Precision Spine, a provider of spine products, has acquired Spinal USA and Precision Medical for approximately $72m.

As part of the acquisition, Precision Spine intends to expand presence built by Spinal USA and Precision Medical.

The company plans to continue the growth of Spinal USA’s Vault Stand Alone ALIF system and the S-LOK PC Posterior Cervical system, and aims to provide several new products in the second half of 2012.

Precision Spine president and chief executive officer James Pastena said the company’s subsidiaries have a proven track record of lowering manufacturing costs while delivering medical products and reducing costs for local and national health care providers and their respective patients.

"These achievements have driven a growth rate of more than 30% in a market experiencing overall negative growth," Pastena added.

"We believe we can accelerate that rate, with several initiatives planned that will build on our strengths, expand our product lines and allow us to deliver even greater value to communities hard hit by the current economy."