Cottonwood Heights-based Dynatronics Corp. announced it has agreed to acquire substantially all of the assets of Bird & Cronin Inc., a Minneapolis-based manufacturer of orthopedic soft goods and specialty patient-care products. Bird & Cronin will be operated as a wholly owned subsidiary of Dynatronics.
The purchase price is approximately $14.5 million in cash and stock of Dynatronics, with an additional $1 million contingent payment payable 24 months following the closing based on post-closing revenues of the Bird & Cronin operating unit.
Bird & Cronin designs, manufactures and distributes products which complement Dynatronics’ existing suite of rehabilitation products, the company said in a release. The acquisition will add to Dynatronics long-standing relationships with hospitals, orthopedic specialists, universities, research facilities and other customers across the medical rehabilitation industry.
{mprestriction ids="1,3"}“We are delighted to welcome the Bird & Cronin organization, distributors and customers to Dynatronics,” said Kelvyn Cullimore Jr., chairman and CEO of Dynatronics. “Through this combination, we will be able to provide a broader array of solutions to our customer base. Bird & Cronin is an excellent strategic fit for Dynatronics, as it brings a financially attractive company with products complementary to those we manufacture. With our broad distribution platform, we have the opportunity to expand Bird & Cronin’s products into the physical therapy private practice, athletic training` and chiropractic markets. We have a deep respect for the Cronin family and the reputation they have built over their 45-year history. We look forward to welcoming [Bird & Cronin co-presidents] Mike Cronin and Jason Anderson and other Bird & Cronin employees to the Dynatronics family.”
Cronin and Anderson will serve as co-presidents of the operating subsidiary after the closing of the acquisition.
“We are very excited to become part of Dynatronics,” said Cronin. “Bird & Cronin has been a family-owned and operated company for over four decades and there is a strong cultural fit with Dynatronics. The combined businesses will provide more opportunities for our employees and we believe the combination has the scale to fuel future growth in our many markets.”
Dynatronics manufactures, markets and distributes advanced-technology medical devices, treatment tables, rehabilitation equipment, orthopedic soft goods and supplies for the physical therapy, athletic training, sports medicine, chiropractic and related physical medicine markets. {/mprestriction}
