Yellow Point sells its interest in Prism Medical
September 24, 2014 – Yellow Point Equity Partners LP (“Fund I” or the “Fund”) is pleased to announce that it has successfully exited its investment in Prism Medical Ltd. (“Prism Medical” or the “Company”). Fund I sold its stake in Prism Medical pursuant to a substantial issuer bid whose completion was announced on September 17, 2014.
Prism Medical is a provider of durable medical equipment designed to assist the mobility disadvantaged and their caregivers. The Company designs, manufactures and distributes this equipment, which includes fixed lifts, portable lifts, slings and shower chairs. Prism Medical currently operates in Canada and the United States, and historically carried on business in the United Kingdom. The latter operations ceased in April of this year when the Company successfully sold its United Kingdom division; proceeds from this sale were used to finance Prism Medical’s substantial issuer bid.
Fund I initially invested in Prism Medical on September 17, 2004, making the initial investment 10 years to the day prior to the substantial issuer bid. As Fund I has previously disposed of all its other investments, this sale represents disposition of the final investment held by the Fund and once an associated distribution is made Fund I will be wound down.
Brian Begert, Managing Partner of Yellow Point, said “it was a pleasure working with Andy McIntyre and the rest of the Prism team over the past 10 years. The Prism Medical investment was a successful one for Fund I and we are pleased at the value-creating steps the Company’s management has taken in recent months and years. We wish the Prism Medical team great success in their future endeavors.”
About Yellow Point
Yellow Point Equity Partners is a private equity investment firm with significant operating and investment experience. It invests in outstanding management teams of later-stage growth companies based primarily in western Canada and aims to be the long-term partner of choice for Canada’s leading mid-market companies. Yellow Point’s approach is supportive, hands-off with respect to day-to-day operations and active when it comes to strategic decisions and board work.
For more information, please contact Brian Begert or visit www.ypoint.ca.