Waud Capital Partners’ formalized partnership with healthcare distribution executive Bill Mixon exemplifies the investment methodology that has driven the firm’s success throughout founder Reeve Waud’s 30+ year private equity career. The collaboration, backed by over $100 million in equity capital, demonstrates how experienced operators can create substantial value when paired with appropriate capital and operational resources.
The partnership continues Waud Capital Partners’ established pattern of identifying proven executives within attractive healthcare markets and providing them with the resources necessary to build market-leading companies through consolidation and operational excellence.
Executive Partnership Model Drives Waud Capital’s Healthcare Success
Reeve Waud’s approach to healthcare investing has consistently emphasized identifying exceptional executives and partnering with them to build sustainable competitive advantages within fragmented markets. This philosophy differentiates Waud Capital Partners from traditional private equity approaches that may rely more heavily on financial engineering or purely transactional relationships.
Since founding Waud Capital Partners in 1993, Reeve Waud has overseen the development of this executive partnership model across multiple successful healthcare investments. The founding of Acadia Healthcare in 2005 illustrates this approach, having identified the behavioral health consolidation opportunity and provided the capital and guidance necessary to build a leading platform that now operates over 260 facilities across 40 states and Puerto Rico.
“We are thrilled to partner with Bill,” said Mike Lehman, Principal at Waud Capital. “He is an exceptional executive who has created value and driven multiple successful outcomes throughout his career in a sector we find highly attractive.”
The firm’s successful exit from GI Alliance, valued at approximately $2.2 billion in 2022, further validates the executive partnership approach. That investment involved partnering with experienced gastroenterology executives to consolidate fragmented regional practices into the nation’s largest independent gastroenterology management company.
Reeve Waud’s continued involvement as Chairman of Acadia Healthcare demonstrates the long-term nature of these executive partnerships. Rather than simply providing capital and exiting, the firm maintains relationships that benefit both portfolio companies and the broader Waud Capital Partners ecosystem.
Proven Operators Lead Platform Creation and Growth Execution
Bill Mixon’s background exemplifies the type of executive partnership that has generated substantial returns for Waud Capital Partners throughout Reeve Waud’s investment career. His experience growing Advanced Diabetes Supply to $1 billion in revenue while serving nearly 500,000 patients demonstrates the scaling potential that attracts the firm’s attention.
The Advanced Diabetes Supply success story validates key elements of Waud Capital Partners’ investment thesis: experienced executives can build market-leading companies within fragmented healthcare markets when provided with appropriate capital and operational support. Cardinal Health’s $1.1 billion acquisition of that business reflects the value creation potential inherent in this approach.
Mixon’s earlier experience as CEO of National Seating & Mobility provides additional validation of his consolidation capabilities. Under his leadership, that organization scaled through both organic growth and targeted acquisitions, successfully completing transactions with multiple private equity sponsors—demonstrating his ability to work effectively with financial partners.
“I’m excited to partner with Waud Capital to identify and help build what we hope will be an industry-leading business that supports and improves the overall healthcare supply chain,” Mixon stated. He specifically cited Waud Capital Partners’ executive partnership approach and dedicated ecosystem resources as factors that differentiate the firm from traditional private equity investors.
The medical device and supply chain services opportunity allows application of consolidation lessons learned across Mixon’s healthcare distribution career. His experience handling regulatory requirements, building scalable operations, and developing relationships provides a foundation for pursuing similar opportunities across targeted market segments.
Waud Capital Partners‘ approximately $4.6 billion in assets under management provides the scale necessary to support ambitious consolidation approaches without capital constraints limiting growth plans. This financial capacity enables the type of expansion approaches that have characterized both Mixon’s previous successes and Reeve Waud’s broader healthcare investment portfolio.
The partnership targets home distribution, specialty distribution, outsourced provider equipment services, and chronic care management—markets that exhibit the fragmentation characteristics that have historically attracted Reeve Waud’s investment attention. These sectors offer opportunities for value creation through operational improvements, targeted acquisitions, and enhanced service offerings that differentiate market leaders.
The executive partnership model has consistently generated strong returns across multiple healthcare market cycles under Reeve Waud’s leadership, positioning Waud Capital Partners to capitalize on consolidation opportunities within medical device distribution through proven operational excellence and focused execution.
