Blackford Capital has closed the sale of Mopec Group, a branded manufacturer and supplier of pathology and laboratory equipment, to Waud Capital Partners.
Mopec’s products include autopsy tables, specialized workstations, and body storage systems, as well as a range of consumable products – biopsy bags, scalpels and knives, tissue marking dyes, microscope slides, autopsy saws and blades, personal protective equipment, cleaners, and disinfectants – used by its customers which include anatomic and forensic pathology labs in hospitals, universities, and morgues.
Mopec, led by CEO Francis Dirksmeier, was founded in 1992 and is headquartered near Detroit in Madison Heights, Michigan.
“This is a very exciting milestone in Mopec’s history for our customers and our entire organization,” said Mr. Dirksmeier. “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. We also want to acknowledge our partners at Blackford Capital who have helped transform our business and manufacturing processes to support our strategic growth and expansion.”
Blackford acquired Mopec in June 2013. “This acquisition by Waud Capital is a testament to the exceptional work done by everyone at Mopec Group over the last 11 years,” said Jeff Johnson, the chairman of Mopec and a managing director at Blackford. “We are confident that under Waud Capital’s leadership, the company will build on the foundation we helped create.”
Grand Rapids, Michigan-based Blackford Capital invests in founder- and family-owned, lower middle-market manufacturing, industrial, and distribution companies. Target companies typically have revenues of $20 million to $100 million and EBITDA of $2 million to $20 million.
“Today marks a significant milestone in the journey of Mopec Group,” said Martin Stein, the founder and managing director of Blackford Capital. “When Blackford initially invested in Mopec, our investment thesis was to scale the business, drive sustainable growth, and create lasting value for the stakeholders and communities we serve. Under CEO Fran Dirksmeier’s leadership, Mopec has achieved these goals and positioned itself as a standout player in the medical equipment industry.”
Brad Staley, an Executive Partner at Waud Capital with more than 25 years in healthcare and technology operating roles across specialty distribution, products, and services sectors, will serve as the executive chairman of Mopec Group. “This investment is part of our dedicated Medical Device & Supply Services campaign we launched in partnership with Brad Staley,” said Kyle Lattner, a partner with Waud Capital. “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.”
Chicago-based Waud Capital makes investments from $75 million to $200 million in middle-market companies that operate in the healthcare, software and technology services. Since its founding in 1993, the firm has made more than 290 investments, including platform companies and add-on acquisitions.
Piper Sandler & Co. was the financial advisor to Blackford Capital and Mopec, and Stout Capital advised Waud Capital.
© 2025 Private Equity Professional | January 9, 2025
