CHICAGO, Dec. 31, 2012 /PRNewswire/ -- Water Street
Healthcare Partners, a strategic private equity firm focused
exclusively on the health care industry, announced today that it
has sold Precision Dynamics Corporation ("PDC") to Brady
Corporation (NYSE: BRC) in a cash transaction for $300 million, subject to customary working
capital and post-close adjustments. Water Street divested PDC
after spending five years building the company into a global leader
in patient safety identification (ID) through a combination of
strategic acquisitions and organic initiatives. Headquartered
in Valencia, Calif., PDC designs
and manufactures products used by hospitals across the United States to reduce medical errors,
and integrate and share patient data.
Water Street partnered with PDC's founders and management team
in 2007 to invest in the company when it specialized in health care
ID wristbands. Two years later, Water Street facilitated
PDC's acquisition of TimeMed Labeling Systems, Inc. to expand the
company's products into health care labeling systems. In
2010, Water Street initiated an industry-leading merger between PDC
and The St. John Companies to create the world's foremost provider
of health care wristbands, specialty labels and identification
solutions. The firm recruited an experienced management team
to lead the combined company. It invested in PDC's
infrastructure including a new headquarters, manufacturing facility
and technology platform to more effectively serve customers.
"PDC is an excellent example of the long-term value Water Street
can create in partnership with founders and executives of
middle-market health care companies. When we first met with
PDC's founders, we proposed a strategic path to build on the
company's strength in hospital ID wristbands. We invested in
the company's product development and manufacturing capabilities,
and significantly broadened its product portfolio to transform PDC
into a global leader in patient safety identification," said Curt
Selquist, an operating partner with Water Street and chairman of
PDC. "We are pleased that the successful execution of our
strategy resulted in a highly regarded market leader purchasing PDC
to further its long-term growth."
Brady President and Chief
Executive Officer Frank M. Jaehnert
stated, "The acquisition of PDC provides an anchor position for
Brady in the attractive health care identification space and fits
well with our mission to identify and protect premises, products
and people. The company's management expertise, large
customer base, strong channels to market, and broad product
offering have made PDC the domestic market leader in health care
identification. The strengths of PDC, together with Brady's
health care identification product offering, deep materials and
printer expertise, and our global footprint, make this a very
attractive business combination."
About Water Street
Water Street is a strategic private equity firm focused
exclusively on health care. The firm has a strong record of
building market-leading companies across key growth sectors in
health care. It has worked with some of the world's leading health
care companies on its investments including Gentiva, Johnson &
Johnson, Medtronic and Smith & Nephew. Water Street's team is
comprised of industry executives and private equity professionals
with decades of experience investing in and operating global health
care businesses. The firm is headquartered in Chicago. For more information about Water
Street, visit waterstreet.com.
SOURCE Water Street Healthcare Partners