Water Street Healthcare Partners, a Chicago-based private-equity firm, has acquired a 52% stake in Precision Dynamics Corp., a leading wristband identification provider for healthcare and other industries, the firm announced.
The deal includes $75 million in equity financing to expand the San Fernando, Calif.-based company beyond ID wristbands and into other patient safety products. Water Street is already working with Precision Dynamics to evaluate candidates for acquisition, a spokeswoman for Water Street said.
Our company will benefit immensely from Water Streets healthcare expertise and operational experience as we look to further our leadership position in patient safety, Gary Hutchinson, president and CEO of Precision Dynamics, said in a written statement. -- by Rebecca Vesely