary services including assessment, installation, training, maintenance and after sale customer service. The business has a reputation for adding value by delivering fully-serviced patient-specific solutions through a range of products including hoists, shower chairs, slings, baths, beds, stair lifts and other moving and handling products.
LDC said the acquisition of TMEC would extend Prism’s existing presence and direct sales drive across the Midlands region while enhancing the business’ capabilities in stair lifts. The deal will also enhance and develop Prism’s service offering.
The deal is the second acquisition completed by Prism since LDC backed the business, and follows the takeover of Handling Moving and Ergonomics, which was completed in September 2014.
The deals have seen Prism grow staff numbers by 10% and it now employs around 330 people.
Stuart Meldrum, chief executive of Prism Medical said: “The acquisitions of TMEC and HME in quick succession represent our ambition to accelerate growth across our business with LDC’s support. TMEC provides us with a more established presence in the Midlands from which we can further develop our existing service offering in this key region, while HME brings additional training skills and capabilities.”
Andy Lyndon, director at LDC said: “TMEC is the second high quality acquisition completed by Prism Medical since we backed the business earlier this year, reflecting our belief that there is real scope to build the business both organically and acquisitively.
“LDC’s investment strategy is to back the management teams of high performing businesses, and we’re working closely with the Prism Medical team to identify complimentary acquisition opportunities to support the businesses buy and build strategy, whilst they maintain their existing organic growth plan.”
