Baird sells US healthcare group

Baird Private Equity has led the sale of The Hygenic Corporation, an Akron, Ohio-based healthcare company, to The Cortec Group, a New York-based private equity firm.

Baird’s US-based fund Baird Capital Partners partnered with US groups American Capital Strategies and Beecken Petty O’Keefe to buy Hygenic in 2004.

The company manufactures and markets healthcare and fitness products for the occupational therapy, athletic training, chiropractics and the therapeutic massage markets. Its products include exercise band company Thera-Band and muscle pain reliever Biofreeze.

During Baird Capital Partners’ ownership, Hygenic grew its sales from $40 million to $70 million.

Andrew Brickman, a partner at Baird Capital Partners, said the deal exceeded the Baird’s standard expectation, returning more than four times the company’s original investment.

Baird Private Equity has about $1.8 billion under management.