ACQUISITION: Prism Healthcare expands group with purchase of Repose Furniture
Prism Healthcare – the group holding company encompassing subsidiaries including Prism Medical UK, Smirthwaite and Harvest Healthcare – has added a new company to its stable with the purchase of Repose Furniture.
Starting life from a small manufacturing unit in Birmingham in 1999, Repose was founded by John Elcocks and his son David before being led by his daughter, Lisa Wardley.
Over its 22 years, the company has grown substantially, now operating from a 23,500 sq. ft facility still based in Birmingham, producing ranges of specialist seating solutions, ranging from entry-level riser-recliners to advanced bespoke healthcare chairs.
After more than two decades as a family-owned firm, Repose has now joined Prism Healthcare’s expanding family of brands, including Harvest Healthcare – a specialist in beds, mattresses and moving and handling equipment – which the group bought in late December 2019.
- To discover more about Repose Furniture, read THIIS’ 2019 ‘Supplier Spotlight’ interview with Repose’s Lisa
A statement released by Repose confirmed that the seating manufacturer will now form the sister company to Harvest Healthcare, stating that the move will improve its ability to serve customers and “provide financial strength and investment to continue” its growth.
Repose owner and Managing Director Lisa Wardley will continue to lead the Repose teams and will now report to Neil Davis, Managing Director of Harvest Healthcare.
Lisa commented: “I am proud to have the opportunity to lead Repose 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.”
The Birmingham-based seating supplier also confirmed that the Repose senior management team will also continue in their current roles, with John Elcocks remaining to develop products alongside David Elcocks for the first 12 months.
“Consequently, things will be very much business as usual, with all your regular contacts remaining unchanged,” detailed the press release.
Discussing the decision to purchase Repose, Neil Davis commented: “We acquired Repose, attracted by their intimate understanding of their customers and their customer needs.
“Now part of the Prism Healthcare family, we can further broaden our offerings to our homecare and long-term care customers. Lisa and her team share the Harvest ethos of working in long-term partnerships with customers and suppliers, to support the delivery of exceptional resident and patient care, at an affordable price, and to try to make everyone’s lives a little easier.”
The acquisition is set to strengthen Prism Healthcare’s core offering of safe patient handling aids, profiling beds and pressure care equipment for elderly and disabled people.
Stuart Meldrum, CEO Prism Healthcare, added: “I am delighted that Repose has joined the Prism group. Lisa and the team have always focussed on providing the best service to their customers and with Lisa continuing as Managing Director of Repose this focus will continue into the future. I am very excited that together we can work to expand the value-add offering for our customers as well as enhancing our relationships with our suppliers.”
What is Prism Healthcare?
It follows Prism Medical UK’s rapid expansion over the past seven years, largely fuelled by an active M&A strategy which has seen it both diversify and bolster its offering.
In April 2014, Prism Medical completed an MBO, supported by private equity from investment company, LDC. The move led to a number of acquisitions, including HME, The Mobility Equipment Company, Mackworth Healthcare and Smirthwaite, within a 16-month period.
In December 2018, LDC sold Prism Medical UK to Limerston Capital, whose Founding Partner, Joao Rosa, confirmed at the time that more acquisitions would be on the cards.
According to Prism Healthcare, the company’s mission is to provide specialised products and high-quality services across the UK – and the world – to four healthcare market sectors: Homecare, long-term care, education, and acute care.
A predominately UK organisation, operating from nine facilities across domestically, Prism Healthcare does also have subsidiaries in the USA and a broad network of distributors around the world.https://thiis.co.uk/acquisition-prism-healthcare-expands-group-with-purchase-of-repose-furniture/https://i2.wp.com/thiis.co.uk/wp-content/uploads/2019/03/More-About-.jpg?fit=1000%2C667&ssl=1https://i2.wp.com/thiis.co.uk/wp-content/uploads/2019/03/More-About-.jpg?resize=150%2C150&ssl=1Mergers & AcquisitionsNewsroomSupplier NewsTrade NewsAssured Healthcare,Care-Ability,Harvest Healthcare,LDC,Limerston Capital,Lisa Wardley,Neil David,Prism Group,Prism Healthcare,Prism Medical UK,Repose Furniture,Smirthwaite,Stuart MeldrumPrism Healthcare – the group holding company encompassing subsidiaries including Prism Medical UK, Smirthwaite and Harvest Healthcare – has added a new company to its stable with the purchase of Repose Furniture. Starting life from a small manufacturing unit in Birmingham in 1999, Repose was founded by John Elcocks and...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine