Prism Medical sells UK operations
TORONTO – Prism Medical has sold all shares of its UK division for C$54.9 million, the company recently announced. “As a result of the sale of the UK operations, we expect to considerably reduce our administrative expenses and focus our human and financial capital on the growing North American market for our products and services,” said Andy McIntyre, executive chairman and CEO. Prism’s North American operations generated revenues of more than C$35.3 million in fiscal 2013, he said. The company’s management sees opportunities for organic growth and acquisitions in North America. In conjunction with the sale, Prism renegotiated senior credit facilities, with overall credit lines decreasing as a result of lower assets, according to a release.