Precision Dynamics Corp. has received a first-ever $75 million investment from a Chicago private equity firm that will help the company expand its cutting-edge radio frequency identification wristband business.

Water Street Healthcare Partners, which focuses exclusively on the healthcare industry, has acquired a significant stake in the privately held, San Fernando-based company, whose products are used in health care, law enforcement and entertainment venues.

Precision Dynamics plans to use some of the funds for acquisitions, it said. The company, which was founded more than 50 years ago as a developer of innovative one-piece ID wristbands, was first to market a few years ago with bar coding identification wristbands now used in many hospitals today.

The new high-tech product line has revitalized the company, enabling revenues to grow 56 percent last year to $65 million.

“Our company will benefit immensely from Water Street’s healthcare expertise and operational experience as we look to further our leadership position in patient safety,” said CEO Gary Hutchinson in a statement, noting that medical errors stemming from misidentification of patients continues to be a problem around the world.