Executive Partnership Investing: Reeve Waud’s Alternative to Traditional PE Acquisition

The private equity industry has largely standardized around a predictable model: identify attractive companies, execute acquisitions, then optimize management teams to drive value creation. Waud Capital Partners has consistently pursued a different approach under Reeve Waud’s leadership, partnering with exceptional executives first and then collaborating to identify and build acquisition platforms.

This executive-first methodology distinguishes the Chicago-based firm from traditional private equity approaches while reducing execution risk and accelerating value creation timelines. The recent partnership with Bill Mixon, backed by over $100 million in equity capital, exemplifies this alternative investment model.

The Executive-First Approach

Reeve Waud’s philosophy that “exceptional people drive exceptional value” has guided Waud Capital Partners’ investment strategy since the firm’s founding in 1993. Rather than acquiring companies and then searching for management talent, the firm identifies proven executives and partners with them to build platforms through strategic acquisitions.

Recent examples demonstrate the breadth of this approach across healthcare investing. The 2023 partnership with Brad Staley resulted in Waud Capital’s acquisition of Mopec Group from Blackford Capital, with Staley serving as Executive Chairman to guide the platform’s continued development.

The firm’s collaboration with Steve Jakubcanin led to the formation of Altocare, a home care holding company that has already completed multiple acquisitions including Senior Helpers and MedTec Healthcare. This platform-building approach allows executives to leverage their industry expertise while accessing Waud Capital’s acquisition capabilities.

Kyle Lattner, recently promoted to Partner at Waud Capital Partners, described the methodology as an “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.”

Competitive Advantages

Executive partnerships provide several advantages over traditional private equity acquisition models. Proven healthcare executives bring established industry relationships, operational expertise, and market insights that inform both acquisition strategies and post-investment value creation initiatives.

This approach allows Waud Capital to evaluate opportunities through the lens of experienced operators rather than relying solely on financial analysis. Executives like Mixon, who scaled Advanced Diabetes Supply Group to $1 billion in revenue serving 500,000 patients, provide credibility with acquisition targets and industry stakeholders.

Waud Capital’s ecosystem resources support executive partnerships through dedicated business development, human capital, and operational improvement capabilities. These resources help executives transition from single-company leadership to platform-building across multiple acquisitions and markets.

The partnership structure aligns incentives for long-term value creation rather than short-term optimization. Executives become partners in the value creation process from the beginning, creating mutual commitment to building sustainable competitive advantages and market leadership positions.

Reduced execution risk represents another significant advantage. By partnering with proven executives before identifying acquisition targets, Waud Capital ensures experienced leadership from day one of platform development, avoiding the challenges and delays associated with post-acquisition management transitions.

Healthcare Sector Application

Healthcare markets present particularly compelling opportunities for executive partnership investing due to regulatory complexity, clinical requirements, and relationship-driven business models. Successful healthcare executives possess deep industry knowledge that cannot be easily replicated through financial engineering or operational consulting.

Bill Mixon’s qualifications demonstrate the caliber of executives attracted to Waud Capital’s partnership model. His track record includes scaling Advanced Diabetes Supply Group through operational improvements including salesforce productivity enhancements, go-to-market strategy shifts, and margin optimization initiatives.

His previous experience as CEO of National Seating & Mobility for nine years provides additional expertise in durable medical equipment and complex rehabilitation technology. This operational breadth positions the partnership to evaluate opportunities across related healthcare supply chain segments.

Target areas align with Mixon’s proven capabilities: home distribution services, other value-add specialty distribution, outsourced provider equipment services, and chronic care and population health management solutions. These subsectors offer significant consolidation opportunities within the broader healthcare supply chain market.

The $100+ million equity commitment reflects Waud Capital’s conviction in both the executive partnership model and the specific market opportunity. This investment size enables aggressive acquisition strategies while supporting organic growth initiatives across multiple healthcare service segments.

Mixon expressed confidence in the partnership approach: “I believe this combination will enable us to capitalize on transformative growth opportunities, and I look forward to leveraging my past experiences to drive clinical value for medical professionals, manufacturers, payors and most importantly, patients.”

Waud Capital’s broader healthcare portfolio demonstrates the effectiveness of executive partnerships across multiple sectors. Beyond the Mixon collaboration, the firm’s investments include Ivy Rehab (outpatient physical therapy), APDerm (dermatology practice management), and Unifeye Vision Partners (ophthalmology services), each built through partnerships with proven healthcare executives.

Reeve Waud’s evolution from launching a single-person operation in 1993 to managing $4.6 billion in assets validates the executive partnership model’s long-term effectiveness. The firm’s track record of more than 500 completed investments demonstrates consistent value creation through collaboration with exceptional healthcare executives, positioning Waud Capital Partners to continue capitalizing on transformation opportunities across healthcare delivery markets.