Waud Capital Partners

Waud Capital Partners is a middle-market private equity firm based in Chicago, founded in 1993. The firm focuses on creating, acquiring, and growing companies in significant, fragmented, and underserved industry segments. Waud Capital primarily engages in control-oriented growth equity investments, industry consolidations, buyouts, and recapitalizations, targeting businesses that demonstrate strong cash flow and potential for organic growth as well as expansion through add-on acquisitions. The firm has invested in various sectors, including healthcare, information technology, and business services, while emphasizing partnerships with exceptional management teams to enhance value and drive growth.

David Bellaire

Operating Partner

Chad Birckelbaw

Operating Partner

Mark Dager

Associate

Kyle Estes

Associate

Scott R. Fischer

Vice President

Alice Hurh

Principal - Human Capital

Blake LaBelle

Associate, Software and Technology Investment Team

Kyle D. Lattner

Principal

Spenser Levine

Vice President

Thomas Mack

Associate

Charlie Mangum

Associate

Matthew Meyers

Senior Associate & Healthcare Investment Team Member

Kenny Mleko

Associate

Ari Patterson

Associate

Richard P. Roggeveen

Principal

Max Rothweiler

Associate

Paul Sutphin

Principal

Steven Zaguli

Associate

36 past transactions

TeamSnap

Acquisition in 2021
TeamSnap develops a sports management platform designed to simplify communication and coordination between sports members. The platform assists sports coaches, administrators, players, and parents to keep a track of rosters, schedules, games, availability, statistics, and make payments, enabling users to play seamlessly and focus on their game.

The CE Shop

Private Equity Round in 2020
The CE Shop serves real estate professionals with convenient and high-quality online course. Headquartered near Denver, Colorado, The CE Shop offers online real estate courses in all 50 states and D.C., and is dedicated to providing a convenient and informative alternative to traditional in-person classes.

Health & Safety Institute

Acquisition in 2019
Health & Safety Institute, Inc. is a comprehensive platform focused on environmental, health, safety, and quality compliance and training. Founded in 1977 and based in Eugene, Oregon, the company provides a wide range of services, including workplace safety training, emergency medical service training, and firefighter safety training. Its offerings encompass chemical and Safety Data Sheet management software, incident tracking, audit management, and hazard identification tools. Additionally, Health & Safety Institute delivers CPR/AED training, certification, and continuing education programs, ensuring that individuals and organizations meet essential training and compliance requirements. Formerly known as American Safety & Health Institute, Inc., the company rebranded in February 2008 to reflect its broader mission in promoting safety and compliance across various sectors.

Concierge Home Care

Acquisition in 2019
Concierge Home Care specializes in providing personalized home healthcare services for senior citizens in Northeast Florida, with its headquarters in Jacksonville and additional locations in Palm Coast, Ormond Beach, Daytona Beach, Ocala, Gainesville, Leesburg, and The Villages. The company offers a comprehensive range of services, including skilled nursing, physical therapy, occupational therapy, speech therapy, and medical social work, as well as specialized care for behavioral health, cardiac issues, chronic pulmonary conditions, diabetes, fall prevention, neurological disorders, orthopedic rehabilitation, palliative care, and transitional care. By focusing on managing illnesses and promoting healthy behaviors, Concierge Home Care aims to enhance the quality of life for seniors, enabling them to remain in their homes for as long as possible.

GI Alliance

Acquisition in 2018
GI Alliance, founded in 2018 and based in Southlake, Texas, is a network of gastroenterology specialists dedicated to delivering comprehensive care across all age groups. The organization focuses on uniting top gastroenterologists to enhance clinical outcomes for patients, ensuring they receive high-quality medical attention and treatment. By leveraging the expertise of its members, GI Alliance aims to improve the overall patient experience in gastroenterology.

Heart + Paw

Acquisition in 2018
Heart + Paw is an integrated pet care company that provides a range of services aimed at enhancing the health and well-being of pets. Founded in 2018 and based in Berwyn, Pennsylvania, the company offers veterinary care, grooming, daycare, boarding, and retail services at its facilities. With ambitious plans for national expansion, Heart + Paw initially focuses on the Northeast and Mid-Atlantic regions. By combining various pet care services under one roof, Heart + Paw aims to create a comprehensive and convenient experience for pet owners, helping pets lead healthier and happier lives.

iOFFICE, Inc.

