Middle market private equity firm
Waud Capital Partners
- HeadquartersChicago, IL S1
- Founded1993 S4
- Websitewaudcapital.com
- Last verifiedOctober 20, 2026
At a glance
| Assets under management | $4.6B (as of Dec 2022) S5 |
|---|---|
| Check size | $75M to $200M S2 |
| Deal types | Platform, Add-on S2 |
| Geography | North America S2 |
| Sectors | Healthcare Services, Software & SaaS |
What Waud Capital Partners buys
Waud Capital Partners is a Chicago private equity firm that Reeve Waud started in 1993. It invests in just two areas. In healthcare it mostly backs services businesses such as home care, physical therapy, eye care and dermatology groups. In software and technology it looks for mission-critical products with recurring revenue, including vertical software, integrated payments and healthcare IT. It takes control of North American middle market companies and invests $75 million to $200 million of equity in each. The firm reported about $4.6 billion of assets under management at the end of 2022 and says it has made more than 500 investments.
Waud often picks a sector first, partners with an experienced executive to lead it, and then grows the platform through acquisitions. It says its healthcare companies average more than ten add-ons during its ownership and its software companies more than five. Given its check size, a smaller practice or software company is most likely to meet Waud as an add-on to a platform such as Unifeye Vision Partners, Ivy Rehab or Altocare.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Feb 2026 | TrustCommerceHealthcare payments business within portfolio company Sphere sold to RevSpring | Exit | Software & SaaS | Source |
| May 2025 | Brooks Eye AssociatesPlano, Texas ophthalmology practice and surgery center joined Unifeye Vision Partners | Add-on | Healthcare Services | Source |
| Apr 2025 | MedTec HealthcareIllinois in-home care and adult day services provider joined Senior Helpers under the new Altocare holding company | Add-on | Healthcare Services | Source |
| Jan 2025 | Mopec GroupMichigan supplier of pathology and lab equipment, consumables and services, bought from Blackford Capital | Platform | Source |
Portfolio by sector
From the firm's portfolio page S3.
Healthcare
- Altocare
- APDerm
- Concierge Home Care
- Ivy Rehab
- Mopec Group
- PromptCare
- Unifeye Vision Partners
Software & Technology
- Bloomerang
- Career Certified
- Eptura
- Science Exchange
- Talogy
- TeamSnap
Tech-Enabled Healthcare & HCIT
- Fusion Health
- Health Medicinals
- HSI
- Peritia
- PracticeTek
- Provider Network Holdings
- Sphere
Greymont’s take
How Waud Capital Partners fits a seller
Waud fits owners of physician practices, home care agencies, therapy clinics and vertical software companies who are open to joining a larger platform. Its recent deals show the pattern: Brooks Eye Associates in Plano, Texas joined Unifeye Vision Partners in May 2025, and Illinois home care provider MedTec Healthcare joined Senior Helpers under the new Altocare holding company a month earlier, keeping its own brand and leaders. The firm says it often invests in founder-run companies and that its operations team works alongside the new leadership after closing.
Waud often names one of its executive partners as chairman of a new platform, as it did at Mopec Group and Altocare, so a founder should ask who will lead the combined business and what role they will keep. Practice owners should also ask how clinical decisions are made; Unifeye says its partner practices keep clinical autonomy.
Questions owners ask
How big a check does Waud Capital Partners write?
Its stated criteria call for an equity investment of $75 million to $200 million in a North American middle market company, with control of the business and strong potential for growth.
What industries does Waud Capital invest in?
Only healthcare and software and technology. Current holdings include home care, physical therapy, dermatology and eye care groups, plus software for nonprofits, workplace management and life sciences purchasing.
Will Waud Capital buy a smaller practice or company?
Mostly as an add-on. The firm says its healthcare companies average more than ten add-on deals while it owns them, for example Unifeye Vision Partners adding Brooks Eye Associates in Plano, Texas in May 2025.
Sources
- S1Waud Capital Partners home page Accessed October 20, 2026
- S2Waud Capital Partners: Approach and Investment Criteria Accessed October 20, 2026
- S3Waud Capital Partners: Portfolio, Active filter Accessed October 20, 2026
- S4Waud Capital Partners: The WCP Story Accessed October 20, 2026
- S5Waud Capital Partners Celebrates 30 Years of Partnership (November 13, 2023) Accessed October 20, 2026
- S6Waud Capital Partners: Media Accessed October 20, 2026
- S7Waud Capital Partners Announces the Acquisition of Mopec Group (January 6, 2025) Accessed October 20, 2026
- S8Altocare Acquires MedTec Healthcare (April 21, 2025) Accessed October 20, 2026
- S9Waud Capital Partners releases on PR Newswire Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Waud Capital Partners. Figures are as reported on the dates shown and may have changed. Request a correction