Audax Private Equity and Linden Capital Partners Agree to Sell StatLab Medical Products to Leica Biosystems

Danaher (NYSE: DHR), through its operating company Leica Biosystems, has agreed to acquire StatLab Medical Products from private equity owners Audax Private Equity and Linden Capital Partners.

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BOSTON & CHICAGO--(BUSINESS WIRE)-- Linden Capital Partners (“Linden”) and Audax Private Equity (“Audax”), two leading middle-market private equity firms, announced today an agreement to sell StatLab Medical Products (“StatLab” or the “Company”) to Leica Biosystems, an operating company of Danaher Corporation (NYSE: DHR). The transaction is subject to customary closing conditions. Founded in 1976 and headquartered in McKinney, Texas, StatLab is a leading manufacturer of pre-analytical products spanning the full anatomic pathology workflow, delivering high-quality products and expert service to laboratories and OEM customers across the United States and Europe.

During the ownership of Audax and Linden, StatLab expanded from a primarily U.S.-focused business into a global, integrated manufacturer. Through investments in the team, commercial function, and manufacturing facilities, StatLab reinforced its relationships with customers to accelerate organic growth. The Company also enhanced its in-house production capabilities and completed nine strategic acquisitions that broadened its self-manufacturing capabilities.

Joe Bernardo, Chairman of StatLab and Linden Operating Partner, commented: “When we partnered with StatLab in 2021, we saw a company with a strong reputation for quality and service and an opportunity to build a scaled, self-manufacturing platform spanning the anatomic pathology workflow. It has been a privilege to work alongside this team as they executed that vision. StatLab today is a stronger, more global, and more innovative company, and I am confident it will continue to thrive as part of Leica Biosystems and Danaher.”

Sung-Dae Hong, Chief Executive Officer of StatLab, added: “I want to thank Audax and Linden for supporting our team with the investment and committing resources to help accelerate growth. I am incredibly proud of what our people have accomplished and of the trust our laboratory, distribution, and OEM customers place in us every day. Joining Danaher, through Leica Biosystems, is a testament to that work, and our mission remains unchanged.”

Stephen Weaver, Managing Director, and David Wong, Partner, at Audax Private Equity commented: “We are proud to have partnered with Linden and the StatLab team to build a distinguished global provider across the anatomic pathology workflow. StatLab's outstanding management team paired a disciplined acquisition strategy with meaningful investment in manufacturing and talent, and we believe the outcome reflects that work.”

Kam Shah, Partner at Linden Capital Partners, stated: “I want to congratulate Joe, Dae, and the entire StatLab organization on this milestone. Over the course of our investment, the team built a dual-continent manufacturing footprint, expanded the product portfolio, and strengthened its reputation with customers. We thank our partners at Audax for their collaboration throughout, and we're proud to see StatLab's growth culminate in this transaction.”

In addition to the directors quoted above, the Board of Directors includes Brian Miller, Co-Founder and Partner of Linden, Kim Kelderman, CEO of Bio-Techne, and Gary Knight, former Vice President of Strategy & Corporate Development at VWR.

Moelis & Company served as exclusive financial advisor to StatLab. Ropes & Gray LLP and Kirkland & Ellis LLP served as legal advisors to Audax and Linden.

About StatLab Medical Products
StatLab Medical Products is a leading manufacturer of pre-analytical products supporting the full anatomic pathology workflow. The Company partners with pathology, histology, cytology, molecular diagnostics, and other laboratories, as well as OEM customers, to deliver a broad portfolio of high-quality consumables, reagents, and equipment, supported by expert service. Headquartered in McKinney, Texas, StatLab serves thousands of laboratory and OEM customers across the United States and Europe. For more information, please visit 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 the largest dedicated healthcare private equity firm. 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. Since its founding, Linden has invested in over 50 healthcare companies encompassing over 400+ total transactions across its strategies. The firm currently manages ~$14.0 billion of regulatory assets under management. For more information, please visit www.linden.com.

About Audax Private Equity
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity is a leading private equity platform focused on investing across the North American middle market. Our objective is to accelerate value creation through our Buy & Build strategy and the Audax Value Agenda™, a holistic framework that seeks to create, enable, and protect value across every stage of the investment lifecycle. As of January 2026, Audax Private Equity had approximately $19.5 billion of assets under management and, since inception in 1999, has invested in more than 180 platforms and more than 1,500 add-on acquisitions. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260714396416/en/

MEDIA:

StatLab Medical Products:
Jessica Baer
jbaer@statlab.com
630-346-1659

Audax Private Equity:
Gasthalter & Co.
(212) 257-4170
audaxprivateequity@gasthalter.com

Source: Audax Private Equity

Key Terms

assets under management financial

Assets under management (AUM) is the total value of all the investments that a financial company or fund is responsible for overseeing on behalf of its clients. It’s like a big bucket that shows how much money the firm is managing for people or organizations. A higher AUM often indicates a larger, more trusted company, and it can influence how much money they earn and the services they can offer.

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Regulatory assets under management are the total client funds and investments that a firm is required to report to regulators as being under its control or advisory responsibility. For investors, this number signals the firm’s scale and the fees it can earn, and it is used by regulators to monitor risk, compliance and potential conflicts — like a publicly listed headcount that shows how much responsibility a manager carries.

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