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Reeve Waud has spent decades hunting for operators who know a sector from the inside out. His latest move fits that habit exactly. On July 17, 2025, Waud Capital Partners announced an executive partnership with Bill Mixon, and the firm said it anticipates putting more than $100 million of equity to work building a medical device and supply chain services platform.
Mixon isn’t a newcomer. He brings over 30 years across medical device and specialty distribution, and that hands-on record is the kind of thing Reeve Waud weighs heavily before he commits capital. The pattern here is familiar to anyone who’s watched the firm: back a strong leader first, then build the company around that person.
Why Bill Mixon
Mixon’s résumé includes his run at Advanced Diabetes Supply. Under his direction the business grew to roughly $1 billion in revenue and served nearly half a million patients a year before it was sold to Cardinal Health. That’s a meaningful outcome, and it says something real about operating discipline in a corner of healthcare where margins are earned through logistics.
Reeve Waud has said human capital sits at the heart of how his firm works, and the Mixon partnership shows what that looks like off the page. You start with the executive. The strategy gets shaped around what that leader knows how to do. It’s a slower way to begin, and Reeve Waud seems comfortable with the trade because the payoff shows up later, once the platform starts adding businesses.
The Sectors They’re Targeting
The new platform will look across several sub-sectors: home distribution, value-add specialty distribution, outsourced provider equipment services, and chronic care and population health. These are corners of healthcare where scale and steady service quality tend to reward owners who are willing to wait. Demand in several of them is propped up by an aging population and the slow, steady rise of chronic conditions that require ongoing supplies and support.
Reeve Waud’s healthcare credentials run deep here, and that history colors the whole effort. He founded Acadia Healthcare in 2005, and building that company gave him a close view of how care businesses compound through disciplined add-on deals. Waud Capital’s healthcare platforms usually complete 10 or more add-on acquisitions during the hold, so this device platform already has a clear template to work from. Many of the target markets are fragmented, full of smaller regional operators, which is exactly the setup a patient consolidator wants. The plan, as the firm describes it, is to grow the business one deliberate acquisition at a time rather than chase a quick exit. For Mixon, the capital and the patience are both part of the pitch.
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