• Home
  •  
    Regions
    • Europe
    • UK & Ireland
    • DACH
    • Nordic
    • France
    • Southern Europe
    • Benelux
    • CEE
    • Asia
  •  
    Deals
    • Buyouts
    • Venture
    • Exits
    • Refinancings
    • Build-up
    • Turnaround
    • Secondaries
    • Advanced deals search
  •  
    Funds
    • Buyout
    • Venture
    • Mezzanine
    • Debt
    • Funds-of-funds
    • Secondaries
    • Fundraising pipelines
    • Advanced funds search
  •  
    GPs & LPs
    • GP profiles
    • LP profiles
    • GP news
    • LP news
    • Sponsors search
    • LPs search
  •  
    Secondaries
    • Deals
    • Funds
    • News
    • Analysis
  •  
    People
    • People moves
    • Analysis
    • In Profile
    • Q&A
    • Videos
    • Comment
  •  
    Analysis
    • In Profile
    • Fundraising
    • Q&A
    • Comment
    • Videos
    • Podcast
    • Reports
    • Data Snapshots
  •  
    Unquote Data
    • Deals search
    • Exits search
    • Funds search
    • Sponsors search
    • Advisers search
    • LPs search
    • League tables
    • Reports
  • Sign in
  • Sign in
    • You are currently accessing unquote.com via your Enterprise account.

      If you already have an account please use the link below to sign in.

      If you have any problems with your access or would like to request an individual access account please contact our customer service team.

      Phone: +44 (0)203 741 1137

      Email: Georgina.Lawson@acuris.com

      • Sign in
     
      • Newsletters
      • Account details
      • Contact support
      • Sign out
     
  • Follow us
    • Twitter
    • LinkedIn
  • Free Trial
  • Subscribe
Unquote
Unquote
  • Home
  • Regions
  • Deals
  • Funds
  • GPs & LPs
  • Secondaries
  • People
  • Analysis
  • Unquote Data
  • You are currently accessing unquote.com via your Enterprise account.

    If you already have an account please use the link below to sign in.

    If you have any problems with your access or would like to request an individual access account please contact our customer service team.

    Phone: +44 (0)203 741 1137

    Email: Georgina.Lawson@acuris.com

    • Sign in
 
    • Newsletters
    • Account details
    • Contact support
    • Sign out
 
Unquote
  • Buyouts

LDC exits Prism Medical UK in SBO

  • Alessia Argentieri
  • Alessia Argentieri
  • 18 December 2018
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  

LDC, the private equity arm of Lloyds Banking Group, has sold Prism Medical UK, a manufacturer and provider of healthcare mobility equipment, to Limerston Capital.

The GP bought the company via its debut fund Limerston Capital Partners I, which held a final close in August 2017 on £220m, exceeding its £200m target. The vehicle invests in UK lower mid-market companies with EBITDA between £5-15m and potential for operational improvements.

Limerston plans to support the company’s management in this new phase of expansion by boosting the business’ growth both organically and through new add-on acquisitions.

Prism Medical UK

  • DEAL:

    SBO

  • LOCATION:

    Wakefield

  • SECTOR:

    Medical equipment

  • FOUNDED:

    1980s

  • TURNOVER:

    €40m

  • STAFF:

    450

The sale ends a four-year holding period for LDC, which acquired Prism from Toronto-based Prism Medical Limited in a £30m deal. The transaction also included additional funding alongside the initial investment to support the company's buy-and-build strategy. HSBC provided a senior debt package and growth capex facilities to support the acquisition.

Under LDC’s ownership, Prism increased its revenues by 50% and accelerated its buy-and-build strategy with the acquisition of four complementary businesses: HME, Smirthwaite, Mackworth and TMEC. In addition, the company invested in new product development by building a diversified portfolio of 180 products and increased its exports by expanding its overseas operations into new markets, including Australia and China.

Company
Established in the early 1980s and headquartered in Wakefield, Prism manufactures and provides safe handling solutions for mobility-impaired people. The company offers a full-service that includes the design, installation and maintenance of its moving, lifting, handling and bathing equipment for elderly, disabled and mobility disadvantaged clients. Prism employs 450 staff and has two manufacturing facilities located in Rhyl and Wakefield and four additional UK-based service centres. The business generated revenues of £40m in the financial year ending in November 2018, 10% of which came from outside the UK.

People
Limerston Capital - Joao Rosa (founding partner).
LDC - Matt Newbold (investment director); Andy Lyndon (head of South West and Wales).
Prism Medical UK - Stuart Meldrum (CEO).

Advisers
Acquirer – PwC (financial due diligence); Linklaters (legal); GK Strategy (regulatory due diligence).
Vendors - Clearwater International (corporate finance); Gateley (legal); EY Parthenon (commercial due diligence); KPMG (); JLT Speciality (financial due diligence); Cattaneo (corporate finance); Freeths (legal).

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Google plus  
  • Send to  
  • Topics
  • Buyouts
  • Exits
  • UK / Ireland
  • Healthcare
  • LDC
  • PwC
  • Linklaters
  • Clearwater
  • United Kingdom
  • Secondary buyout

More on Buyouts

Clinical trials and biotechnology
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • Buyouts
  • 04 September 2023
EMEA Public to Private M&A
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • Investments
  • 04 September 2023
HR software solutions providers
Main Capital’s Assessio to be sold to Pollen Street

Recruitment software company tripled in revenue under Main Capital’s ownership

  • Buyouts
  • 25 August 2023
Ice cream
Exponent divests ‘significant' stake in Meadow to Canadian investor

Since 2018, GP has diversified food ingredients company's focus beyond commodity dairy

  • Exits
  • 22 August 2023

Latest News

Fund closes in US dollars
  • Funds
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme

Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote

  • 05 September 2023
Clinical trials and biotechnology
  • Buyouts
Permira to take Ergomed private for GBP 703m

Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO

  • 04 September 2023
Public sector software
  • Exits
Partners Group to release IMs for Civica sale in mid-September

Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017

  • 04 September 2023
EMEA Public to Private M&A
  • Investments
Change of mind: Sponsors take to de-listing their own assets

EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater

  • 04 September 2023
Back to Top
  • About Unquote
  • Advertise
  • Contacts
  • About Acuris
  • Terms of Use
  • Privacy Policy
  • Group Disclaimer
  • Twitter
  • LinkedIn

© Merger Market

© Mergermarket Limited, 10 Queen Street Place, London EC4R 1BE - Company registration number 03879547

Digital publisher of the year 2010 & 2013

Digital publisher of the year 2010 & 2013