LDC acquires Prism in £30m deal

The deal includes additional funding alongside the initial investment to support the firm's buy-and-build strategy. Prism will focus on developing its existing products and services, expanding into European markets and targeting further acquisition opportunities.

LDC chief investment officer Martin Draper cited the attractiveness of the market as a reason for investing in Prism, noting the aging population and the need for more effective healthcare delivery.

HSBC provided a senior debt package and growth capex facilities to support the acquisition.

The deal is LDC's fifth of 2014, including last month's minority investment in Warrington-based CEL Procurement. In January 2014, LDC took a majority stake in Bluestone Group, a Cambridge-based financial services business providing loans and debt servicing.

Company
Headquartered in Wakefield, Prism provides safe handling solutions for mobility-impaired people. It operates in the long-term and acute-care areas, manufacturing and supplying brand-named products. The company also offers installation and maintenance services.

The firm's manufacturing operations are based in Rhyl and Wakefield, with four additional UK-based service centres. Around 300 staff are employed by the firm, which was founded in the early 1980s.

People
The deal was led by Birmingham-based investment director Andy Lyndon, supported by Matt Newbold, who will both join the Prism board as non-executive directors. Stuart Meldrum is chief executive at Prism. Martin Draper is chief investment officer at LDC.

Advisers
Equity – Deloitte (Financial due diligence); Gateley (Legal).
Vendor – Clearwater Corporate Finance (Corporate finance); SGH Martineau (Legal).
Management – Cattaneo (Corporate finance).

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• Topics
• UK / Ireland
• Healthcare
• Buyouts
• United Kingdom
• LDC