Acquisition in 2018
iOFFICE is a real-time, cloud-based software application that helps facility leaders and real estate professionals run their buildings smarter.

Pharmacy Partners Holdings

Private Equity Round in 2018
Pharmacy Partners Holdings provides management and support services to a network of infusion clinics and physician practices across the United States. The Company also operates an internal pharmacy focused on non-infused medications for chronic conditions.

Adult & Pediatric Dermatology

Private Equity Round in 2017
Adult & Pediatric Dermatology is a dermatology clinic established in 1992, specializing in the treatment of various skin conditions for both adults and children. Operating through ten clinical offices in Massachusetts and New Hampshire, the organization employs a team of 30 clinical providers dedicated to delivering comprehensive dermatologic care. Adult & Pediatric Dermatology aims to make its services accessible within local communities, ensuring that patients receive high-quality care that is well-coordinated and cost-effective. The clinic also supports primary care providers by facilitating easy access to dermatological expertise and promoting efficient communication, thereby enhancing the overall patient care experience.

Anovia Payments

Private Equity Round in 2017
Founded by industry experts and designed to make payment acceptance easy for merchant and partner alike, Anovia Payments delivers a better way to process payments. They have created a unique combination: carefully selected, best­ in­ class payments and an enthusiastic team of payment professionals who believe in creating and maintaining business relationships.

TrustCommerce

Acquisition in 2017
TrustCommerce is a financial company specializing in payment processing products and services.

ChiroTouch

Private Equity Round in 2017
ChiroTouch offers a comprehensive practice management software tailored for chiropractic practices, whether they are high-volume operations with multiple associates or new startups. The software is fully customizable and HIPAA compliant, featuring advanced biometric security measures to safeguard patient data. It streamlines various processes, including scheduling, billing, and insurance claims management, enhancing operational efficiency. With its focus on data management, ChiroTouch enables practitioners to maintain control over patient intake and record retrieval, ultimately fostering a paperless office environment. Through these solutions, ChiroTouch aims to improve profitability and the overall patient experience for chiropractic clinics.

Minnesota Eye Consultants

Venture Round in 2017
Minnesota Eye Consultants is a respected organization of ophthalmologists dedicated to enhancing patients' vision and quality of life. They offer a comprehensive range of surgical and non-surgical eye care services, including refractive procedures, cataract and implant surgeries, glaucoma treatment, cornea surgery, consultative ophthalmology, optometry, oculoplastics, specialty contact lens fitting, and optical services. With a commitment to research and education, Minnesota Eye Consultants strives to provide the highest quality medical and surgical care, ensuring that patients receive the best possible treatment for their vision needs.

Unifeye Vision Partners

Acquisition in 2017
Unifeye Vision Partners provides management services to a network of leading providers of comprehensive eye care services throughout the United States. The Company’s services include management of ophthalmology and optometry practices as well as management of eye surgery centers.

IvyRehab

Acquisition in 2016
Ivy provides management support services to a network of 45 outpatient physical therapy centers, consisting of 43 owned and two managed centers. The Company provides a comprehensive offering of physical therapy services through its clinics in the Northeast and Midwest regions of the United States.

Eastern Dental

Private Equity Round in 2016
Eastern Dental Management provides dental care services. The company provides teeth whitening, preventive care, orthodontics, cosmetic dentistry, periodontics, oral surgery, endodontics, invisalign, implants, and emergency dentistry services. Eastern Dental Management was founded in 1984 and is based in Avenel, New Jersey.

CyberGrants

Private Equity Round in 2015
CyberGrants combines grant management and employee engagement in one easy to use solution.

PSI Services

Private Equity Round in 2015
PSI Services specializes in professional testing, talent assessment, and certification services, with over 60 years of experience. The company provides a comprehensive range of solutions, including pre-hire employment selection, managerial assessments, licensing tests, and certification services for various clients, including corporations, professional associations, and government agencies. Annually, PSI delivers more than 30 million assessments in over 50 languages, utilizing a network of testing centers and an advanced test administration platform. By employing psychologists, data scientists, and HR consultants, PSI focuses on data-driven decision-making to enhance talent identification and development. Their offerings enable clients to effectively measure and assess individuals' skills, abilities, and traits, thereby supporting success in academic, professional, and personal contexts.

ProNerve

Acquisition in 2012
ProNerve LLC is a provider of intraoperative neurophysiologic monitoring services. The company offers a complete turnkey IONM service offering, as well as additional service capabilities in the neuroscience field. ProNerve operates in thirteen states with headquarters in Broomfield, Colorado, and a dedicated professional reading center in Phoenix, Arizona.

