Waud Capital Partners is a private equity investment firm based in Chicago, Illinois, founded in 1993. The firm focuses on the middle market and partners with experienced management teams to create, acquire, and grow companies in underserved and fragmented industry segments, primarily in healthcare services, software, and technology. Waud Capital Partners employs a control-oriented investment strategy that includes growth equity investments, industry consolidations, buyouts, and recapitalizations. The firm seeks to invest in companies that demonstrate strong cash flow and have potential for growth through both organic initiatives and add-on acquisitions.
Associate, Software and Technology Investment Team
Kyle Lattner
Principal
Ed Lee
Senior Associate
Michael J. Lehman
Vice President
Spenser Levine
Vice President
Matthew London
Principal
David Lowenberg
Operating Partner
Thomas Mack
Associate
Charlie Mangum
Associate
Matthew Meyers
Senior Associate and Healthcare Investment Team Member
Kenny Mleko
Associate
Ari Patterson
Associate
Sean Riordan
Vice President
Richard Roggeveen
Principal
Max Rothweiler
Associate
Andrew Rueff
Operating Partner
Karan Sabharwal
Vice President of Business and Technology Services
Robert S. Scherl
Vice President
Paul Sutphin
Principal
Reeve Waud
Founder and Managing Partner
Steven Zaguli
Associate
41 past transactions
Mopec
Acquisition in 2025
Mopec Inc. is a manufacturer of medical equipment and laboratory products tailored for the pathology, histology, necropsy, autopsy, and mortuary industries. Established in 1992 and headquartered in Oak Park, Michigan, the company provides a wide range of products, including dissecting instruments, autopsy accessories, grossing workstations, mortuary refrigerators, and custom equipment. Mopec's offerings also encompass autopsy saws, dissection tables, and various mortuary storage solutions, designed to meet the specific operational needs of its clients. By focusing on quality and precision, Mopec serves laboratories and facilities worldwide, ensuring they have the necessary tools to perform essential functions in their respective fields.
Science Exchange
Acquisition in 2024
Science Exchange, Inc. operates an online marketplace that facilitates collaboration between researchers and scientific service providers, including academic and government laboratories. Founded in 2011 and based in Palo Alto, California, the company enables users to search for, compare, and procure scientific services from U.S. research institutions, streamlining the process of obtaining quotes, managing projects, and processing payments. The platform enhances research and development productivity by automating various collaborative tasks while ensuring data security and regulatory compliance. By matching researchers seeking to outsource experiments with qualified service providers, Science Exchange makes it easier and more affordable for scientific institutions and researchers to access outsourced research and development services, ultimately accelerating the pace of scientific discovery.
Senior Helpers
Acquisition in 2024
Senior Helpers is a franchisor and provider of in-home senior care services, focused on assisting elderly individuals in the United States, Canada, and Australia. Founded by Tony Bonacuse and Peter Ross, the company emerged from their personal experiences in caring for family members, which highlighted significant gaps in the existing care market. Senior Helpers offers specialized programs developed with medical experts that cater to individuals with conditions such as dementia and Parkinson's disease. In addition to these programs, the company provides a range of services, including companion care, personal care, live-in support, respite care, and transition assistance. The aim is to help seniors maintain their independence and remain in their homes despite age-related challenges.
TeamSnap
Acquisition in 2021
TeamSnap, Inc. is a company that specializes in developing team management applications tailored for sports teams, leagues, clubs, and associations around the globe. Founded in 2009 and based in Boulder, Colorado, TeamSnap provides a platform that facilitates communication and coordination among sports members, including coaches, administrators, players, and parents. The platform streamlines various aspects of team management, such as tracking rosters, schedules, game availability, and statistics, while also simplifying payment processing. By offering tools for online registration and real-time updates, TeamSnap enables organizations to enhance their operational efficiency and allows users to focus on their sporting activities without the stress of logistical details.
The CE Shop
Private Equity Round in 2020
The CE Shop, Inc., headquartered in Greenwood Village, Colorado, specializes in providing online education for real estate professionals across all 50 states and Washington, D.C. The company offers a comprehensive range of courses, including pre-licensure, exam preparation, post-licensure, and continuing education, all designed to meet regulatory requirements. By using a cloud-based and mobile-friendly learning management system, The CE Shop delivers a convenient and high-quality alternative to traditional in-person classes, catering to the needs of modern learners.
Health and Safety Institute
Acquisition in 2019
Health & Safety Institute, Inc. is a comprehensive platform focused on environmental, health, safety, and quality compliance and training. Established in 1977 and based in Eugene, Oregon, the company provides a wide range of services that include workplace safety training, emergency care training, and continuing education for various professionals. Its offerings encompass chemical management software, incident and hazard tracking, as well as CPR/AED training and certification. By utilizing an integrated and cloud-based platform, Health & Safety Institute aims to equip individuals, healthcare professionals, first responders, and organizations with the necessary tools to meet safety training and compliance requirements effectively. Formerly known as the American Safety & Health Institute, the company rebranded in February 2008 to better reflect its focus and mission.
Concierge Home Care
Acquisition in 2019
Concierge Home Care specializes in providing personalized home healthcare services to seniors in Jacksonville and the surrounding areas of Northeast Florida. The company offers a range of skilled services, including cardiac care, chronic pulmonary care, diabetic care, and neurological care, as well as physical, occupational, and speech therapy. By focusing on the management of illnesses and the promotion of healthy behaviors, Concierge Home Care aims to enhance the quality of life for elderly patients, enabling them to remain in their homes for as long as possible. The organization is dedicated to improving the overall well-being of seniors through comprehensive and compassionate care.
GI Alliance
Acquisition in 2018
GI Alliance is a network of best-in-class gastroenterologists who have joined together to provide superior clinical outcomes for our patients.
