Precision Medicine and the Pathology Equipment Investment Thesis
Healthcare is becoming more personalized. Treatments increasingly target specific genetic markers rather than broad patient populations. Diagnosis requires more sophisticated testing to identify these markers.
This shift toward precision medicine creates opportunities in supporting industries. Pathology laboratories need advanced equipment to process complex tests. Suppliers need expertise in emerging diagnostic technologies.
Waud Capital Partners identified this opportunity and launched a Medical Device & Supply Services campaign. The January 2025 acquisition of Mopec Group represents the campaign’s first public transaction.
Diagnostic Accuracy Driving Pathology Demand
Mike Lehman, Principal at Waud Capital, explained the investment rationale: “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 accurate diagnosis. A cancer patient might receive genetic testing to determine which therapies will prove most effective. An infectious disease patient might need rapid testing to identify specific pathogens and antibiotic sensitivities.
These tests happen in pathology laboratories using specialized equipment. Grossing workstations allow pathologists to examine tissue samples. Dissection instruments enable precise specimen preparation. Fume handling equipment protects laboratory staff from chemical exposures.
Mopec Group, founded in 1992, manufactures and distributes this equipment. The company serves anatomic pathology and forensic pathology laboratories in hospitals, universities, morgues, and research facilities.
Medical Device & Supply Services Campaign
Waud Capital launched its Medical Device & Supply Services campaign in partnership with Brad Staley, an Executive Partner with over 25 years in healthcare operating roles.
Kyle Lattner, Partner at Waud Capital, described the fit: “This investment is part of our dedicated Medical Device & Supply Services campaign we launched in partnership with Brad Staley. Mopec is an attractive opportunity that falls squarely within the purview of the campaign thesis and we couldn’t be more excited to partner with Fran and the Mopec team.”
The campaign reflects Waud Capital’s thesis-driven approach. Rather than opportunistically evaluating deals across healthcare, the firm identifies specific subsectors where it believes it can create value. Medical device distribution and supply services represent one such subsector.
Reeve Waud founded Waud Capital Partners in 1993 with a focus on healthcare and software/technology investments. Over 32 years, the firm has completed more than 460 investments.
Partnering With Experienced Executive Talent
Following the acquisition, Brad Staley became Executive Chairman of Mopec Group’s Board of Directors. This exemplifies Waud Capital’s executive partner model—pairing portfolio companies with operating executives who bring relevant industry experience.
Staley brings deep experience in specialty distribution, products, and services sectors. He previously served as CEO of Advancing Eyecare, where he scaled the organization through both organic growth and acquisitions. Before that, he held operating roles across multi-national supply chain and distribution markets.
“Mopec is a category leader with incredible brand equity in its core offerings,” Staley commented. “It is an honor to work with Fran and the Mopec leadership team to continue executing on its stated growth strategy of becoming a comprehensive solutions provider to pathology and lab markets.”
Francis X. Dirksmeier, Mopec Group CEO, expressed optimism about the partnership: “This is a very exciting milestone in Mopec’s history for our customers and our entire organization. The partnership and investment from Waud Capital will strengthen our capability set by investing in areas for innovation and growth, ultimately driving greater value to all our constituents.”
Mopec differentiates itself through vertical integration. The company designs, manufactures, and distributes its products rather than serving as a pure distributor of third-party equipment. This integration provides control over quality, delivery timelines, and customer service.
Lattner highlighted this differentiation: “Mopec offers a differentiated solutions approach to serving pathology and lab customers’ needs and has built valuable, long-term partnerships. We are excited to partner with the Mopec team to pursue strategic growth initiatives and expand equipment, consumables, and service offerings to its customers.”
Waud Capital acquired Mopec from Blackford Capital, a Michigan-based private equity firm. Transaction terms were not disclosed.Waud Capital Partners manages approximately $4.6 billion in assets. The firm specializes in healthcare and software/technology investments, typically deploying $75 million to $200 million in equity per transaction.
