Bill Mixon Partnership Signals Aggressive Push into Healthcare Supply Chain

Waud Capital Partners’ July 2025 announcement of a $100 million executive partnership with Bill Mixon extends the firm’s healthcare investment approach into medical device and supply chain services. This initiative, arriving as Senior Helpers earned Fortune’s fifth-place ranking among home care workplaces, demonstrates how the Chicago-based firm builds complementary healthcare platforms across the care continuum (https://www.prnewswire.com/news-releases/waud-capital-partners-forms-new-partnership-with-experienced-healthcare-executive-bill-mixon-302508155.html).

Mixon brings exceptional credentials to the partnership, having led Advanced Diabetes Supply Group to $1 billion in revenue before its sale to Cardinal Health. His previous tenure as CEO of National Seating & Mobility, where he scaled operations through organic and acquisition growth across multiple private equity ownership cycles, provides the operational expertise Reeve Waud seeks in executive partners.

Expansion Beyond Direct Care

The partnership targets sub-sectors including home distribution, value-added specialty distribution, outsourced provider equipment services, and chronic care management offerings. These focus areas complement Waud Capital Partners’ existing home care investments, creating potential synergies across portfolio companies while diversifying beyond direct care services.

Mike Lehman, Principal at Waud Capital, emphasized the market opportunity: “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” (https://www.prnewswire.com/news-releases/waud-capital-partners-forms-new-partnership-with-experienced-healthcare-executive-bill-mixon-302508155.html).

This fragmentation mirrors conditions in home care markets where Senior Helpers operates, suggesting that Reeve Waud’s consolidation playbook can translate across healthcare verticals. The firm’s success building platforms in behavioral health, gastroenterology, and home care provides a template for supply chain investments.

Executive-First Investment Philosophy

Waud Capital’s approach of identifying experienced executives before pursuing platform investments differentiates it from traditional private equity models. Rather than acquiring companies and then searching for management, the firm partners with proven leaders who guide investment decisions based on deep industry knowledge.

This executive-first philosophy traces back to Reeve Waud’s founding of the firm in 1993. His establishment of Acadia Healthcare in 2005 exemplified this approach—building a behavioral health platform from inception rather than acquiring an existing business. Acadia’s growth from startup to public company validated the model that now guides partnerships like the Mixon collaboration (https://en.wikipedia.org/wiki/Acadia_Healthcare).

Building on Healthcare Supply Chain Experience

The Mixon partnership represents Waud Capital Partners’ second dedicated campaign in medical device and supply chain services within two years. The firm’s portfolio already includes Mopec Group (pathology equipment and consumables), PromptCare (home infusion and durable medical equipment), and Provider Network Holdings (specialty medication supply management), demonstrating existing expertise in healthcare supply chain investments.

These prior investments inform the new partnership’s approach. Kyle Lattner, Partner at Waud Capital, noted: “This is our second dedicated campaign in the medical device and supply chain services market in the last two years and we are thrilled about the prospects of what we can accomplish during our partnership with Bill” (https://www.prnewswire.com/news-releases/waud-capital-partners-forms-new-partnership-with-experienced-healthcare-executive-bill-mixon-302508155.html).

Synergies with Home Care Platforms

The supply chain initiative creates natural synergies with Senior Helpers and the broader Altocare platform. Home care providers depend on medical supplies, equipment, and technology to serve clients effectively. By investing across the healthcare value chain, Reeve Waud positions Waud Capital to capture value at multiple points while improving coordination between suppliers and providers.

Bill Mixon articulated this integrated vision: “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” (https://www.hmenews.com/article/waud-capital-partners-with-bill-mixon-to-launch-100m-investment).

Market Timing and Demographics

The partnership launches as demographic trends accelerate demand for healthcare services and supporting infrastructure. An aging population requires not only direct care but also the equipment, supplies, and technology enabling that care. Mixon’s experience serving nearly 500,000 diabetes patients annually at Advanced Diabetes Supply provides relevant expertise for addressing chronic disease management needs.

Supply chain investments also offer resilience against reimbursement pressures affecting direct care providers. While Medicare and Medicaid rates constrain margins for many healthcare services, supply chain companies often enjoy more diverse revenue streams and pricing flexibility.

Operational Value Creation Focus

Consistent with Reeve Waud’s investment philosophy, the Mixon partnership emphasizes operational improvements over financial engineering. Mixon’s track record demonstrates this approach—at Advanced Diabetes Supply, he drove growth through sales force productivity enhancements, go-to-market shifts, and revenue cycle improvements rather than cost-cutting alone.

This operational focus aligns with Senior Helpers’ success maintaining workplace excellence through ownership transition. By prioritizing sustainable growth over short-term returns, Waud Capital Partners builds platforms capable of long-term value creation while serving stakeholder needs.

The Bill Mixon partnership exemplifies how Waud Capital extends its healthcare investment approach beyond individual sectors toward integrated platform development. Combined with Senior Helpers’ Fortune recognition and the Altocare platform expansion, this initiative positions Reeve Waud’s firm as a comprehensive healthcare investor capable of creating value across the care continuum while maintaining operational excellence.