The recent acquisition of MedTec Healthcare by Waud Capital Partners exemplifies how sophisticated private equity firms approach healthcare consolidation. This strategic purchase, folded into their newly formed Altocare platform alongside Senior Helpers, showcases Reeve Waud’s distinctive methodology for building scaled healthcare enterprises.
Since establishing his firm in 1993, the founder of WCP has refined an investment approach that differs markedly from traditional private equity. Rather than focusing solely on financial engineering or cost-cutting, Reeve B. Waud emphasizes long-term value creation through operational improvements and strategic acquisitions.
According to the press release, Steve Jakubcanin, who has over 20 years of healthcare operating experience, will serve as Altocare’s Executive Chairman. His involvement highlights a key aspect of Waud Capital’s strategy – partnering with experienced industry executives who bring operational expertise alongside the firm’s financial resources.
This “executive-first” model has become a hallmark of how Mr. Waud approaches healthcare investments. By recruiting seasoned leaders like Jakubcanin, who brings over 20 years of healthcare operating experience, the Chicago-based private equity firm positions its portfolio companies for accelerated growth and improved performance.
Healthcare fragmentation creates natural consolidation opportunities that align with Reeve Waud’s investment philosophy. The U.S. home care market exemplifies this situation, with thousands of local providers serving growing demand. This scattered competitive landscape allows WCP to execute its proven playbook: establish a platform company, professionalize operations, and complete strategic add-on acquisitions.
The parallels to Waud’s previous healthcare platforms are striking. Acadia Healthcare, which he founded in 2005, followed a similar trajectory, growing from startup to industry leader through targeted acquisitions and operational excellence. Similarly, GI Alliance expanded from operations in just two states to fourteen under Waud Capital’s ownership, eventually achieving a valuation of approximately $2.2 billion when the firm exited in 2022.
MedTec brings valuable diversification to Altocare beyond traditional home care services. Their adult day centers provide complementary offerings that address different aspects of senior needs, creating cross-selling opportunities and expanded market reach. This comprehensive approach reflects the Waud Capital founder’s understanding that successful healthcare platforms require multiple service lines to fully address client needs.
The firm’s healthcare investments typically involve a multi-year horizon. Unlike investors seeking quick returns, Reeve Waud and his team focus on building sustainable competitive advantages through integration expertise, technology implementation, and quality improvement initiatives. This patient capital approach has yielded substantial returns across multiple economic cycles.
Market conditions suggest favorable timing for Waud Capital’s home care consolidation strategy. The aging population, preference for home-based care over institutional settings, and fragmented provider landscape create ideal conditions for Altocare’s expansion. With both private-pay and Medicaid-supported clients, the platform balances different payment sources while serving a growing demographic.
For industry observers tracking private equity healthcare trends, Reeve Waud’s latest moves confirm his continued confidence in consolidation opportunities within healthcare services. The MedTec acquisition likely represents just the beginning of Altocare’s growth story as the platform pursues additional acquisitions under Waud Capital’s guidance.
