Audax Private Equity and Linden Capital Partners Invest in StatLab Medical Products

JAN 2021

Audax Private Equity (“Audax”) and Linden Capital Partners (“Linden”), two leading middle-market private equity firms, announced today the acquisition of StatLab Medical Products (“StatLab” or the “Company”). Founded in 1976 and headquartered in McKinney, Texas, StatLab is a leading manufacturer and distributor of consumables, reagents, and equipment used by anatomic pathology, molecular diagnostics, and other laboratories.

Joe Bernardo, Operating Partner at Linden, has been appointed Executive Chairman of StatLab and will join the Board of Directors. Mr. Bernardo brings valuable experience to StatLab after spending over 25 years with premier diagnostics organizations, including Thermo Fisher Scientific, Siemens Healthcare, and Abbott Laboratories. “We are delighted to partner with StatLab to build upon its reputation derived from decades of providing high quality products and service. The Company has a unique opportunity to expand its customer base and suite of consumables and equipment offerings over the next several years,” said Mr. Bernardo.

Michael Karsonovich, Operating Advisor at Linden, has been appointed CEO of StatLab and will also join the Board. Mr. Karsonovich has extensive experience across anatomic pathology and diagnostics, having previously held executive positions at Thermo Fisher Scientific in their Fisher HealthCare, Temperature Control and Slides, and Specialty Glass businesses. “I am honored by the opportunity to contribute to this organization and am excited to work with the talented team at StatLab. I also want to thank Dan Eckert for his outstanding leadership of the StatLab team for the last three years,” noted Mr. Karsonovich. “Moreover, I look forward to partnering with Audax and Linden, who share my vision to build upon, invest in, and accelerate the growth of StatLab,” added Mr. Karsonovich.

“StatLab has established itself as a leader in anatomic pathology consumables and a reliable partner to laboratory and OEM customers. Linden’s investment in StatLab builds upon our prior experience in the diagnostics sector, and we look forward to leveraging that experience to support the Company’s next phase of growth,” said Kam Shah, Partner at Linden.

David Wong, Managing Director at Audax, added, “We commend StatLab’s management team on building an extraordinary business, one that has been resilient despite the challenges posed by the COVID-19 pandemic. The Company is now well positioned to continue to grow both organically and through strategic acquisitions.”

In addition to Joe Bernardo and Michael Karsonovich, Gary Knight, Operating Advisor to Audax and former VP of Strategy & Corporate Development at VWR, Brian Miller of Linden and Keith Palumbo of Audax will join StatLab’s Board of Directors. Dan Eckert will remain on the Board.

Ropes & Gray LLP and Kirkland & Ellis LLP served as legal advisors to Audax and Linden, and Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor. Robert W. Baird & Co. served as financial advisor to StatLab. Golub Capital provided debt financing for the transaction.