Bird Dog Equity Partners sells tech company to German manufacturer

July 19, 2019

Sioux Falls-based Bird Dog Equity Partners has sold a Texas technology company it owned to a Germany company that’s the world’s leading manufacturer of anatomical and biological education and simulation for science, health care and patient education.

Bird Dog partnered with Mike Strandell to purchase Texas-based Cardionics eight years ago and grew its annual revenue from $1.8 million to $5 million. Cardionics is a developer of auscultation simulation products that simulate sounds from the heart, lungs and other organs for clinical, learning and telehealth applications.

The buyer, 3B Scientific, is a German portfolio company of JH Whitney Capital Partners. Terms were not disclosed, but the deal represented a nine-times return on invested equity, according to Bird Dog.

“We are very proud of what the team has accomplished over the past eight years,” said Strandell, who will be stepping down as CEO of the company. “3B Scientific is the perfect company to grow Cardionics through their extensive distribution network.”

The health care simulation market has experienced significant growth in the past decade and is estimated to reach $2.27 billion in annual revenue by 2021, according to a 2016 Markets and Markets report.

“We felt the timing was right,” said Chad Hatch, managing partner of Bird Dog. “Building an excellent product line and developing a first-rate team enabled us to grow revenue and exit the investment in our targeted seven- to 10-year window. 3B has acquired one of the leading companies in this industry and positioned the company for a very successful future.”

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Bird Dog Equity Partners sells tech company to German manufacturer

Sioux Falls-based Bird Dog Equity Partners has sold a Texas technology company it owned to a Germany company that’s the world’s leading manufacturer of anatomical and biological education and simulation for science, health care and patient education.

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