Prism Medical UK is pleased to announce that private equity specialist LDC has completed a significant investment to support the £30million acquisition of Prism UK Medical Limited from Toronto-based TSX Venture Exchange listed business Prism Medical Limited.
The deal with LDC includes additional funding alongside the initial investment to accelerate growth, through organic expansion and strategic acquisitions. Initially, Prism will focus on the development and expansion of Prism’s existing product and service offering within the UK market, expansion into key European markets and target a number of acquisition opportunities.
Commenting on the investment, Martin Draper, Chief Investment Officer at LDC 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.
“As part of the transaction, the team will be further supported by the appointment of Alan Pilgrim as Non-Executive Chairman and James Buckley as Non-Executive Director. Previously CEO of Alliance Medical and Chairman of Cancer Partners UK, Mr Pilgrim has a successful track record of working in the UK and international healthcare sector, while Mr Buckley was previously CEO of Tunstall Group and brings substantial M&A experience in this sector.”
The deal was led by Birmingham-based Investment Director Andy Lyndon, supported by Matt Newbold. Both will join the board as Non-Executive Directors with immediate effect.
Stuart Meldrum, Chief Executive at Prism 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.”