Waud Capital Partners
Waud Capital Partners describes an ecosystem-based investment model for North American middle-market companies in Healthcare and Software & Technology. Its stated criteria include equity investments between $75 million and $200 million, strong growth potential, and control investments.
What stands out about Waud Capital Partners
Waud Capital Partners publicly states that it focuses on Healthcare and Software & Technology, a North American market, companies with strong potential for growth, and control investments with equity investments between $75 million and $200 million. Its model includes executive partnerships, portfolio operations, organic growth, and acquisition activity.[1][2][5][6]
What does Waud Capital Partners invest in?
Waud Capital Partners is a Chicago-based, growth-oriented middle-market private equity firm founded in 1993 by Reeve B. Waud.
The firm describes an ecosystem-based investment process involving business intelligence and research, human capital, investment professionals, portfolio operations, and business development. It states that it partners with experienced leaders and CEOs, supports management teams and boards, and combines operational improvement with acquisition activity where appropriate to pursue sustained growth.[1][2]
Waud Capital Partners states that it partners with experienced leaders and CEOs and supports management teams and boards. Its approach combines operational improvement with acquisition activity where appropriate to pursue sustained growth.
The firm also describes portfolio-operations and business-development resources as part of its investment process. The stated model may involve organic growth and acquisition activity.[2]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
Published criteria: Waud Capital Partners states that its investment criteria include equity investments between $75 million and $200 million, strong potential for growth, and control investments. Its story page states that the firm has 60+ professionals and has completed 500+ investments.[1][2]
What should a business owner evaluate before considering a transaction with Waud Capital Partners?
For an owner evaluating a sale or capital partnership, the publicly stated characteristics to clarify include Waud Capital Partners’ control-investment orientation, North American market focus, $75 million to $200 million equity-investment range, sector specialization, executive-partnership model, and use of portfolio-operations and acquisition resources.
Owners should confirm the current fund or vehicle, how the equity range is defined, available capital, rollover-equity and governance expectations, management-retention and incentive arrangements, debt expectations, ownership duration, exit approach, and any contemplated add-on strategy directly with the firm. Those transaction-specific terms are not established by the public materials described here.[2]
What is the current fund or vehicle available for a new platform investment, and what capital is currently available for that investment
Does the $75 million to $200 million equity range remain current, and how does Waud Capital Partners define equity for this purpose
What percentage of transactions are control investments versus minority or growth investments
What companies does Waud Capital Partners target?
The firm states that its criteria include equity investments between $75 million and $200 million, strong potential for growth, and control investments. It also states that its market focus is North American.
The current official approach page states the equity-investment range but does not publish a current fund-by-fund capital-availability figure.[2]
Waud Capital Partners states that it invests in two sectors: Healthcare and Software & Technology.
Within software and technology, the firm identifies mission-critical software, including vertical application software, integrated payments, knowledge technology, and healthcare IT. The firm’s stated healthcare focus includes businesses intended to improve clinical outcomes, reduce system cost, improve efficiency, or enhance patient experience.[2]
Waud Capital Partners’ stated investment criteria include a North American market focus.[2]
Official portfolio and transaction materials show both platform acquisitions and follow-on or add-on acquisition activity. Provider Network Holdings is identified as a portfolio company with an initial investment date of April 2018 and two additional acquisitions.
Other official announcements identify acquisition activity involving Mopec Group, Science Exchange, Senior Helpers, and MedTec Healthcare through Altocare, as well as a partnership and related strategic growth investment involving Unifeye Vision Partners and Brooks Eye Associates. Waud Capital Partners’ classification of every transaction as a platform or add-on investment is not specified.[4][5][6][7][8][9]
The official portfolio page lists 46 portfolio companies, including healthcare, software, technology, and business-services companies.
Provider Network Holdings is one identified portfolio company. Waud Capital Partners states that its initial investment occurred in April 2018 and that the company has two additional acquisitions. The company was formed through the combination of Altus Biologics, Remedy GPO, Cornerstone Specialty Network, and Health Coalition Inc.[3][4]
Waud Capital Partners announced the acquisition of Mopec Group on January 6, 2025, acquiring the company from Blackford Capital. The announcement states that transaction terms were not disclosed.
The firm announced the acquisition of Science Exchange on September 30, 2024; that announcement also states that transaction terms were not disclosed. On March 21, 2024, it announced the acquisition of Senior Helpers.
Altocare, a newly formed Waud Capital Partners home-care holding company, announced the acquisition of MedTec Healthcare on April 21, 2025. On May 7, 2025, Unifeye Vision Partners announced a partnership with Brooks Eye Associates and a related strategic growth investment; Waud Capital Partners was identified as Unifeye’s founding investor.[5][6][7][8][9]
What is not clear from Waud Capital Partners's public investment criteria?
The Mopec Group acquisition announcement does not disclose transaction terms, and the Science Exchange acquisition announcement likewise does not disclose transaction terms.
The current official story page reports 500+ investments and 60+ professionals but does not publish a current assets-under-management figure. The current official approach page states an equity-investment range of $75 million to $200 million but does not publish a current fund-by-fund capital-availability figure.[1][2][5][6]
Questions to ask when evaluating Waud Capital Partners as a buyer or investment partner
What is the current fund or vehicle available for a new platform investment, and what capital is currently available for that investment?
Does the $75 million to $200 million equity range remain current, and how does Waud Capital Partners define equity for this purpose?
What percentage of transactions are control investments versus minority or growth investments?
What rollover-equity, governance, earn-out, management-incentive, and debt expectations would apply to a proposed transaction?
How does Waud Capital Partners determine whether a company fits its Healthcare or Software & Technology thesis?
What ownership duration and exit approach would be contemplated for a new investment?
Sources & research notes
- Official website / firm overview
- Services / capabilities
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
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- Transaction / portfolio evidence
- Structure / regulatory context
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
Broker-dealer and securities disclosure
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