Precision Dynamics Corp., a New Britain, Conn.–based provider of healthcare identification solutions, has acquired TimeMed Labeling Systems Inc., a Burr Ridge, Ill.-based maker of specialty healthcare labels. No financial terms were disclosed. Precision Dynamics is a portfolio company of Water Street Healthcare Partners.
Precision Dynamics Corporation (“PDC”), the global leader in healthcare identification solutions, announced today that it has acquired TimeMed Labeling Systems, Inc., a national producer of specialty healthcare labels, to create the industry’s leading provider of patient safety identification solutions. Water Street Healthcare Partners, a private equity firm focused exclusively on the healthcare industry and an investor in PDC, was instrumental in bringing the two companies together.
PDC will now offer hospitals a full range of wristbands and specialty labels that interface directly with their laboratory, pharmacy and information technology systems to accurately identify and track patients, enhance communications between caregivers, and improve the safety of dispensing medications. These all are among the top ten goals for improving patient safety that recently were outlined by The Joint Commission. With as many as one million people injured from errors during hospital treatment each year, patient safety continues to be one of the healthcare industry’s top priorities.
“Our vision is to deliver the best patient safety solutions to hospitals and healthcare providers worldwide,” said Gary Hutchinson, president and chief executive officer, PDC. “By joining forces with TimeMed, we have significantly broadened our product portfolio and expanded our team of field specialists to help our customers with reducing adverse medical events and improving patient outcomes. Together, we offer the industry’s most comprehensive identification solutions that interface directly with hospitals’ information technology systems to track and support patient care from admission through discharge.”
Together, PDC and TimeMed have more than 100 years of experience developing and producing identification and labeling products for the healthcare industry. PDC introduced the first bar code identification wristband used by most hospitals today. It also pioneered the radio frequency identification (RFID) wristband. TimeMed, which is headquartered in Burr Ridge, Illinois, was founded after it designed the first self-adhesive tape and labeling products that control and help prevent the spread of contamination in healthcare settings.
“Our two companies have long and impressive track records in creating innovative and reliable patient safety products,” said Jerry Nerad, president of TimeMed. “Together, we offer a powerful combination of knowledge and experience, as well as a robust set of products that will benefit our customers enormously.”
Kevin Swan, a partner with Water Street, commented: “Acquiring TimeMed marks another important step in our plan to build PDC into a leading patient safety company. We believe PDC has a tremendous opportunity to support the industry’s goals for improving patient outcomes. This will only intensify as government and healthcare organizations create and enforce new standards for care. We will continue to pursue additional acquisition opportunities that will leverage PDC’s strong foundation and establish it as the industry leader for a broad range of patient safety solutions.”
About Precision Dynamics Corporation
Founded in 1956, PDC is the global leader and pacesetter in the development of wristband systems for healthcare, leisure and entertainment, and law enforcement. Focused in patient safety, the company introduced the first single-piece patient wristband, the first patient bar code ID wristband, patented Smart Band® Radio Frequency Identification (RFID) wristband system, and award winning PDC Smart® Kiosk. PDC is committed to 100% quality in service, design, and manufacturing and has ISO-9001: 2000 and ISO-13485: 2003 certification. For more information about PDC, call 800.772.1122 or visit www.pdcorp.com.
Founded in 1955, TimeMed Labeling Systems Inc. is an industry leader in quality labeling products and services for the healthcare industry. Its products improve patient safety and medical accuracy and support supply chain management. TimeMed originated hospital labeling with Time® Tape, which expanded to include a variety of label products in the 1960’s, EDP labeling in the 1970’s and 80’s, and a full line of thermal labeling systems in the 1990’s. TimeMed also introduced twin web laser products for the millennium. For additional information about TimeMed, call 800.323.4840 or visit http://www.timemed.com.
About Water Street Healthcare Partners
Water Street Healthcare Partners is a leading private equity firm focused exclusively on healthcare. With more than $1 billion of capital under management, Water Street is one of the most active investors in the healthcare industry. The firm has a strong track record of building market-leadership companies across key growth sectors in healthcare. It has partnered with some of the world’s leading healthcare companies on its investments, including: Gentiva Health Services, Inc., 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 healthcare businesses. The firm is headquartered in Chicago. For more information about Water Street, visit www.wshp.com.