Waud Capital Partners manages one of the most diverse healthcare portfolios in middle-market private equity, spanning behavioral health, physician services, home care, and medical technology. The addition of MedTec Healthcare to the Altocare platform demonstrates founder Reeve Waud’s systematic approach to healthcare investing, built through more than 480 investments since 1993.
With seven investments in home care and post-acute services, Waud Capital has become a dominant force in sectors characterized by fragmentation and consolidation opportunity. This focused sector concentration enables the firm to develop specialized expertise while creating synergies across portfolio companies serving related markets.
Current Healthcare Holdings: Diversified Platform Strategy
Waud Capital’s current healthcare portfolio reflects the firm’s focus on essential services with sustainable demand characteristics. Altocare now houses both Senior Helpers and MedTec Healthcare, creating a comprehensive home care platform serving private-pay and Medicaid-supported clients across multiple service lines and geographic markets.
The firm’s other healthcare investments include Concierge Home Care, which provides skilled home health and primary care services, and PromptCare, offering home infusion and complex respiratory services. Ivy Rehab operates as a physical therapy platform, demonstrating Waud’s ability to build scaled providers across different post-acute care segments.
These holdings represent the firm’s current focus on home-based and outpatient care delivery, sectors benefiting from demographic trends and policy shifts favoring care in community settings rather than institutional facilities. Each platform serves distinct patient populations while sharing common characteristics that enable Waud’s buy-and-build approach.
Investment Themes: Common Success Characteristics
Reeve Waud’s healthcare investments share several common characteristics that enable successful consolidation approaches. Each sector features fragmented provider markets with thousands of independent operators lacking resources to invest in technology, quality systems, or geographic expansion.
Essential service provision creates defensive demand characteristics that provide stability during economic downturns while enabling predictable cash flow generation. Complex regulatory requirements favor scaled operators who can spread compliance costs across multiple facilities while maintaining specialized expertise for quality assurance and government relations.
The firm’s healthcare platforms average over 10 add-on acquisitions during typical hold periods, generating average revenue growth of 400%+ for realized investments. This buy-and-build approach transforms regional providers into national market leaders while creating operational efficiencies that improve both profitability and service quality.
Cross-Platform Synergies: Leveraging Shared Expertise
Waud Capital’s concentrated focus on healthcare services creates opportunities for knowledge sharing and operational improvements across portfolio companies. Management teams can exchange best practices for regulatory compliance, technology implementation, and quality assurance protocols that benefit all platforms.
The firm’s healthcare investment team, led by Partner Chris Graber, provides specialized expertise for evaluating acquisition opportunities and optimizing post-transaction integration processes. This institutional knowledge accelerates value creation while reducing execution risk across multiple healthcare investments.
Shared service capabilities in areas like human resources, compliance, and technology enable portfolio companies to access specialized expertise that would be prohibitively expensive for individual platforms to develop independently.
Future Expansion: Continued Healthcare Focus
Waud Capital Partners’ healthcare success has generated strong returns for investors while establishing the firm’s reputation as a preferred partner for healthcare entrepreneurs seeking growth capital and operational expertise. The firm’s approximately $4.6 billion in assets under management provides substantial resources for additional healthcare platform development.
Reeve Waud’s three-decade healthcare investment track record positions the firm to identify emerging consolidation opportunities while leveraging operational expertise across existing platforms.
