Dynatronics closes Bird & Cronin buy
Dynatronics said early this month it closed its acquisition of orthopedic manufacturer Bird & Cronin after signing an agreement to purchase the company on Sept. 27.
Cottonwood Heights, Utah-based Dynatronics also raised a total of $11 million in 2 different funding round, according to an SEC filing, with funds slated to support the acquisition.
A total of $4 million was raised through the sale of convertible preferred stock and an additional $7 million was raised through a mixed offering round, according to SEC filings.
“The addition of Bird & Cronin adds tremendous strength to our business. Following closely behind the recent acquisition of Hausmann Industries, this transaction further diversifies and broadens our market position. We believe the combined business will create value for both our investors and the customers we serve,” Dynatronics CEO & chair Kelvyn Cullimore Jr. said in a press release.
Dynatronics said it expects the acquisition to be material to its operating results in the next year, and will update on the purchase during its 1st quarter earnings call next month.