GRAND RAPIDS, Mich., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Blackford Capital ("Blackford”), a leading lower middle market private equity firm, today announced its successful closing on the sale of Madison Heights, Michigan-based portfolio company Mopec Group ("Mopec”), to Waud Capital Partners ("WCP”), a Chicago-based growth-oriented middle-market private equity firm specializing in the healthcare and software & technology sectors.
Founded in 1992 and headquartered in Madison Heights, Michigan, Mopec is a vertically integrated, branded manufacturer and supplier of equipment, consumables and services serving the needs of the anatomic pathology and other laboratory end-markets. Mopec's core mission is to empower pathology and anatomy professionals by providing products and solutions for the advancement of diagnostic accuracy, safety, research, education, and the treatment of disease.
During Blackford Capital's 11-year ownership, Mopec experienced transformative growth. Blackford's focus on infrastructure, coupled with strategic investments in people, processes, and the implementation of a mature ERP system, significantly improved Mopec's operational efficiency, financial transparency, and reporting capabilities. Additionally, Blackford's commitment to operational excellence-emphasizing discipline, rigor, and robust management systems-was successfully implemented across all facilities of Mopec, driving sustained growth and performance.
"This is a very exciting milestone in Mopec's history for our customers and our entire organization,” Mopec Group CEO Francis X. Dirksmeier said. "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 supports our mission, vision, and purpose, which is to enrich life by building the platform for the treatment of disease. We look forward to building on the success we've had to date while also accelerating future growth opportunities. 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.”
"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, Chairman of Mopec Group and Managing Director at Blackford Capital. "We are confident that under Waud Capital's leadership and stewardship, the company will build on the foundation we helped create and continue its trajectory of success.”
Martin Stein, Founder and Managing Director at Blackford Capital, stated, "Today marks a significant milestone in the journey of Mopec Group. When Blackford Capital initially invested in Mopec, our investment thesis was to scale the business, drive sustainable growth, and create lasting value for the stakeholders and the communities we serve. Under the leadership of CEO Fran Dirksmeier and Blackford Capital Managing Director Carmen Evola, Mopec Group has not only achieved those goals but also positioned itself as a standout player in the medical equipment industry.”
Varnum LLP served as legal counsel for Blackford Capital and Mopec. Piper Sandler & Co. acted as exclusive financial advisor to Blackford Capital and Mopec. Kirkland & Ellis LLP served as legal counsel for Waud Capital. Stout Capital served as financial advisor to Waud Capital. Terms of the transaction were not disclosed.
About Blackford Capital
Founded in 2010, Blackford Capital is a private equity investment firm headquartered in Grand Rapids, Michigan. Blackford acquires, manages, and builds founder and family-owned, lower middle-market companies, with a focus on the manufacturing, industrial and distribution industries. Blackford has a track record of exceptional returns, a disciplined and relentless approach to value creation, and a focus on operational excellence and a compelling culture. In 2023 and 2024, Blackford Capital was named to Inc's list of Founder-Friendly Investors, was recognized by ACG Detroit with the 2023 M&A Dealmaker of the Year Award and awarded the 2023 Small Markets Deal of the Year award by both Buyouts Magazine and the Global M&A Network Atlas Awards. For more information, visit www.blackfordcapital.com.
About Mopec Group
Mopec Group, headquartered in Madison Heights, Michigan, is a vertically integrated, branded supplier and manufacturer of high-quality anatomic and forensic pathology equipment, technology, consumable products, and services. Founded in 1992, Mopec Group differentiates itself through its innovation and extensive engineering process, outcome-based mindset, and leading quality. Mopec is elevating pathology and specializes in solutions for anatomic and forensic pathology and other labs in hospitals, universities, morgues, and a variety of other markets. For more information, visit www.mopec.com.
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