Cressey & Company has acquired a majority ownership stake in McKinney, Texas-based StatLab Medical Products, a maker of diagnostic supplies for the anatomic pathology lab sector. The seller was Prairie Capital. No financial terms were disclosed. Robert W. Baird & Co provided financial advice to to StatLab on the transaction.
MCKINNEY, Texas, June 8, 2017 /PRNewswire/ — StatLab Medical Products (“StatLab” or “the Company”), a leading developer and manufacturer of diagnostic supplies for the anatomic pathology laboratory industry, announced today that Cressey & Company LP (“Cressey & Company”), a healthcare-focused private investment firm, has completed a growth-focused investment in the Company. Cressey & Company has acquired a majority ownership position from selling shareholder, Prairie Capital, L.P., with certain members of StatLab’s management team holding ownership stakes in the Company as well.
The recapitalization positions StatLab, which has a 40-year history, to continue executing on its growth strategy. In conjunction with the investment in StatLab, Dan Eckert, an experienced healthcare services executive, has been appointed to the position of Chief Executive Officer. The Company’s previous Chief Executive Officer, Michael Aubrey, has joined StatLab’s Board of Managers in an advisory capacity.
“My new colleagues and I are excited to partner with Cressey & Company to continue building StatLab into a leader in the anatomic pathology manufacturing and supply market,” said StatLab CEO Dan Eckert. “StatLab is well positioned, with a proven leadership team and diversified product offering serving thousands of laboratories and physicians. With the support and expertise of Cressey & Company, our goal will be to make StatLab the clear, national partner of choice for anatomic pathology labs.”
With more than 3,000 physician and laboratory customers across the United States, StatLab offers a variety of consumable histology, cytology and immunohistochemistry products. The Company’s products include those necessary for physicians to accurately diagnose and treat cancer.
“We are pleased to forge a new investment partnership with StatLab,” said Cressey & Company Partner Dave Rogero. “We have been following StatLab for some time and know its industry well. We look forward to helping Dan and his team build on the great progress StatLab has made recently and accelerate the Company’s growth and expansion.”
“StatLab’s success has been driven by its focus on quality and its collaborative working environment,” said Michael Aubrey. “I believe that StatLab is moving in a promising direction and I look forward to collaborating with Dan, the Cressey & Company team and other members of the Board of Managers to help StatLab execute its strategic plan.”
Robert W. Baird & Co. acted as financial advisor to StatLab, while Golub Capital and Ropes & Gray LLP provided senior debt financing and legal counsel, respectively, to Cressey & Company for the recapitalization.
About StatLab Medical Products
Founded in 1976, StatLab Medical Products is a leading developer and manufacturer of cost-effective histology, cytology and immunohistochemistry diagnostic supplies. StatLab offers 1,750 of the most commonly purchased diagnostic supplies used by independent and hospital-based anatomic pathology laboratories. Over 3,000 anatomic pathology laboratories across the United States rely on StatLab to satisfy their diagnostic supply requirements. More information can be found at statlab.com.
About Cressey & Company LP
Based in Chicago, IL and Nashville, TN, Cressey & Company LP is a private investment firm focused on building leading healthcare provider, service and information technology businesses. With a history spanning nearly 35 years, the Cressey & Company team is one of the most experienced and successful in the healthcare private equity field. For more information, visit cresseyco.com.