Private equity firms often announce investment themes: “We’re focused on healthcare services” or “We’re pursuing software opportunities.” Waud Capital Partners articulated a specific campaign: medical device and supply services.
In January 2025, that campaign produced its first public transaction. Waud Capital announced the acquisition of Mopec Group, a Michigan-based supplier of pathology equipment.
Medical Device & Supply Services Campaign Launch
Waud Capital launched its Medical Device & Supply Services campaign in partnership with Brad Staley, an Executive Partner with over 25 years of healthcare operating experience. Staley previously served as CEO of Advancing Eyecare, where he scaled the organization through organic and acquisition-driven growth.
The campaign reflects Waud Capital’s thesis-driven investment 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.
Kyle Lattner, Partner at Waud Capital, explained: “This investment is part of our dedicated Medical Device & Supply Services campaign we launched in partnership with Brad Staley.” He added that Mopec “is an attractive opportunity that falls squarely within the purview of the campaign thesis.”
Acquiring a 33-Year-Old Pathology Leader
Mopec Group began operations in 1992 from its Madison Heights, Michigan headquarters. The company supplies equipment, consumables, and services to laboratories performing anatomic pathology and forensic pathology work.
Customers include hospitals, universities, morgues, and research facilities. Products range from dissection instruments and autopsy accessories to grossing workstations and morgue refrigerators. Mopec differentiates itself through vertical integration—the company designs, manufactures, and distributes its products.
Francis X. Dirksmeier, Mopec Group CEO, commented on the transaction: “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.”
Waud Capital acquired Mopec from Blackford Capital, a Michigan private equity firm operating in the lower middle market. Transaction terms were not disclosed.
Executive Partner Model in Action
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 commented: “Mopec is a category leader with incredible brand equity in its core offerings. 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.”
Mike Lehman, Principal at Waud Capital, provided context on market dynamics: “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 relies on accurate diagnosis, which requires quality pathology equipment. As healthcare becomes more personalized, pathology laboratories need reliable suppliers who can deliver consistent products and responsive service.
Waud Capital Partners, founded by Reeve Waud in 1993, has completed more than 460 investments across healthcare and software sectors. The firm manages approximately $4.6 billion in assets.Read: Ivy Rehab Announces CEO Transition: Jason Strauss to Succeed Michael Rucker as Chief Executive Officer
