A clear pattern has emerged in Waud Capital Partners’ healthcare investing strategy over the past two years. In October 2023, Reeve Waud’s Chicago-based firm announced an executive partnership with Brad Staley to pursue medical supply and device services opportunities. Twenty-one months later, the firm launched a second supply chain campaign with Bill Mixon, committing over $100 million in equity capital to build a complementary platform.
These sequential initiatives demonstrate systematic sector focus rather than opportunistic deal-making. By developing expertise across related healthcare supply chain segments, Waud Capital Partners has positioned itself to capitalize on consolidation trends while building complementary portfolio companies.
The Staley Precedent
Brad Staley’s partnership with Waud Capital established the template for executive-first healthcare supply chain investing. 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 focused on specialty distribution and logistics services, targeting opportunities where Staley’s operational expertise could drive value creation. His experience scaling organizations through both organic and inorganic growth strategies aligned with Waud Capital’s platform-building approach.
The partnership produced results within fifteen months. In January 2025, Waud Capital announced its acquisition of Mopec Group from Blackford Capital, a vertically integrated supplier of equipment, consumables, and services addressing anatomic pathology and other laboratory end-markets.
Staley assumed the role of Executive Chairman of Mopec Group’s Board of Directors, demonstrating the hands-on leadership approach that characterizes Waud Capital’s executive partnerships. His involvement provides operational guidance while the platform pursues additional acquisitions and organic growth initiatives.
Scaling the Supply Chain Strategy
Reeve Waud’s pattern recognition capabilities have driven consistent value creation throughout Waud Capital’s history. The firm’s founder has demonstrated ability to identify fragmented healthcare markets with consolidation potential, then partner with exceptional executives to build market-leading platforms.
Kyle Lattner, recently promoted to Partner at Waud Capital Partners, emphasized the systematic approach: “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.”
The elevation of Mike Lehman to Principal further strengthens Waud Capital’s healthcare investment team. Lehman supports portfolio companies including Ivy Rehab, Unifeye Vision Partners, and Mopec Group, providing operational expertise across multiple healthcare service segments.
Team development reflects Reeve Waud’s long-term commitment to healthcare investing. Since founding the firm in 1993, Reeve Waud has built investment capabilities across multiple healthcare subsectors, creating synergies between portfolio companies and developing expertise that informs future investment decisions.
The Mixon Platform Build
The Bill Mixon partnership targets different but complementary supply chain segments compared to the Staley initiative. While Staley’s focus emphasized specialty distribution for specific medical device categories, Mixon’s platform will address home distribution, chronic care solutions, and population health management services.
This differentiated approach allows Waud Capital to build expertise across multiple healthcare supply chain segments without creating direct competition between portfolio companies. The strategy reflects sophisticated market analysis and disciplined capital allocation under Reeve Waud’s guidance.
Target areas for the Mixon partnership include home distribution services, other value-add specialty distribution, outsourced provider equipment services, and chronic care and population health management offerings. These subsectors present significant opportunities to improve healthcare delivery efficiency while building recurring revenue streams.
The $100+ million equity commitment exceeds Waud Capital’s typical platform investment, reflecting both the market opportunity and Mixon’s proven track record. His leadership of Advanced Diabetes Supply Group through its growth to $1 billion in revenue and subsequent $1.1 billion sale to Cardinal Health demonstrates capability to build and scale healthcare supply chain operations.
Mixon’s previous experience as CEO of National Seating & Mobility for nine years provides additional operational depth in durable medical equipment and complex rehabilitation technology, expanding the platform’s potential market reach.
Two executive partnerships within twenty-one months demonstrate Reeve Waud’s systematic approach to healthcare supply chain consolidation. These initiatives leverage Waud Capital’s established healthcare investing capabilities while expanding into adjacent markets with significant growth potential, positioning the firm to capitalize on continued transformation in healthcare delivery models.
