Reeve Waud founded Waud Capital Partners in 1993. More than three decades later, the Chicago firm is still closely tied to his name. Among its portfolio companies, Acadia Healthcare is the flagship example of how the firm works.
The firm partners with management teams and grows middle-market companies. Healthcare services has long been a focus. Acadia Healthcare, formed by Waud Capital Partners in 2005, shows that model at full size.
An Investment Focus on Growth
Waud Capital Partners puts money into middle-market growth equity, buyouts, industry consolidations, and recapitalizations across several sectors, healthcare services among them. It looks for companies it can help build over time instead of flipping fast.
Reeve Waud, the firm’s Managing Partner, sets the direction for those investments. His name shows up on its most visible deals, and he’s spoken publicly about the philosophy behind them.
Acadia Healthcare as a Proof Point
The Acadia Healthcare story captures what the firm aims to do. Created in 2005, the company grew through a string of acquisitions and the 2011 merger with PHC, Inc. that made it the leading publicly traded pure-play inpatient behavioral provider by licensed beds.
Reeve Waud summed up the method when that merger closed. The firm “creates industry-leading organizations by partnering with world-class management teams to build value,” he said. Acadia Healthcare’s climb from a 2005 startup to a national operator gave that line real backing.