A nine-figure check tends to signal conviction. Waud Capital Partners expects to invest more than $100 million of equity to build a company in medical devices and supply chain services. The size of that commitment says plenty about how Reeve Waud reads the market.
Reeve Waud founded Waud Capital and chairs the board of Acadia Healthcare. Across both roles he’s favored parts of healthcare that keep working no matter the economy. Getting equipment and supplies to patients at home fits that description.
The Operator Behind the Number
The firm formed the July 2025 partnership with Bill Mixon, a healthcare executive with more than 30 years in the field. He grew Advanced Diabetes Supply to about $1 billion in revenue, and it served close to half a million patients a year before it was sold to Cardinal Health.
Mixon also led National Seating & Mobility, a provider of mobility solutions for patients at home. A résumé like that is why Reeve Waud’s firm was willing to line up nine figures behind him. The capital follows the operator, not the reverse.
Where the Money Goes
Waud Capital named the corners it wants to reach: home distribution, other value-add specialty distribution, outsourced equipment services for providers, and chronic-care and population-health offerings that help supply chain partners.
Each of those pieces shares a trait. They sit between manufacturers and patients, and they earn their keep by making a clunky system run smoother. Demand holds steady because chronic conditions don’t take a year off. For an investor who likes dependable cash flow, that steadiness is the draw.
Distribution businesses also deepen their advantage over time. Providers and payers prefer partners who already know their systems and can deliver on short notice. Switching suppliers is a headache most would rather avoid, so customers stay put and revenue stays predictable.
A Familiar Kind of Bet
Reeve Waud has spent his career funding healthcare businesses that solve everyday problems rather than chase hype. His board work at Acadia Healthcare runs on the same logic. It meets real demand for care that the system struggles to supply.
The supply chain platform is early, and the companies that will fill it out haven’t been named. What’s set is the shape of the wager: a trusted operator, a patient corner of healthcare, and enough capital to build something that lasts.
