2nd February 2022 - Limerston Capital LLP (“Limerston Capital”) has completed a partial exit of Prism Healthcare (“Prism”), UK's largest manufacturer and services provider in the patient handling and mobility market, to Charme Capital Partners. The sale realised a return for Limerston Capital of 34% IRR. Following the transaction Limerston Capital has retained a material minority in the group.
Headquartered in Wakefield, Yorkshire, Prism Healthcare has a diverse portfolio of UK manufactured equipment, including safe patient handling, bathing, accessibility and pressure area care products. Its products provide healthcare professionals with affordable, clinically effective solutions to help disabled and mobility disadvantaged people remain mobile and active in their own homes, in long term care facilities or in acute care environments.
Prism Healthcare employs over 650 people and operates from across nine UK locations, with a network of international distributors working across UK, EU and global markets. The Group’s customers include both public authorities and private providers, helping healthcare professionals provide excellent care, promote learning, aid movement or recovery, and support independence. Prism Healthcare develops, delivers, installs and services bespoke equipment that delivers vital improvements to the quality of life of its end users, with rapid response times enabled by its UK manufacturing footprint and nationwide team of engineers and assessors. The Group also has a strong product development pipeline, with a dedicated team continuously improving existing products and developing new ones to improve functionality for both users and carers.
Under Limerston’s ownership and guidance, Prism Healthcare has consolidated its position as a market leader. Over the last three years the business has doubled in size, successfully completing four add-on acquisitions, broadening its product range to become the most comprehensive in the country and expanding into new geographic areas to provide full UK coverage.
João Rosa, Limerston Capital Founding Partner, said: “Throughout our ownership, we have taken a hands-on approach to support Prism in its operational transformational journey and to execute ambitious growth plans which have seen the acquisition of four complementary businesses. As a result, Prism is now the largest operator in the UK market, with further potential for sustained growth. Our decision to retain a partial interest in the business is testament to our faith in its future and we look forward to working alongside Charme and the Prism management team in what promises to be an exciting period for the company.”
Julian Huxtable, Partner at Charme Capital Partners, said: “We are delighted to be investing in Prism Healthcare and look forward to working closely with its management team to support the next phase of the Group’s expansion. Charme has proven expertise growing firms within the healthcare sector and, with local teams across Europe and extensive experience in internationalising businesses, we are well placed to help Prism Healthcare expand into new markets to bring its bespoke products and vital services to more customers.”
Robert W Baird acted as sellside financial advisers, Weil, Gotshal & Manges acted as sellside legal advisers, and KPMG provided transaction support services to Prism.
For more information, please contact:
Martim Avillez, Limerston Capital Founding Partner
firstname.lastname@example.org +44 (0)203 897 1860
Caroline Villiers email@example.com +44 (0)7808 585184
Charlotte Balbirnie firstname.lastname@example.org +44 (0)7989 528421
About Limerston Capital
Founded in 2015 by James Paget, João Rosa and Martim Avillez, London based Limerston Capital pursues control investments in UK mid-market companies and seeks to create value through the firm’s buy-and-build and operationally focused model. The firm targets businesses with EBITDA of between £5 million and £15 million that have a solid value proposition, but have potential for operational improvements, have mispriced underlying returns on capital and provide opportunities for strategic repositioning via consolidation.