Key Takeaways
- • Audax Private Equity and Linden Capital Partners agreed to sell StatLab Medical Products, a McKinney, Texas-based pre-analytical products manufacturer, to Leica Biosystems, an operating company of Danaher Corporation (NYSE: DHR), per a Business Wire release dated July 14, 2026.
- • The transaction is subject to customary closing conditions; the release does not disclose a purchase price.
- • Audax and Linden acquired StatLab in 2021 and, during their ownership, expanded it from a primarily U.S.-focused business into a global, integrated manufacturer across the United States and Europe.
- • Under sponsor ownership StatLab completed nine strategic acquisitions and enhanced in-house production, including a dual-continent manufacturing footprint.
- • Moelis & Company advised StatLab as exclusive financial advisor; Ropes & Gray and Kirkland & Ellis advised Audax and Linden respectively.
Summary
Audax Private Equity and Linden Capital Partners, two middle-market private equity firms, have agreed to sell StatLab Medical Products to Leica Biosystems, an operating company of Danaher Corporation, according to a Business Wire announcement. The transaction is subject to customary closing conditions. The release does not disclose financial terms. StatLab, founded in 1976 and headquartered in McKinney, Texas, manufactures pre-analytical products across the full anatomic pathology workflow, serving laboratories and OEM customers in the United States and Europe.
According to the companies, StatLab expanded from a primarily U.S.-focused business into a global, integrated manufacturer during the Audax and Linden ownership period, which began in 2021. The sponsors cite investments in personnel, commercial capabilities and manufacturing facilities, as well as the completion of nine strategic acquisitions that broadened StatLab's self-manufacturing capabilities. Joe Bernardo, StatLab chairman and Linden operating partner, said the company is "stronger, more global, and more innovative" and expected to continue to thrive within Leica Biosystems and Danaher.
StatLab CEO Sung-Dae Hong thanked Audax and Linden for their investment and said the company's mission remains unchanged following the transaction. Stephen Weaver, managing director, and David Wong, partner, at Audax, said the firm was proud to have helped build a distinguished global provider across the anatomic pathology workflow. Kam Shah, partner at Linden, noted the team built a dual-continent manufacturing footprint and expanded the product portfolio during the investment.
Linden Capital Partners is a Chicago-based healthcare-focused private equity firm managing approximately $14.0 billion in regulatory assets under management, according to the release. Audax Private Equity, headquartered in Boston, had approximately $19.5 billion in assets under management as of January 2026. Moelis & Company served as exclusive financial advisor to StatLab, while Ropes & Gray LLP and Kirkland & Ellis LLP served as legal advisors to Audax and Linden, respectively.
According to the companies, StatLab expanded from a primarily U.S.-focused business into a global, integrated manufacturer during the Audax and Linden ownership period, which began in 2021. The sponsors cite investments in personnel, commercial capabilities and manufacturing facilities, as well as the completion of nine strategic acquisitions that broadened StatLab's self-manufacturing capabilities. Joe Bernardo, StatLab chairman and Linden operating partner, said the company is "stronger, more global, and more innovative" and expected to continue to thrive within Leica Biosystems and Danaher.
StatLab CEO Sung-Dae Hong thanked Audax and Linden for their investment and said the company's mission remains unchanged following the transaction. Stephen Weaver, managing director, and David Wong, partner, at Audax, said the firm was proud to have helped build a distinguished global provider across the anatomic pathology workflow. Kam Shah, partner at Linden, noted the team built a dual-continent manufacturing footprint and expanded the product portfolio during the investment.
Linden Capital Partners is a Chicago-based healthcare-focused private equity firm managing approximately $14.0 billion in regulatory assets under management, according to the release. Audax Private Equity, headquartered in Boston, had approximately $19.5 billion in assets under management as of January 2026. Moelis & Company served as exclusive financial advisor to StatLab, while Ropes & Gray LLP and Kirkland & Ellis LLP served as legal advisors to Audax and Linden, respectively.
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