Prism Medical Healthcare (Prism Medical) backed by London based private equity investors Limerston Capital, has completed the acquisition of Harvest Healthcare Ltd (Harvest) for an undisclosed sum.
Prism Medical are providers of specialist moving, handling and bathing equipment for elderly, disabled and mobility disadvantaged clients in a range of care environments, from community care to schools, hospitals and care homes. With over 30 years of experience in designing, developing and manufacturing, providing and installing bespoke mobility and care solutions, Prism Medical has an established track record of working closely with carers and their clients across the UK.
The acquisition of Harvest is Prism Medical’s third acquisition in under a year since Limerston Capital acquired a controlling stake in the company in December 2018.
Stuart Meldrum, Chief Executive Officer of Prism Medical said
, “The investment from Limerston Capital has been vital to our growth strategy. This acquisition will significantly increase the size of our business and demonstrates the commitment of our investors; Limerston Capital, to the continued growth of Prism Medical. We would like to thank our financing banks HSBC and Investec for their continued support on our growth strategy.”
South Yorkshire based Harvest, offers a comprehensive range of pressure care equipment from profiling beds, static and active mattresses and cushions through to moving and handling equipment, as well as a full range of services, including replacement, servicing and repair.
The acquisition of Harvest allows Prism Medical to enter the pressure area care market and substantially increase the Group’s reach in care homes, hospitals and loan stores.
Harvest Managing Director Neil Davis will join the Prism Medical Executive Management Team, heading up the Group’s Long-Term Care business, ensuring the Harvest brand continues to provide high-quality care solutions to healthcare environments across the UK.
Prism Medical’s acquisition of Harvest comes just over 12 months since the Harvest management team, led by Neil Davis, acquired control of the company in a Management Buy-Out.
Neil Davis said,
“I am proud to have the opportunity to lead Harvest forward into this exciting new era, and to continue the positive development of our company. I really enjoy working with the fantastic people in this industry and am very happy that our new ownership structure will help us to continue our successful growth, to the shared benefit of our customers, our staff, and our supply chain partners”.
Yorkshire based dealmakers Castle Square Corporate Finance; who advised the Harvest management team back in 2018 on the Management Buy-Out, provided corporate finance advice to the shareholders on the disposal to Prism Medical
The Sheffield office of law firm Keebles provided legal services and advice to the shareholders of Harvest Healthcare.
Castle Square is an independent, specialist mid-market corporate finance boutique operating from offices in Sheffield and Leeds. Castle Square has a proven track record of successfully delivering corporate finances services on a wide range of clients based nationally and internationally.
Director Kevan Shaw and Patrick Lynch from the Castle Square Team advised the Harvest shareholders on the transaction.
Patrick Lynch said,
“Since joining Harvest in 2017, Neil Davis led on the company’s transformation, leading on Harvest’s emergence as a first-class provider of high-quality products, services and solutions to blue-chip care providers. The quality of the Harvest product offering is testament to the hard work of the management team in recent years. The acquisition by Prism presents, a tremendous opportunity for Harvest, it’s customers, staff, suppliers and partners across the globe as it enters its next stage of growth under the Prism Group”.
Sheffield headquartered Keebles (with further offices in Leeds and Doncaster) is one of the Yorkshire regions expert multi-disciplinary law firms, boasting legal services including but not limited to; Corporate, Commercial Property, Employment, Intellectual Property, Debt Recovery and Insolvency litigation, across multiple sectors.
Led by Corporate Partner Matt Ainsworth and supported by Associate Laura Giles, the Keebles corporate team provided legal advice and support to the Harvest shareholders on the transaction.
Matt Ainsworth said,
“We are delighted to have worked with Neil and his team at Harvest Healthcare again. Harvest is a natural fit for the Prism Medical group and helps to accelerate its impressive growth whilst adding high calibre people to its business to drive that forward. We wish Neil well in the next stage of Harvest’s journey “.
Andrew Cowan and Matthew Smith of Gateley Legal’s Birmingham office provided legal advice to Prism Medical. Rob McCarthy and Steve Grogan of RSM’s Manchester office provided financial and tax due diligence advice to Prism Medical.
Peter Hollis of Hollis & Co Chartered Accountants based in Sheffield provided tax advice to the Harvest Shareholders.