Wakefield headquartered Prism Medical, a manufacturer and provider of specialist mobility and handling equipment, has completed the acquisition of Smirthwaite Limited for an undisclosed sum.
The deal with Smirthwaite represents the fourth acquisition completed by Prism Medical since the GBP30million MBO supported by LDC in April 2014. During LDC’s tenure, Prism Medical's staff numbers have grown by 130 people as a result of acquisitive and organic growth, with the business now employing a total of 430 people.
Prism Medical is the market leader in the provision of moving & handling solutions that enable the mobility disadvantaged to live at home in a safe and dignified manner, thereby helping to improve their quality of life. In addition to homecare, the business also has a significant presence in the long term care and acute care areas.
Prism Medical manufactures and supplies products under a number of market leading brands and provides a wide range of complementary services including assessment, installation, training, maintenance and after sale customer service. 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.
Devon-based Smirthwaite has a thirty year trading history and is a leading manufacturer and supplier of a wide range of specialist equipment for children and young people with special needs. Its products provide assistance in the areas of seating, standing, toiletting, bathing, changing and showering, and have numerous clinical benefits to help social inclusion, independence and ease of use.
The acquisition of Smirthwaite will further strengthen Prism Medical’s existing presence and capabilities in products specifically intended to assist young people with special needs, whilst also consolidating the business’ growing market share in specialist moving, handling and bathing equipment. Following the transaction, Prism Medical’s annualised turnover is forecast to be GBP40million.
Smirthwaite’s team of 65 employees will continue to operate from their existing premises in Newton Abbot in Devon, with Managing Director Richard Snape remaining with the business.
Commenting on the acquisition, Stuart Meldrum, Chief Executive of Prism Medical, says: “For some time Prism Medical has wanted to extend its offering into paediatric products so that we can serve more of the people in society who need our help.
“In Smirthwaite we have acquired an excellent company that has demonstrated significant growth in recent years, and has developed a range of products which are highly regarded by its customers. Our aim is to deliver superior solutions with exceptional service and the acquisition of Smirthwaite will further underpin this objective.”
Andy Lyndon (pictured), Director at LDC, says: “This transaction represents another key milestone in our investment strategy to support the continued growth of Prism Medical and demonstrates the management team’s on-going ambition and commitment to deliver acquisitive growth.
“As part of our initial investment strategy with Prism Medical, we committed to actively supporting the business’ ‘buy and build’ strategy in order to drive growth and we will continue to work alongside the management team to identify and execute viable acquisition opportunities going forward.”
LDC’s on-going commitment is to invest in leading regional mid-market businesses, backing high calibre management teams. LDC recently announced plans to invest GBP1.2billion of equity into Britain’s mid-market businesses over the next three years.
