The UK arm of a specialist mobility equipment manufacturer has been sold to its management in a £30m deal backed and led by the Birmingham office of private equity firm LDC .
Prism UK Medical was previously owned by Toronto-based Prism Medical which is listed on the TSX Venture Exchange.
Prism makes safe patient handling products which aim to enhance the mobility of people to enable them to live at home in a safe and dignified manner such as hoists, shower chairs, slings, baths and stair lifts.
The UK arm employs 300 staff and has manufacturing operations in Rhyl and Wakefield alongside a network of service centres.
The deal with LDC includes additional funding alongside the initial investment to accelerate growth through expansion and acquisitions.
Initially, Prism will focus on the development and expansion of its existing product and service offering within the UK market and to target Europe.
LDC's chief investment officer Martin Draper 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."
Prism chief executive Stuart Meldrum added: "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."
The deal was led by the LDC's Birmingham-based investment director Andy Lyndon, supported by Matt Newbold. Both have joined the board as non-executive directors.
Also joining the Prism board as non-executive directors are former Alliance Medical chief executive Alan Pilgrim and former Tunstall Group chief executive James Buckley.
Midlands-based advisers working on the deal included financial due dilligence from Deloitte while law firm Gateley acted for LDC.
The vendor was advised by Clearwater Corporate Finance and SGH Martineau and management were advised by Cattaneo.
Senior debt and growth cap-ex facilities were provided by HSBC in Birmingham.