Waud Capital Partners Deploys $100M War Chest in Healthcare Supply Chain Consolidation Play
Waud Capital Partners has committed over $100 million in equity capital to launch a new healthcare supply chain platform, signaling a major consolidation wave in one of healthcare’s most fragmented markets. The Chicago-based private equity firm announced its partnership with veteran healthcare executive Bill Mixon, former CEO of Advanced Diabetes Supply, to pursue acquisitions across home distribution, specialty distribution, and chronic care management sectors.
This substantial investment represents a calculated bet by founder Reeve Waud on the continued transformation of healthcare delivery models. Since establishing Waud Capital Partners in 1993 as a one-person operation, Reeve Waud has built the firm into a healthcare-focused powerhouse managing approximately $4.6 billion in assets under management as of December 2022.
Financial Framework and Investment Scale
Waud Capital Partners has completed more than 450 investments since its founding, with healthcare comprising a significant portion of the portfolio spanning 20+ companies. The firm’s disciplined buy-and-build approach has generated impressive returns, with portfolio companies achieving an average revenue growth of 400% during Waud Capital’s ownership periods.
Reeve Waud’s systematic investment methodology typically involves 10+ add-on acquisitions per healthcare platform investment, a methodology that has produced notable exits including the $2.2 billion recapitalization of GI Alliance and the successful IPO of Acadia Healthcare, which Waud founded in 2005.
Executive Leadership and Value Creation Track Record
Bill Mixon brings demonstrated expertise in scaling healthcare services businesses to the partnership. During his tenure as CEO of Advanced Diabetes Supply, Mixon transformed the company from a startup into a $1 billion revenue enterprise serving nearly 500,000 patients annually before its acquisition by Cardinal Health for approximately $1.1 billion in April 2025.
“During his time at Advanced Diabetes Supply, Mr. Mixon drove transformational growth by professionalizing the organization through salesforce productivity enhancements, executing a shift in go-to-market initiatives, and delivering margin improvements through revenue cycle initiatives and other operational efficiencies,” according to the partnership announcement.
Prior to Advanced Diabetes Supply, Mixon led National Seating & Mobility’s expansion to over 200 locations across the United States and Canada, successfully managing multiple private equity partnerships and exits.
Market Opportunity Analysis and Platform Development
Healthcare supply chain market presents compelling consolidation opportunities due to significant fragmentation across multiple subsectors. “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,” said Mike Lehman, Principal at Waud Capital.
This marks Waud Capital Partners’ second dedicated campaign in the medical device and supply chain services market within two years, building on existing portfolio investments including Mopec Group (pathology equipment and services), PromptCare (home infusion and durable medical equipment), and Provider Network Holdings (specialty medication supply management).
Reeve Waud’s firm will focus the new platform on home distribution services, value-add specialty distribution, outsourced provider equipment services, and chronic care management solutions. These sectors align with broader healthcare trends toward home-based care delivery and value-based payment models.
Kyle Lattner, Partner at Waud Capital, emphasized the firm’s executive partnership approach: “The partnership with Bill is another example of Waud Capital’s executive-first campaign approach.”
With over 30 years of operating experience across the medical device and supply chain services continuum, Mixon brings operational expertise necessary to build what he describes as “an industry-leading business that supports and improves the overall healthcare supply chain.” Reeve Waud’s capital resources and guidance, combined with Mixon’s proven track record, positions the platform to capitalize on the ongoing transformation of healthcare delivery and supply chain management.
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