AKRON (April 25) — Baird Capital Partners, the U.S.-based buyout fund of Baird Private Equity, has sold its Akron-based portfolio company, Hygenic Corp., to a New York private equity firm.
Terms of the sale to Cortec Group Fund IV L.P. were not disclosed.
Hygenic makes rubber health care and fitness products for the rehabilitation, therapy and wellness markets. Its products include those marketed under the brands Thera-Band, Biofreeze, Dyna-Band, Aquafins and Parabath. It had sales of about $70 million last year, according to a news release from Baird.
Baird has been the lead investor in Hygenic since 2004, when the company had sales of $40 million.
"We are proud of Hygenic´s growth since our purchase in 2004," Andrew Brickman, a partner with Baird, said in a statement. "Our investment exceeded our return expectation with greater than a four (times) return on invested capital."
Hygenic was founded in 1925. Its products are made in Akron and Malaysia.