CHICAGO, August 29, 2008 - Baird Venture Partners I successfully exited its investment in HireRight, Inc. through a merger with US Investigations Services, LLC (USIS), a leading provider of pre-employment and drug testing screening solutions and the largest provider of security investigations to the federal government. This investment will generate BVP I a fully realized total of approximately $9.5 million upon the closing of this sale of HireRight to USIS. HireRight represents a very successful exit for BVP I.
Beginning in 2002, BVP I invested a total of $2.0 million in initial and follow-on investments in HireRight and maintained an active role as a value-added partner and Board member, providing assistance with customer and partnership introductions and expanding the company’s global operations. HireRight completed its initial public offering in August 2007 and BVP sold approximately 25% of its position at the time of the IPO. The acquisition of HireRight is valued at approximately $250 million, representing $19.75 per share, a 90% premium to the stock price prior to the initial offer in June.
For more information, read the USIS news release
About Baird Venture Partners
Baird Venture Partners, the U.S.-based venture capital fund of Baird Private Equity, makes venture capital investments in early and expansion stage business services and life sciences companies. Baird Venture Partners leverages its in-depth sector knowledge, experienced investment team and network of relationships to serve as a value-added partner for its portfolio companies. For more information, please visit www.bairdventurepartners.com
About Baird Private Equity
Baird Private Equity, the global private equity group affiliated with 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 and Granville Baird, an affiliated fund manager that invests in Germany. Baird Private Equity has a global team of 80 professionals in nine offices across the United States, Europe and Asia, including approximately 20 operating professionals in Asia. Baird Private Equity and its affiliates have raised and managed approximately $2.4 billion in capital and invested in over 220 companies since the 1980s. For more information, please visit www.bairdprivateequity.com