Prism Medical said today that mobility and technical aid developer Handicare agreed to acquire it for approximately $62 million.
Swedish Handicare, which supplies technical aids for the elderly and physically disabled, will pay $12.50 for each outstanding share of Prism Medical.
“The knowledge of our employees applied with passion to solve the moving and handling problems of the mobility disadvantaged and their caregivers in all health environments, has made Prism Medical a leader in its field. Handicare has a similar values profile, has recognized what our team has accomplished, and should add value for all stakeholders as the 2 companies combine their market leading products and service capabilities,” Prism Medical chair Andrew McIntyre said in a press release.
Prism Medical said the acquisition is subject to shareholder and court approvals. Canaccord Genuity Corp is acting as financial advisor to Prism Medical during the sale, the company said.
“Through this acquisition Handicare will be able to access greater opportunities in the North American market. In addition, the combined product portfolio will be among the best in the industry and serve as a good platform for further growth,” Handicare chair Johan Ek said in a prepared statement.
Earlier this month, Prism Medical said its chief financial officer Rose Papastamos is stepping down. The company said it is currently in “advanced negotiations” with a qualified candidate for the position, and expects to finalize the hire this month.