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The healthcare supply chain sector gained a significant new player when Waud Capital Partners announced its partnership with veteran executive Bill Mixon, committing over $100 million in equity capital to build a medical device and supply chain services platform. The move represents the second dedicated supply chain campaign launched by Reeve Waud’s Chicago-based private equity firm within two years, signaling a systematic approach to consolidating fragmented healthcare markets.
This executive-first investment model has become a hallmark of Waud Capital Partners since Reeve Waud founded the firm in 1993. Rather than acquiring companies and then searching for management talent, Waud Capital identifies proven executives first, then partners with them to build market-leading platforms through strategic acquisitions and organic growth initiatives.
The Executive-First Investment Model
Kyle Lattner, recently promoted to Partner at Waud Capital Partners, described the Mixon collaboration as “another example of Waud Capital’s executive-first campaign approach and commitment to support accomplished executive leaders with the full ecosystem of resources to execute transformative growth strategies in large, growing markets.”
This methodology contrasts sharply with traditional private equity approaches. Reeve Waud has consistently emphasized that “exceptional people drive exceptional value,” a philosophy that drives the firm’s preference for partnering with seasoned healthcare executives before identifying acquisition targets.
The strategy proved successful with Waud Capital’s 2023 partnership with Brad Staley, which resulted in the acquisition of Mopec Group, a supplier of pathology equipment and services, from Blackford Capital. Lattner noted that the Mixon partnership represents the firm’s “second dedicated campaign in the medical device and supply chain services market in the last two years.”
Supply Chain Fragmentation Creates Opportunity
Target subsectors reflect significant market opportunities across healthcare delivery. Waud Capital Partners plans to focus on home distribution services, value-add specialty distribution, outsourced provider equipment services, and chronic care and population health management offerings that deliver value to supply chain channel partners.
Mike Lehman, recently promoted to Principal at Waud Capital Partners, emphasized the sector’s potential: “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.”
This focus builds upon Waud Capital’s existing healthcare supply chain investments, including PromptCare (home infusion and durable medical equipment), Provider Network Holdings (specialty medication supply management), DS Medical (home medical supplies), and the recently acquired Mopec Group.
Reeve Waud’s long-term commitment to the healthcare sector dates back to his founding of Acadia Healthcare in 2005, which grew into one of the nation’s largest behavioral health hospital systems before going public in 2011. Reeve Waud continues to serve as Chairman of Acadia Healthcare’s Board of Directors, reflecting his ongoing involvement in successful healthcare platforms.
Mixon brings proven value-creation experience to the partnership. As CEO of Advanced Diabetes Supply Group, he led the company’s growth to $1 billion in revenue serving nearly 500,000 patients annually before its acquisition by Cardinal Health for approximately $1.1 billion. His track record includes nine years as CEO of National Seating & Mobility, demonstrating expertise in scaling healthcare supply chain operations.
Since Reeve Waud founded the firm as a one-person operation in 1993, Waud Capital has completed more than 500 investments across healthcare and software technology sectors, establishing a track record that supports ambitious platform-building initiatives like the Mixon partnership.
Related: Acadia Healthcare Appoints Christopher Hunter as Chief Executive Officer
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