(McKinney, TX) June 8, 2022 – StatLab Medical Products (StatLab), a Linden Capital Partners and Audax Private Equity portfolio company and a leading developer and manufacturer of medical diagnostic supplies and equipment, today announced that it has acquired CellPath Ltd. (CellPath), a UK-based manufacturer and supplier of products and services focused on the histology and cytology markets. This addition of new manufacturing capabilities and established UK customer base both strengthens the core business and positions StatLab for international growth and market expansion.
Based in the UK, CellPath was founded in 1969 by Peter Webber as a histology consumables company known as Bethlehem Instruments, and quickly expanded into equipment. Today, CellPath is an established market leader in Europe, providing key products and services to both the cytology and histology market segments. With this acquisition, StatLab expands its reach in Europe, adds key injection molding manufacturing capabilities, and acquires proprietary products including the CellNass archiving service.
“We have long respected CellPath for their well-earned reputation of delivering innovative products that solve problems for labs, and are proud to welcome them to the StatLab family of brands” said Mike Karsonovich, CEO of StatLab. “Now paired with the strategic acquisition of UK-based equipment manufacturer Pyramid Innovation in 2021, CellPath’s established European market position and complementary portfolio will empower meaningful international growth in the histology sector.”
Phillip Weber, CellPath Joint Managing Director along with his brother Paul, adds “StatLab is an excellent fit for us; their US market access and business infrastructure will help jointly expand customer access to products and services as a global market leader. We also appreciate their leadership commitment to ensure we maintain the high levels of service and quality that our family’s business is known for as we partner as one organization.”
CellPath will continue operating in the same locations and under the existing leadership structure to prevent any business disruption.
About StatLab Medical Products
Founded in 1976, StatLab Medical Products is leading the way in development and manufacturing of high-quality histology, cytology and immunohistochemistry diagnostic products. We partner with anatomic pathology laboratories to provide easy access to over 3,500 high-quality diagnostic products and equipment at excellent prices, delivered with expert support. When you work with StatLab, we’re on your team, and you’re part of our family. Learn more at www.statlab.com.
About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating expertise, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested in over 40 healthcare companies encompassing over 200 total transactions. The firm has raised over $6 billion in limited partner commitments since inception. For more information, please visit www.lindenllc.com.
About Audax Private Equity
Audax Group is a leading alternative investment manager with offices in Boston, New York, and San Francisco. Since its founding in 1999, the firm has raised over $30 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $7 billion in more than 140 platforms and over 1,000 add-on companies, and is currently investing out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax Private Equity seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 250 employees, Audax is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website: www.audaxprivateequity.com or follow Audax on LinkedIn.
