Interlace Medical, a Massachusetts-based developer of medical devices for women, has been sold to Hologic for $125 million, with additional earn-out payments over the next two years. Baird Venture Partners, the venture fund of Baird Private Equity, was a venture capital investor in Interlace.
In June 2009, Interlace raised $20.5 million in Series C financing from investors that included BVP, Spray Venture Partners, New Leaf Venture Partners, HLM Venture Partners, Hambrecht & Quist Capital Management LLC, and Aperture Venture Partners.
“We were able to partner with a great management team at Interlace to develop a much needed product serving the women’s health sector,” said Michael Liang, partner at BVP. “The acquisition of Interlace by Hologic provides a nice early return for our BVP III investors, and further validates our strategy of proactively identifying healthcare companies that are capital efficient and can be an attractive acquisition for trade buyers.”
Baird Venture Partners raised BVP III, a $170 million fund, in 2008. The Fund has made eight investments to date.