Cordant Health Solutions

Acquisition in 2012
Cordant Health Solutions specializes in drug testing services tailored for clinicians and organizations in the substance use disorder, criminal justice, and pain management sectors. The company provides a range of services, including medication monitoring, pre-employment drug screening, and drug testing for addiction and treatment centers. Additionally, Cordant offers support for workers' compensation case management, along with reference lab solutions. By focusing on the management and dispensing of controlled substances and behavioral health medications, Cordant equips its clients with actionable information that enhances prescriber safety, improves patient outcomes, and helps manage costs effectively.

Center for Vein Restoration

Acquisition in 2011
Center for Vein Restoration is nationally recognized as the leader in the treatment of varicose and spider veins. In fact, venous insufficiency, the cause of varicose veins and spider veins, is our sole focus – we are dedicated to relieving leg pain, treating the vascular cause of severe leg wounds, and eliminating unsightly veins, allowing our patients to look better, feel better and live better.

Optimum Outcomes

Acquisition in 2011
Revenue Cycle Solutions rebrands as OPTIMUM OUTCOMES - New Company Name, Logo and Tagline Reinforce Company’s Ongoing Focus to Optimize both Financial Outcomes and Total Patient Satisfaction for Clients - Downers Grove, IL, May 8, 2012. The new name exemplifies their ability and desire to help customers maximize revenue recovery while enhancing the total patient experience.” “The new ‘Caring for your revenue cycle’ tag line embodies their approach to working in concert with their clients to meet both their financial needs and the needs of their patients,” said Mary Ann McLaughlin, Chief Operating Officer of Optimum Outcomes. Since taking over leadership of the company in May 2011, Mike Jacoutot and his team have invested heavily in systems, processes and training to optimize workflow, increase productivity and deliver positive outcomes for the company’s clients and the patients of those healthcare providers. In addition, the company has implemented the Net Promoter Score to measure client loyalty.

Adreima

Acquisition in 2008
Adreima advocates for hospitals nationwide, providing eligibility and revenue cycle management services supported by a deep knowledge of state-specific issues and unparalleled in-house expertise. Their know-how and commitment to customer service improves financial performance and builds long-term trusting partnerships.

CarePoint Partners

Acquisition in 2007
CarePoint Partners is an emerging home infusion and specialty pharmacy provider. Its growing family of affiliated companies maintains the VISION of providing innovative pharmacy solutions for the home care patient.

Hospitalists Management Group

Acquisition in 2006
Hospitalists Management Group provides hospitalist services in the United States. It offers billing, human resources, physician recruitment, legal/risk management, credentialing, third-party contracting, accounting, marketing and network development, and information services. The company also provides services, such as on-call coverage for emergency departments, including indigent care and unassigned patients.

Aquion

Acquisition in 2005
Aquion, Inc. is a manufacturer and marketer of water treatment equipment and quality solutions, serving various markets globally since its founding in 1953. Headquartered in Roselle, Illinois, with manufacturing operations in San Luis Obispo, California, the company produces a diverse range of products, including water conditioners, iron filters, carbon filters, drinking-water purifiers, ozone and ultraviolet disinfection systems, reverse osmosis systems, and acid neutralizers. Aquion caters to both residential and commercial sectors, providing systems for independent water treatment dealers and plumbing and home improvement contractors in the United States, Canada, and internationally. As of early 2019, Aquion operates as a subsidiary of Pentair plc.

Acadia Healthcare

Acquisition in 2005
Acadia Healthcare Company, Inc. is dedicated to developing and operating a comprehensive network of behavioral health facilities across the United States, the United Kingdom, and Puerto Rico. Established in 2005 and headquartered in Franklin, Tennessee, Acadia provides a range of services, including inpatient psychiatric hospitals, residential treatment centers, substance abuse facilities, and outpatient clinics. The company's facilities cater to individuals facing mental health challenges, addiction disorders, and behavioral issues, offering acute care, crisis intervention, long-term recovery options, and community-based programs for children and adolescents. Acadia's revenue primarily derives from Medicaid in the U.S. and the National Health Service in the U.K. The organization emphasizes quality care and a supportive atmosphere, aiming to restore hope for patients through a collaborative approach involving employees, physicians, and community partners. As of late 2019, Acadia operated 585 behavioral healthcare facilities with a total of 18,200 beds.

