A Connecticut private equity group is buying all outstanding shares of MGC Diagnostics (MGCD) for about $50.3 million.

Altus Capital Partners is paying $11.03 per share for the Vadnais Heights company.

The medical technology company makes noninvasive diagnostic products through its Medical Graphics Technology and Medisoft S.A. subsidiaries.

MGCD has 155 employees and had annual revenue of $40 million for the year ended Oct. 31, 2016. The company hasn’t filed results for the year ended Oct. 31, 2017.

The company’s board voted in January to explore alternatives for the company. A special committee of the board including chairman Mark Sheffert, vice chairman Terry Bunge and director Hank Struick oversaw the process and engaged Minneapolis investment banking firm Craig-Hallum Capital.

“After a review of strategic alternatives by our board of directors, we are pleased to reach this agreement with Altus, which provides our shareholders with immediate liquidity and substantial certainty of value,” Sheffert said in a release this week. “We believe this transaction presents a winning proposition for all our stakeholders. Altus is a strategic-minded and growth-oriented investor in the manufacturing space with a proven track record of partnering with company management.”

Altus is a private equity firm that invests in middle market manufacturing businesses. It was founded in 2003 and has made 16 acquisitions in platform companies and numerous add-on acquisitions since then.

A document filed with the Securities and Exchange Commission on Wednesday said MGC Diagnostics entered into the agreement with an affiliate of Altus called AC Breathe Merger Sub.

On Nov. 24, the stock of MGCD closed at $8.80 per share. The $11.03 offer price is a premium of 25 percent to its value just prior to the announcement and a premium of 44 percent to the Jan. 25 close of $7.66 per share.

In the previous 52 weeks, the stock had traded between $5.81 and $10.25 per share. On Thursday, shares closed at $10.97.

MGCD’s board has approved the transaction, but the closing date is subject to customary conditions and approvals.