UK mid-market firm LDC has completed an investment to support the £30m acquisition of Prism UK Medical, a leading manufacturer and provider of specialist movement and handling solutions, from Toronto-based TSX Venture Exchange-listed business Prism Medical.
Prism manufactures and supplies products under a number of brands in addition to offering a range of complementary services including assessment, installation, training, maintenance and after sale customer service.
Prism has manufacturing operations in Rhyl and Wakefield, together with a network of strategically located service centres providing national coverage across the UK, employing 300 staff.
The deal with LDC includes additional funding alongside the initial investment to accelerate growth, through organic expansion and strategic acquisitions. Initially, Prism will focus on the development and expansion of Prism’s existing product and service offering within the UK market, expansion into key European markets and target a number of acquisition opportunities, it said.
Martin Draper, CIO at LDC said, “In Prism we are partnering 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.
“As part of the transaction, the team will be further supported by the appointment of Alan Pilgrim as non-executive chairman and James Buckley as non-executive director.
The deal with Prism represents LDC’s fifth new investment of 2014, having invested over £50m of new funding, together with more than £30m of capital to support portfolio business acquisitions. Last year LDC invested over £409m across 22 investments.
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