The corporate division of Birmingham law firm Martineau has acted for a Canadian medical firm in the acquisition of two domestic mobility companies.
Prism Medical successfully acquired Test Valley Mobility and Saluss, with the deals representing a total investment of more than £2 million into the UK economy.
It also gives the Ontario firm the number-one position in the UK patient handling equipment market, significantly boosting its dealership network.
The patient handling equipment market, which includes devices such as hoists, lifts and door openers, is a growth market in the UK, supported by a significant demographic shift towards an ageing population and increased Government funding in this sector.
Stuart Meldrum, the Prism UK chief executive, said: “We have a strong presence in the UK with existing operations but the acquisition of Test Valley Mobility and Saluss gives us a significant lead in terms of our ability to fulfil and service NHS contracts and national care home groups.
“Both Saluss and Test Valley Mobility have a significant foothold in the patient handling and mobility market and we are keen to acquire the expertise of Test Valley Mobility in areas of the patient handling market that we do not currently supply such as door openers and floor lifts.
“Similarly, the acquisition of Saluss effectively doubles the size of our existing UK servicing and repair division.”
Martineau has worked with Prism Medical for more than ten years.
Corporate finance partner Richard Underwood said: “It’s a fantastic achievement for Martineau to be in the thick of work coming into the UK from overseas that may have traditionally gone to London firms.
“We expect to work closely with the firm as it continues to invest in the UK market.”
Martineau said it expected to see growth and continued investment in the patient handling equipment market which is boosted by a shift towards elderly and disabled people being given more flexible home care options versus traditional institutionalised care.
Mr Underwood said: “Prism Medical recognises that the UK shift towards an ageing population coupled with government funding into the provision of greater home care means the UK market requires a more consolidated network of patient handling equipment providers.
“The acquisition of Saluss and Test Valley Mobility will allow Prism Medical to plug this gap in the UK market which will ultimately result in better service provision for patients, care homes and hospitals.”