Cascadia Capital, an investment bank serving middle market clients globally, today announced it acted as the exclusive financial advisor to Morgan Stanley Capital Partners (“MSCP”) the middle-market focused private equity team at Morgan Stanley Investment Management, on its acquisition of Prescott’s, a leading healthcare focused specialty outsourced clinical engineering services provider, from Atlantic Street Capital. MSCP is partnering with the current management team led by CEO Brian Straeb, who will continue to lead the business.

Prescott’s provides medical equipment repair and maintenance service solutions, alongside refurbished equipment and parts sales and rentals for critical surgical suite modalities including microscopes, infusion pumps, patient monitors, anesthesia machines and sterilizers. Headquartered in Monument, Colorado, Prescott’s serves health systems, outpatient facilities, and other care settings across the United States and the UK.

Steve Rodgers, Managing Director and Head of Healthcare Investing at MSCP, said: “We are excited to partner with the Prescott’s team as they continue building a best-in-class platform in outsourced clinical engineering services for critical surgical suite equipment. Prescott’s timely repair and maintenance services enable continuity of care and avoid costly equipment downtime. This investment represents our continued effort to invest in high-quality healthcare focused outsourced services businesses.”

Straeb said: “We are excited to partner with the MSCP team for the next chapter of our growth. MSCP has been actively tracking the outsourced clinical engineering space for several years and has a deep understanding of the industry and various business models. MSCP engaged their operations team early in the process as they recognized the importance of looking at value creation from multiple angles. This made them an ideal partner to contribute meaningfully to our strategic efforts both organically and inorganically so that we can hit the ground running immediately post close.”

“This transaction underscores the strong interest from investors in scalable platforms operating in the outsourced medical equipment services sector,” noted Adam Stormoen, Cascadia Managing Director. “Prescott’s has built a robust reputation as a trusted partner for health systems and care providers, and its focus on mission-critical surgical suite equipment uniquely positions the company for continued growth in the sector.”

“This transaction highlights Cascadia’s deep domain expertise of the medical equipment services sector and our ability to deliver exceptional outcomes for our clients,” added Ben Freking, Cascadia Director.  “Prescott’s is a leader at the intersection of mission-critical outsourced services and healthcare, and we were honored to work alongside the MSCP team to align the strategic vision that will drive the company’s continued success.”

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