Monday, January 6, 2020

News: Rotherham's Harvest Healthcare sold


Prism Medical Healthcare, backed by London-based private equity investors Limerston Capital, has completed the acquisition of Rotherham-based Harvest Healthcare Ltd for an undisclosed sum.

The deal comes a year after a management buyout (MBO).

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.

Based at Templeborough, Harvest Healthcare manufacture and distribute quality healthcare equipment to the NHS, care home and community markets, throughout the UK and internationally. The company manufactures, supplies and services active and static mattresses and cushions, profiling beds, and moving and handling equipment. It has long term relationships with several national blue-chip care home groups as well as serving most local authorities around the country.

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."

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 Long-Term Care business, ensuring the Harvest brand continues to provide high-quality care solutions to healthcare environments across the UK.

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 MBO, 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.

Director Kevan Shaw and Patrick Lynch from the Castle Square Team advised the Harvest shareholders on the transaction.

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, its customers, staff, suppliers and partners across the globe as it enters its next stage of growth under the Prism Group."

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.

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.

Harvest Healthcare website

Images: Harvest Healthcare


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