A Chicago equity firm has invested $75 million in wristband identification manufacturer Precision Dynamics Corp., giving it controlling interest in the company. The deal between San Fernando-based Precision and Water Street Healthcare Partners is being challenged in court by Precision co-founder Walter Mosher. Precision President and CEO Gary Hutchinson said Water Street stood out as the “ideal partner” as the company weighed its options to achieve more aggressive growth. “Our company will benefit from Water Street’s healthcare expertise and operational expertise,” Hutchinson said. In the lawsuit filed in Los Angeles Superior Court in June, Mosher alleges that actions by the Precision board dilute and devalue Mosher’s interest in the company and that it never considered other options to grow the company. Hutchinson and board members Robert Kraemer, Robert Foster, and Jonathan Lasch are named as defendants in the lawsuit. Superior Court Judge David Yaffe on July 18 denied a preliminary injunction to keep the deal from going through. The case as a whole remains pending. Mosher founded Precision Dynamics in 1956 with three investors. The company is one of the largest manufacturers in the San Fernando Valley, employing 500 people in both San Fernando and Mexico facilities.
