Mon, 14 Apr 2014 | DIVISION SALE
Medical equipment maker Prism Medical has sold its British operations for £30 million.
Based in Toronto, Canada, the business runs sites in Wakefield, Wigan, Hampshire, Leicestershire and Rhyl. Its 300-strong workforce in the UK supplies moving, handling and bathing solutions to the social and care industries through the UK healthcare market, and to dealers across Europe and the Middle East.
Prism Medical’s West Yorkshire business, called the Westholme Division, makes slings, and has been part of the group since 2002.
Private equity firm LDC supported the sale, and Clearwater Corporate Finance advised Prism.
The deal will enable Prism Medical to focus on selling its products, which include hoists, shower chairs and stair lifts, to the expanding North American market.
The executive chairman and CEO of Prism Medical, Andy McIntyre said: “As a result of the sale of the UK operations we expect to considerably reduce our administrative expenses and focus our human and financial capital on the growing North American market for our products and services.
“We believe this renewed focus in familiar and adjacent markets offers more attractive prospects than what we can achieve in the more mature European markets.”
The arrangement with LDC will involve extra funding to facilitate growth, through organic expansion and acquisitions. To start with Prism will dedicate its energy to develop and expand its existing offerings in the British market, grow into key European markets and stay on the look out for possible business purchases.
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