Most healthcare private equity deals target services: clinics, physician practices, outpatient facilities. Reeve Waud went upstream. Waud Capital Partners acquired Mopec Group in January 2025, adding a manufacturer and distributor of anatomic and forensic pathology equipment to a portfolio that had been built almost entirely on healthcare delivery and software.
Mopec, founded in 1992 and headquartered in Madison Heights, Michigan, supplies autopsy stations, grossing workstations, and related laboratory equipment to hospitals, medical examiners, and research institutions. WCP purchased the company from Blackford Capital, a Grand Rapids-based private equity firm.
A Campaign, Not a One-Off
Kyle Lattner, a Partner at Waud Capital Partners, described the acquisition as part of a “dedicated Medical Device & Supply Services campaign we launched in partnership with Brad Staley”. Staley, a healthcare and technology executive with more than 25 years of operating experience, was named Executive Chairman of Mopec at closing.
Brad Staley offered his own assessment of the opportunity: “Mopec is a category leader with incredible brand equity in its core offerings”.
Mopec CEO Jeff Dirksmeier said: “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”.
Precision Medicine as a Demand Driver
Demand for pathology equipment has grown as hospitals and forensic laboratories ramp up capacity for precision diagnostics. It’s a field where the physical infrastructure hasn’t kept pace with the science. Joe Lehman, a Partner at WCP, pointed to “the growing demand for precision medicine” as a factor in the firm’s interest.
Mopec marks Waud Capital’s entry into medical devices after three decades focused on healthcare services and software. With the acquisition, Reeve Waud’s firm has now completed more than 460 investments since its founding in 1993 – and signaled that its definition of healthcare extends well past the clinic floor.