Waud Capital Partners has launched its second healthcare supply chain investment campaign within two years, partnering with veteran executive Bill Mixon and committing over $100 million in equity capital to build a medical device and supply chain services platform. The initiative follows the firm’s successful 2023 collaboration with Brad Staley, demonstrating a systematic approach to healthcare supply chain consolidation under Reeve Waud’s leadership.
This pattern reflects deliberate sector focus rather than opportunistic investing. By identifying proven healthcare executives first and then supporting their platform-building efforts, Waud Capital Partners has developed a repeatable model for creating value in fragmented healthcare markets.
Pattern Recognition in Healthcare Investing
Reeve Waud’s approach to healthcare investing emphasizes identifying fragmented sectors with significant consolidation opportunities. The firm’s executive-first methodology involves partnering with industry leaders who possess deep operational expertise and established relationships within their respective markets.
The 2023 partnership with Brad Staley exemplifies this strategy. Staley brought more than 25 years of experience in medical supply and device services, including leadership of Advancing Eyecare, the largest specialty distributor of ophthalmic instruments in North America. The collaboration resulted in Waud Capital’s acquisition of Mopec Group from Blackford Capital in January 2025.
Kyle Lattner, recently promoted to Partner at Waud Capital Partners, leads the firm’s medical device and supply chain services investments. His decade-plus experience with the firm includes involvement in healthcare investments spanning multiple segments, from Ivy Rehab’s outpatient physical therapy clinics to APDerm’s dermatology practice management platform.
The Mixon partnership represents Lattner’s second major supply chain initiative, building on lessons learned from the Staley collaboration. This focused approach allows Waud Capital to develop sector expertise and identify synergies across portfolio companies operating in related healthcare supply chain segments.
Market Timing and Sector Dynamics
Healthcare supply chain markets present compelling investment opportunities driven by several secular trends. The aging population increases demand for home-based care delivery, while chronic disease management creates recurring revenue streams for specialized service providers.
Post-pandemic supply chain vulnerabilities highlighted the need for resilient, technology-enabled distribution networks. Healthcare providers increasingly seek partners who can deliver both products and value-added services, creating opportunities for companies that combine distribution capabilities with clinical support and data analytics.
Target areas for the Mixon partnership align with these market dynamics: home distribution services, value-add specialty distribution, outsourced provider equipment services, and chronic care and population health management solutions. These subsectors offer opportunities to improve healthcare delivery efficiency while building sustainable competitive advantages.
Executive Partnership Strategy
Reeve Waud’s executive partnership approach contrasts with traditional private equity models that acquire companies and then optimize management teams. By identifying and partnering with proven executives first, Waud Capital reduces execution risk and accelerates value creation timelines.
The firm’s ecosystem resources support this strategy through dedicated business development, human capital, and operational improvement capabilities. Mike Lehman, recently promoted to Principal, emphasized the firm’s commitment to “support accomplished executive leaders with the full ecosystem of resources to execute transformative growth strategies in large, growing markets.”
Bill Mixon’s qualifications demonstrate the caliber of executives attracted to Waud Capital’s partnership model. His leadership of Advanced Diabetes Supply Group through its growth to $1 billion in revenue and 500,000 patients served annually, culminating in a $1.1 billion sale to Cardinal Health, provides a proven template for scaling healthcare supply chain operations.
The partnership structure allows executives like Mixon to leverage their industry expertise while accessing Waud Capital’s capital resources and acquisition capabilities. This alignment of interests creates incentives for building long-term value rather than pursuing short-term financial optimization.
Reeve Waud’s evolution from launching a single-person operation in 1993 to managing $4.6 billion in assets demonstrates the effectiveness of this approach. The firm’s track record of more than 500 completed investments across healthcare and software technology sectors provides the foundation for ambitious platform-building initiatives like the Mixon partnership, positioning Waud Capital Partners to capitalize on continued healthcare delivery transformation.
