Baird Venture Partners (BVP), a US-based venture fund of Baird Private Equity, has said that Interlace Medical, a Baird Venture Partners III portfolio company, has been sold to Hologic for $125m with additional earn-out payments over the next two years.

In June 2009, Interlace raised $20.5m in Series C financing from investors that included BVP, Spray Venture Partners, New Leaf Venture Partners, HLM Venture Partners, Hambrecht & Quist Capital Management, and Aperture Venture Partners.

Based in Framingham, Massachusetts, Interlace is a medical device company providing solutions within the women’s health sector.

BVP Partner Michael Liang said the acquisition of Interlace by Hologic provides a nice early return for BVP III investors, and further validates BVP’s 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 $170m fund, in 2008. The Fund has made eight investments to date.