Led by CEO Stuart Meldrum, Prism is the market leader in the provision of safe patient handling solutions that enable the mobility disadvantaged to live at home in a safe and dignified manner, improving their quality of life. In addition to homecare, Prism also has significant business in the long term care and acute care areas.
The business has an industry leading reputation for adding value by delivering fully serviced, high quality, patient specific solutions with a product range encompassing hoists, shower chairs, slings, baths, beds, stair lifts and other moving and handling products.
Prism has manufacturing operations in Rhyl and Wakefield, together with a network of strategically located service centres providing national coverage across the UK, employing circa.300 staff.
Cattaneo LLP led negotiations on behalf of the management team and also acted for Newco. Equity funding was provided by LDC with senior debt, growth capital and working capital facilities provided by HSBC. The structure includes additional funding alongside the initial investment to accelerate growth, through organic expansion and strategic acquisitions.
Stuart and the management team are supported by Alan Pilgrim as Non-Executive Chairman and James Buckley as Non-Executive Director who were appointed on completion of the transaction. Previously CEO of Alliance Medical and Chairman of Cancer Partners UK, Alan has a successful track record of working in the UK and international healthcare sector. James was previously CEO of Tunstall Group and brings substantial M&A experience in the sector.
Stuart Meldrum, Prism Chief Executive said:
“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. Looking forward, we anticipate that LDC’s support will allow us to further strengthen our UK market leading position, expand the company’s business into Europe and accelerate growth through acquisitions whilst maintaining our reputation for provision of high quality products and services to our valued UK and European customers, existing and new. We are very grateful for Cattaneo’s clear thinking and straightforward advice that has helped us be able to complete the transaction.”
Commenting on behalf of Cattaneo LLP, Gary Hyem said:
“Prism is a market leader in an exciting market place, driven by strong fundamentals, including an ageing population and the need to deliver healthcare more effectively in the community and within care facilities.” Charles Cattaneo added: “We are delighted that our team has worked closely with Stuart and the team over a number of years and look forward to working with them on the next chapter of their success story.”