Anatomic pathology equipment serves hospitals, universities, research institutions, and medical examiners—a specialized niche within healthcare capital goods. Products include dissecting instruments, autopsy accessories, fume handling systems, grossing workstations, and morgue refrigeration. Mopec Group has manufactured these items since 1992 from its Madison Heights, Michigan headquarters, establishing brand recognition among pathologists and lab professionals.
Waud Capital Partners acquired Mopec from Blackford Capital on January 6, 2025, continuing the firm’s healthcare investment activity. The transaction exemplifies middle-market private equity’s focus on companies with defensible market positions, recurring revenue streams, and opportunities for operational improvement.
The Medical Device Campaign Thesis
Kyle Lattner, a Waud Capital Partners partner recently promoted in January 2025, characterized the Mopec investment as “part of our dedicated Medical Device & Supply Services campaign we launched in partnership with Brad Staley.” This phrasing reveals deliberate sector focus rather than opportunistic deal-making.
Brad Staley joined Waud Capital Partners as an executive partner with more than 25 years of experience in healthcare and technology operating roles, most recently serving as CEO of Advancing Eyecare. He will chair Mopec’s board of directors, applying supply chain and distribution expertise to the pathology equipment business.
The campaign structure indicates proactive market mapping and thesis development. Rather than waiting for investment bankers to present opportunities, Waud Capital Partners identified medical device and supply services as attractive, recruited an experienced executive partner with relevant operating background, and then sourced transactions fitting predetermined criteria.
Mopec’s Business Fundamentals
Francis X. Dirksmeier, Mopec Group’s CEO, described the company’s mission as empowering “pathology and anatomy professionals by providing products and solutions for the advancement of diagnostic accuracy, safety, research, education, and the treatment of disease.”
The vertical integration model combines manufacturing with distribution, allowing Mopec to control quality and maintain margins across the value chain. Equipment sales provide upfront revenue, while consumable products and maintenance services generate recurring income over equipment lifespans.
End markets span hospital pathology departments, university research labs, forensic pathology facilities, and medical examiner offices. These customers require specialized products meeting regulatory standards for biohazard handling, ventilation, and temperature control. Switching costs and compliance requirements create customer stickiness.
Growth Drivers and Investment Rationale
Mike Lehman, principal at Waud Capital Partners, cited secular trends supporting the investment: “The growing incidence of disease and increasing roles of precision medicine continue to drive demand and a need in the market for value-added partners like Mopec.”
Precision medicine requires tissue analysis and genetic testing, both dependent on pathology infrastructure. Cancer diagnosis, treatment monitoring, and research consume significant pathology resources. An aging population increases disease incidence, while advances in diagnostic techniques create demand for updated equipment.
Mopec’s differentiators include innovation capabilities, extensive engineering processes, and focus on quality. The company develops proprietary products rather than solely distributing commoditized equipment. This product development capability positions Mopec to benefit from pathology workflow evolution and emerging diagnostic modalities.
Value Creation Roadmap
Waud Capital Partners typically pursues dual value creation methods: organic growth initiatives and add-on acquisitions. For Mopec, organic opportunities include expanding the consumables and service revenue streams, developing new products for emerging diagnostic techniques, and increasing market share through enhanced sales and marketing.
Add-on acquisitions could consolidate fragmented pathology equipment suppliers, add complementary product lines, or expand into adjacent laboratory equipment categories. The firm’s track record includes averaging more than ten acquisitions per healthcare platform investment, suggesting Mopec will pursue buy-and-build opportunities.
Brad Staley commented that Mopec shows “a category leader with incredible brand equity in its core offerings” while noting the goal of “becoming a comprehensive solutions provider to pathology and lab markets.” This language signals ambitions beyond maintaining current market position toward expanding the addressable market and service offering.
Transaction advisors included Stout Capital as financial advisor and Kirkland & Ellis as legal counsel to Waud Capital Partners. Blackford Capital and Mopec used Piper Sandler as financial advisor and Varnum LLP as legal counsel. Deal terms remained undisclosed, typical for private transactions.
Related: https://www.wsj.com/articles/waud-capital-seeks-up-to-2-billion-for-fund-v-11556140995
