Water Street Sells Precision Dynamics Corporation to Brady Corporation

    Water Street Sells Precision Dynamics Corporation to Brady Corporation

PR Newswire

CHICAGO, Dec. 31, 2012

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

Website: http://www.waterstreetcapital.com
Website: http://waterstreet.com
Website: http://www.pdcorp.com
Website: http://www.bradycorp.com
Contact: Kelly Zitlow, +1-847-858-5230, kelly.zitlow@waterstreet.com