Prism Medical buys Medcare’s manufacturing assets
TORONTO – Prism Medical, a DME provider based here that focuses on mobility equipment and services, recently acquired the manufacturing assets of Medcare Products for $10 million in cash, according to a press release. Based in Burnsville, Minn., Medcare is a manufacturer and supplier of floor lifts, ceiling lifts, car extractors, slings and transfer aids. As part of the acquisition, Prism Medical has entered into a 10-year agreement to exclusively supply all the products that Medicare sells in the moving and handling industry. "Prism's product offering will expand with the acquisition of the Medcare product ranges, which we hope to market in other world geographies,” stated Stuart Meldrum, CEO of Prism Medical, which has a presence in Canada, the U.S. and the U.K. Prism also invested $450,000 to acquire 49% of Medcare, which will remain a sales and service company focused on expanding its U.S. customer base.