Limerston-backed Prism acquires Repose

Since Limerston Capital invested in Prism Healthcare in December 2018, the group has acquired patient lifting and bathing supplier Assured Healthcare, moving and handling manufacturer Care-ability and pressure area care company Harvest. The acquisition of Repose is expected to extend Harvest's range of products sold into both long-term care and local authority equipment loan stores.

The GP bought Prism 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 of £5-15m and potential for operational improvements.

The sale is the end of a four-year holding period for LDC, which acquired Prism from Toronto-based Prism Medical 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.

Company
Based in Cradley Heath, Repose designs, manufactures and distributes rise and recliner chairs for the healthcare sector in the UK and internationally. The company generates revenue of £7m and EBITDA of £1.7m.

People
Limerston Capital – Martim Avillez, Joao Rosa (founding partners).

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• Topics
• Expansion
• UK / Ireland
• Healthcare
• United Kingdom
• Buy-and-build
• Build-up