Baird Capital Partners has backed the MBO of Medical Education Technologies Inc, a Sarasota, Fla.-based learning software company for an undisclosed amount. The company’s founder and CEO, Lou Obernorf, participated in the buyout.
CHICAGO, October 9, 2008 – Baird Capital Partners (BCP), the U.S.-based buyout fund of Baird Private Equity, and Lou Oberndorf, founder and current CEO of METI, today announced that they have acquired Medical Education Technologies, Inc. (METI). Founded in 1996, METI is a Sarasota, Fla.-based manufacturer of human patient simulation products and provider of medical education content such as software learning modules and training. The Company was previously majority owned by L-3 Communications (NYSE: LLL). BCP and Oberndorf partnered with Thrivent Financial for Lutherans on the acquisition. US Bank and M&I Bank provided the senior debt financing and Thrivent Financial for Lutherans provided the subordinated debt financing. With the closing of the transaction, Michael Bernstein, BCP Executive-in-Residence, will become METI’s Non-Executive Chairman. Oberndorf, the largest individual shareholder in the company, will continue as METI’s president and CEO.
“METI is a global leader in the human patient simulation market and has built and maintained a large and loyal customer base,” said Gordon Pan, BCP Partner. “We see significant opportunities to enhance the Company’s relationships with existing customers, as well as expand into new and un-penetrated markets. We believe that METI is well positioned for continued growth and success.”
METI develops simulators and other learning tools that help educate and train doctors, nurses, first responders and military medics by providing a learning platform that allows students and practitioners to practice without harming real patients. By offering a variety of simulators that meet the needs of the healthcare profession, METI is able to provide a higher level of measurable skill acquisition for the healthcare industry.
”Partnering with BCP represents a new era for METI customers and employees,” said Lou Oberndorf, President, CEO and Founder of METI. “We believe that METI is positioned for further growth both organically and through acquisition. In addition to the infusion of capital, BCP’s operational expertise and resources will be instrumental to our efforts to efficiently grow our business, building upon our commitment to provide educational tools that help save lives and provide a higher standard of healthcare.”
Currently, there are more than 3,000 METI simulators in community colleges, nursing schools, medical colleges and universities, hospitals and the military around the world. METI is distributed throughout the world with a large presence in North America, South America, Europe and Asia.
Based in Sarasota, Florida, Medical Education Technologies, Inc. (METI®) has been a leader in interactive human patient simulation since 1996. Each METI simulator is designed to simulate bleeding, breathing, talking, blinking and numerous other physiological characteristics and various medical emergency scenarios including heart attack, drug overdose, vehicular accidents, effects from weapons of mass destruction, bio-terrorism and other traumatic injuries. More than 2000 organizations worldwide utilize METI’s technology including leading medical schools such as the Mayo Clinic, Harvard, Cornell, Stanford and others.
About Baird Capital Partners
Baird Capital Partners, the U.S.-based buyout fund of Baird Private Equity, invests in lower middle-market companies in the Manufactured Products and Business Services sectors. Established in 1989, Baird Capital Partners leverages its deep sector knowledge, experienced investment team and extensive operating resources to drive value in its portfolio companies. Baird Capital Partners is supported by operating resources in China (Beijing, Hong Kong, and Shanghai) and India (Bangalore) that facilitate and execute Asia sourcing, manufacturing and distribution strategies for Baird Capital Partners’ portfolio companies. For more information, please visit www.bairdcapitalpartners.com.
Baird Private Equity, the global private equity group affiliated with Robert W. Baird & Co. (Baird), makes venture capital, growth equity and buyout investments in smaller, high potential companies in the United States through Baird Venture Partners and Baird Capital Partners, in China through Baird Capital Partners Asia, and in Europe through Baird Capital Partners Europe and Granville Baird, an affiliated fund manager that invests in Germany. Baird Private Equity has a global team of 80 professionals in nine offices across the United States, Europe and Asia, including approximately 20 operating professionals in Asia. Baird Private Equity and its affiliates have raised and managed approximately $2.4 billion in capital and invested in over 220 companies since the 1980s. For more information, please visit www.bairdprivateequity.com.