Baird Capital Partners said Wednesday that it has sold Medical Education Technologies but didn’t disclose the buyer to CAE Healthcare. In a separate statement, CAE said that it acquired METI for $130 million. For Baird, the exit is expected to generated a roughly 2.5x gross return on investment for Baird. METI, of Sarasota, Fla., is a learning software company that provides tools to help train doctors, nurses, first responders and military medics.
CORRECTION: Baird did announce that CAE was the buyer.
Baird Capital Partners (BCP), the U.S.-based buyout fund of Baird Private Equity, announced today that it has completed the sale of its equity interest in BCP IV portfolio company Medical Education Technologies, Inc. (METI) to CAE (NYSE: CAE; TSX: CAE). Total proceeds from the exit will generate an estimated 2.5x gross return on investment for BCP IV investors.
BCP initially purchased METI in October 2008. Based in Sarasota, Fla., 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.
“The investment and exit of METI demonstrates the strength of the overall Baird platform. From the initial sourcing of the transaction, to the operational enhancements we generated through the use of our resources in the US and Asia, we were able to build an industry leader,” said Gordon Pan, BCP Partner. “Coming out of the downturn, METI has captured significant global market share in the human patient simulation market and we believe the Company is well positioned for continued growth and success.”
“BCP was a great partner,” said Mike Bernstein, CEO of METI. “BCP’s operational expertise and resources have been instrumental to our efforts to efficiently grow our business, and we are grateful to them for all of their contributions to our success. We are excited about our future with CAE.”
The sale of METI underscores Baird Private Equity’s ongoing success in the healthcare sector, and is the group’s fourth healthcare exit of the year. Earlier this year, Baird Private Equity sold its interest in BCP portfolio company Campbell Alliance to inVentiv Health. Other 2011 healthcare exits include Interlace Medical and Accuri Cytometers, portfolio companies of US-based venture fund Baird Venture Partners.
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 business services, manufactured products and healthcare 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) focused on facilitating and executing Asia sourcing, manufacturing and distribution strategies for Baird Capital Partners’ portfolio companies.
Baird Private Equity, the global private equity group of 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. Baird Private Equity has a global team of investment and operations professionals across the United States, Europe and Asia, including a team of operating professionals in Asia. Baird Private Equity and its affiliates have raised and managed over $2.8 billion in capital and invested in more than 250 companies since the 1980s. For more information, please visit www.bairdcapitalpartners.com.