Prism completes acquisition of MedCare
TORONTO, Ontario – Prism Medical has bought an additional 51% ownership interest in MedCare Products, making the company a wholly-owned subsidiary, according to a Feb. 10 release. At the end of 2012, Prism purchased a 49% stake in MedCare, as well as the Burnsville, Minn.-based company’s manufacturing assets and inventory. MedCare supplies ceiling and floor lifts, slings and transfer aids. "The acquisition of 100% of MedCare is an important transaction for us as it meets a number of key strategic objectives and builds shareholder value," said Andrew McIntyre, Prism Medical chairman, in the release. "MedCare will continue to operate as before from its base in Burnsville, Minnesota, relying on the strength of its local personnel, reputation for service, enhanced product offering and its strong customer base.” Prism bought the remaining 51% of MedCare for $268,000. Additionally, the remaining holdbacks from the 2012 acquisition were settled for $532,000.