True Partners Consulting

Acquisition in 2005
True Partners Consulting LLC is a tax and business advisory firm that specializes in assisting large public and private enterprises with complex tax and financial regulations. Founded in 2005 and headquartered in Chicago, Illinois, the firm offers a wide range of services, including federal tax consulting, accounting for income taxes, international tax, state and local tax, tax risk management, transfer pricing, and unclaimed property services. True Partners Consulting also provides flex staffing and CFO services to meet the diverse needs of its clients. The firm's operations extend across major U.S. cities such as Boston, Dallas, Denver, New York, Los Angeles, San Jose, and Tampa, as well as internationally in London. By focusing solely on tax consulting and advisory services, True Partners avoids the conflicts of interest associated with audit services, allowing it to deliver unbiased expertise to its clients.

Maxum Enterprises LLC

Acquisition in 2004
Maxum is a provider of fuel, lubricants and chemical solutions to the energy, mining and marine industries throughout North America. Maxum operates more than 2,500 specialized trucks, transports, and trailers, 30 marine barges and vessels, and the industry-leading network of fuel and lubricant terminals, storage, equipment, and warehouses to support its customers.

Jazz Pharmaceuticals

Series B in 2004
Jazz Pharmaceuticals is a biopharmaceutical company specializing in the identification, development, and commercialization of products for neurology and psychiatry, primarily in the United States. The company's notable products include Xyrem, which treats cataplexy and excessive daytime sleepiness in narcolepsy patients; Cystadane, for homocystinuria; and Antizol, used for ethylene glycol and methanol poisoning. Jazz Pharmaceuticals is advancing several late-stage candidates such as Luvox CR, an extended-release formulation for obsessive-compulsive disorder and social anxiety disorder, and JZP-6, a liquid form of sodium oxybate aimed at treating fibromyalgia. Its clinical pipeline features JZP-4, targeting epilepsy and bipolar disorder; JZP-8, for acute seizure clusters; JZP-7, for restless legs syndrome; and JZP-2, designed for panic attacks in panic disorder. The company maintains a product development and licensing agreement with Antares Pharma. Founded in 2003, Jazz Pharmaceuticals is headquartered in Palo Alto, California.

Compex Legal Services

Acquisition in 2004
Compex Legal Services, Inc. specializes in providing litigation and discovery support services, including record retrieval, deposition reporting, multi-plaintiff litigation, and medical record summarization. The company also offers a single source vendor program and various technology solutions such as TruSummary, which streamlines the organization and summarization of records. Additionally, Compex provides a client interface, a document management repository, and security solutions that comply with industry standards. Established in 1972, Compex Legal Services is headquartered in Torrance, California, with additional offices located in Sacramento, California; East Hanover, New Jersey; Hinsdale, Illinois; Tukwila, Washington; Philadelphia, Pennsylvania; San Antonio, Texas; and Tampa, Florida. The company is privately held and generates substantial annual revenue.

ASG Security

Acquisition in 2002
Headquartered in Beltsville, MD, ASG Security is a super‐regional electronic security and monitoring company with full service operations throughout the Eastern and Southwestern United States. Recognized as the 10th largest U.S. electronic security company, ASG designs, installs, monitors and services security systems for the commercial/industrial, government and residential market sectors. The company provides a full array of traditional and IP‐based solutions including video surveillance, access control, monitored fire and intrusion alarm systems to more than 214,000 customers. ASG employs over 1,200 people across 24 branch offices and operates four UL / CSAA Five Diamond Certified monitoring centers

Regency Hospital Company

Acquisition in 2001
Regency Hospital Company, L.L.C. (“Regency”) an operator of long term acute care hospitals.

DS Medical

Acquisition in 1999
DS Medical is a national leader in consumable medical supplies distribution, delivering consumable and durable medical products directly to the homes of end users. The Company serves patients with chronic medical conditions such as spinal cord injuries and diabetes.

Parish Publishing Solutions

Acquisition in 1998
Parish Publishing Solutions is a niche publishing business that specializes in the production and distribution of weekly church bulletins to religious organizations in Michigan and New York. At the time of its sale, the Company was providing service to approximately 450 churches and 7,000 advertisers.

Christiana Industries

Acquisition in 1994
Christiana Industries is a Chicago-based manufacturer of highly engineered low-voltage light assemblies to over 300 original equipment manufacturers in more than 20 industries.
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