Waud Capital Partners’ newly announced partnership with healthcare executive Bill Mixon represents the latest chapter in founder Reeve Waud‘s two-decade healthcare consolidation approach. The $100+ million commitment to medical device and supply chain services builds upon a proven track record of identifying and scaling fragmented healthcare markets.
The partnership targets home distribution, specialty distribution, outsourced provider equipment services, and chronic care management—areas that mirror the fragmentation patterns Reeve Waud has successfully addressed throughout his investment career. This approach has consistently generated substantial returns for Waud Capital Partners and its portfolio companies.
Twenty Years of Healthcare Platform Building Under Waud Leadership
Reeve Waud’s healthcare investment expertise traces back to 2005, when he founded Acadia Healthcare as a behavioral health platform. Under his guidance, Acadia grew from a startup concept into one of the nation’s largest behavioral healthcare providers, operating over 260 facilities across 40 states and Puerto Rico. The company successfully completed its initial public offering in 2011, with Reeve Waud continuing to serve as Chairman of its board of directors (https://acadiahealthcare.gcs-web.com/corporate-governance/board-of-directors).
Building on the Acadia Healthcare success, Waud Capital Partners has systematically pursued consolidation opportunities across healthcare services. The firm’s partnership approach led to the creation of GI Alliance, which grew from operations in two states to become the largest independent gastroenterology practice management company in the nation across 14 states. That investment culminated in a successful exit valued at approximately $2.2 billion in 2022.
“We can still grow faster, even if we moderate that pace of growth; we will see the benefits of the beds we’ve added,” noted Acadia Healthcare’s CFO during a recent investor presentation, highlighting the sustainable growth model that has characterized Reeve Waud’s healthcare investments. This philosophy of measured, calculated expansion appears central to the new Bill Mixon partnership.
The firm’s healthcare portfolio demonstrates Reeve Waud’s ability to identify consolidation opportunities before they become crowded markets. From behavioral health to gastroenterology practice management, Waud Capital Partners has consistently entered fragmented sectors with experienced executives and scaled them through both organic growth and targeted acquisitions.
Medical Supply Chain as the Next Consolidation Target
The medical device and supply chain services sector exhibits the same characteristics that have attracted Reeve Waud’s attention in previous healthcare investments: significant fragmentation, regulatory complexity, and opportunities for experienced operators to create value through consolidation and operational improvements.
Bill Mixon’s background exemplifies the type of executive partnership that has driven Waud Capital Partners’ healthcare success. His experience growing Advanced Diabetes Supply to $1 billion in revenue while serving nearly 500,000 patients demonstrates the scaling potential within specialty healthcare distribution markets.
“The healthcare supply chain markets are highly fragmented with significant opportunities for organizations to deliver value-add solutions and address substantial challenges for key stakeholders,” explained Mike Lehman, Principal at Waud Capital. This assessment aligns with the investment thesis that has guided Reeve Waud’s healthcare investments since founding Waud Capital Partners in 1993.
The partnership announcement comes as Waud Capital Partners manages approximately $4.6 billion in assets under management, having completed over 450 investments since its inception. This scale provides the resources necessary to pursue significant consolidation opportunities within medical device distribution.
Reeve Waud’s continued involvement as Chairman of Acadia Healthcare, combined with his active role in identifying new healthcare investment opportunities, positions Waud Capital Partners to leverage deep sector expertise in evaluating the medical supply chain opportunity. The firm’s established relationships within healthcare, built through successful investments like Acadia Healthcare, provide competitive advantages in sourcing and executing consolidation plans.
This latest partnership reinforces Reeve Waud’s commitment to healthcare investing and his ability to identify experienced executives capable of building market-leading companies within fragmented sectors.
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