Healthcare industry observers witnessed a remarkable executive transition when Bill Mixon departed Advanced Diabetes Supply Group just months after Cardinal Health completed its $1.1 billion acquisition in April 2025. Rather than pursuing another CEO role, Mixon immediately announced his partnership with Reeve Waud’s Chicago-based private equity firm to build the next generation of healthcare supply chain companies.
This swift pivot from leading a billion-dollar healthcare enterprise to becoming an executive partner at Waud Capital Partners illustrates the evolving relationship between successful healthcare executives and private equity firms. Instead of traditional post-exit transitions, proven operators increasingly seek opportunities to replicate their success through platform-building partnerships.
Building a Billion-Dollar Business
Mixon’s track record at Advanced Diabetes Supply Group provided the credentials that attracted Reeve Waud’s attention. Under his leadership, the company achieved impressive scale, generating $1 billion in revenue while serving nearly 500,000 patients annually through comprehensive diabetes supply and management services.
Operational improvements Mixon implemented at ADSG included salesforce productivity enhancements, executing shifts in go-to-market initiatives, and delivering margin improvements through revenue cycle initiatives and other operational efficiencies. These achievements demonstrated his ability to scale healthcare operations while maintaining quality patient outcomes.
Cardinal Health’s strategic rationale for the acquisition centered on strengthening its at-Home Solutions business, which serves more than 5 million patients annually. The transaction valued ADSG’s specialized diabetes supply capabilities and patient relationships, reflecting the premium investors place on companies with direct patient engagement and recurring revenue models.
Acquisition completion in April 2025 marked the culmination of ADSG’s growth trajectory under Mixon’s leadership. Founded in 2002, the company had evolved into a leading national distributor of specialized diabetes supplies, comprising the Advanced Diabetes Supply and United States Medical Supply brands.
Reeve Waud Recognizes Proven Value Creator
Waud Capital Partners’ decision to partner with Mixon reflects the firm’s thesis-driven approach to healthcare investing. Reeve Waud has consistently emphasized the importance of partnering with exceptional executives who possess both operational expertise and value-creation track records.
This philosophy has driven successful healthcare investments throughout Waud Capital’s history, most notably Acadia Healthcare, which Reeve Waud founded in 2005 as a behavioral health platform. Under Waud Capital’s guidance, Acadia grew into one of the nation’s largest for-profit behavioral health hospital systems before going public in 2011, with Reeve Waud continuing to serve as Chairman of the Board.
Kyle Lattner and Mike Lehman, recently promoted to Partner and Principal respectively, lead Waud Capital’s healthcare investment efforts. Their experience includes successful investments across multiple healthcare segments, from Ivy Rehab’s outpatient physical therapy platform to Mopec Group’s pathology equipment and services business.
The firm’s approach involves identifying executives first, then supporting their platform-building efforts through strategic acquisitions and organic growth initiatives. This executive-first methodology has produced consistent results across Waud Capital’s healthcare portfolio companies.
Next Platform Build
Target investment areas for the Mixon partnership align directly with his operational expertise: home distribution services, other value-add specialty distribution, outsourced provider equipment services, and chronic care and population health management offerings. These subsectors present significant consolidation opportunities within the broader healthcare supply chain market.
Waud Capital Partners’ commitment of over $100 million in equity capital demonstrates substantial conviction in both Mixon’s capabilities and the market opportunity. The investment size reflects the firm’s ambition to build a market-leading platform through both organic growth and strategic acquisitions.
Mike Lehman emphasized the sector’s potential: “The healthcare supply chain markets are highly fragmented with significant opportunities for organizations to deliver value-add solutions and address substantial challenges for key stakeholders.”
The partnership structure allows Mixon to leverage his proven operational playbook while accessing Waud Capital’s resources for identifying and executing acquisitions. This combination of healthcare expertise and investment capability positions the partnership to capitalize on market consolidation trends.
Mixon expressed enthusiasm for the collaboration: “Waud Capital’s executive partnership approach, dedicated ecosystem resources, and deep investing experience across relevant areas make the firm a highly attractive partner.”
Since founding Waud Capital Partners in 1993, Reeve Waud has evolved the firm from a single-person operation to managing $4.6 billion in assets, demonstrating the long-term value creation potential of the executive partnership model in healthcare investing.