Onyx’s commercial products include cardiovascular diagnostics, hearing assistance, patient temperature and warming, point-of-care diagnostics, and surgical equipment used in intraosseous medicine.

Sparton president and CEO Cary Wood said the acquisition of Onyx meets the criteria of the company’s growth strategy by providing further expansion regionally into the Minneapolis medical device corridor.

"Additionally, Onyx brings solid, long-term customer relationships that will utilize Sparton’s expanded list of service offerings such as our low cost country footprint in Viet Nam and full engineering design capabilities," Wood added.

"The acquisition is expected to be accretive to earnings within this fiscal year and the addition of the Onyx management team and its skilled workforce will further strengthen our business development efforts to support our organic growth initiatives."

The acquisition is also subjected to certain post-closing adjustments.

In addition to the acquisition, Sparton has entered into a new financing agreement with BMO Harris Bank for $65m in credit facilities with an increase option of up to $100m.

Sparton president and CEO Cary Wood said the company’s new banking partner will support its operating needs and future growth ambitions.

"With access to these funds in place, we intend to continue executing on complementary and compatible acquisitions as a key part of our strategic growth plan," Wood added.