Heart + Paw
Acquisition in 2018
Heart + Paw is a pet care company based in Berwyn, Pennsylvania, founded in 2018. It operates full-service veterinary centers that provide a comprehensive range of services, including veterinary care, grooming, daycare, boarding, and retail. The company focuses on enhancing pet health and well-being by utilizing advanced medical practices and technology. Heart + Paw's integrated approach aims to ensure that pets receive high-quality care in a supportive environment, promoting healthier and happier lives for pets and peace of mind for their owners.
iOFFICE
Acquisition in 2018
iOFFICE is a cloud-based software provider that focuses on enhancing workplace experiences and asset management for corporations. The company offers real-time applications designed to assist facility leaders and real estate professionals in effectively managing their buildings. Its platforms feature open APIs and mobile applications that support various functions such as space planning, utilization, reservation and scheduling, and maintenance requests. By connecting data, people, and resources, iOFFICE enables organizations to increase operational agility and scalability while simplifying their technology infrastructure. The software is tailored to meet the needs of businesses of all sizes, facilitating smarter and more efficient building management.
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, founded in 1992, operates a network of 10 clinical offices in Massachusetts and New Hampshire, offering a wide range of dermatology services for both adults and children. With a team of 30 clinical providers, the organization delivers comprehensive care that includes medical, surgical, and cosmetic dermatology, as well as phototherapy treatments. The clinic emphasizes accessibility and coordination of care, ensuring that patients receive timely and effective treatment tailored to their needs. By facilitating communication between dermatology specialists and primary care providers, Adult & Pediatric Dermatology aims to enhance patient outcomes within their communities.
Anovia Payments
Private Equity Round in 2017
Anovia Payments, LLC specializes in providing electronic payment solutions across the United States, Canada, and Australia. The company offers a range of products, including terminals equipped with EMV and NFC technology, and web-based payment acceptance solutions. Their services include virtual terminals for online payments with features such as recurring billing and e-receipts, as well as mobile payment options that provide real-time reporting. Anovia Payments also provides online solutions that facilitate automated billing for repeat customers. Additionally, the company offers various platforms like HostIt for event management, CapRock Services for business growth capital, and Anovia Insights for performance analysis. Founded in 2013 and headquartered in Irving, Texas, Anovia Payments aims to simplify payment processing for merchants and partners while fostering strong business relationships.
Anovia Payments
Acquisition in 2017
Anovia Payments, LLC specializes in providing electronic payment solutions across the United States, Canada, and Australia. The company offers a range of products, including terminals equipped with EMV and NFC technology, and web-based payment acceptance solutions. Their services include virtual terminals for online payments with features such as recurring billing and e-receipts, as well as mobile payment options that provide real-time reporting. Anovia Payments also provides online solutions that facilitate automated billing for repeat customers. Additionally, the company offers various platforms like HostIt for event management, CapRock Services for business growth capital, and Anovia Insights for performance analysis. Founded in 2013 and headquartered in Irving, Texas, Anovia Payments aims to simplify payment processing for merchants and partners while fostering strong business relationships.
TrustCommerce
Acquisition in 2017
TrustCommerce is a financial company that specializes in payment processing solutions. It operates a secure payment processing platform designed to enhance security, protect data, and mitigate risks. The company's software incorporates features such as point-to-point encryption and tokenization, which contribute to improved system reliability. By integrating payments with software, TrustCommerce enables healthcare partners and clients to streamline workflows, save time, and reduce costs.
Sphere Payments
Acquisition in 2017
Sphere is a software and financial technology company providing solutions that integrate payments and software to serve businesses of all sizes, from large, complex healthcare enterprises to merchants across a range of verticals, including transportation, education and insurance. Sphere is transforming the transaction process with simple, secure commerce solutions that work within existing core business systems to optimize workflow, save time and reduce costs. Sphere technology, which includes security software, a payments gateway and merchant software services, enables clients to process highly secure and compliant transactions. Sphere supports businesses across the U.S., Canada and Australia. Headquartered in Nashville, TN with offices in New York, Orange County, CA and Dallas, Sphere is a Waud Capital Partners private equity company and was created following the acquisitions of TrustCommerce and Anovia Payments.
ChiroTouch
Private Equity Round in 2017
ChiroTouch is a developer of practice management software tailored specifically for chiropractic practices. Its comprehensive system offers customizable solutions for managing various operational aspects, including scheduling, billing, and insurance claims. Designed to accommodate both high-volume practices and new startups, ChiroTouch emphasizes efficiency and profitability for its clients. The software is HIPAA compliant and features advanced biometric security measures, ensuring the protection of sensitive patient data. By enabling a completely paperless office, ChiroTouch enhances the patient experience and streamlines administrative tasks, allowing practitioners to focus more on patient care. The company’s solutions aim to improve overall practice management and operational effectiveness in the chiropractic field.
Minnesota Eye Consultants
Venture Round in 2017
Minnesota Eye Consultants, PA operates a network of ophthalmology centers across Minnesota, focusing on various eye care services. Established in 1988 and headquartered in Bloomington, the organization specializes in cataract treatments, including surgery and multifocal intraocular lenses; LASIK procedures; and glaucoma care for both open-angle and closed-angle conditions. Additionally, they offer oculofacial treatments, such as ophthalmic plastic and reconstructive surgery, as well as dry eye management and urgent clinic services. The organization is committed to enhancing patients' quality of life through advanced vision care, leveraging research and education alongside their clinical offerings. Minnesota Eye Consultants also provides a range of optical products, including contact lenses available through an online store, with multiple locations in cities like Blaine, Falcon Heights, Maplewood, Minneapolis, Minnetonka, and Woodbury.
Unifeye Vision Partners Management
Acquisition in 2017
Unifeye Vision Partners is a management services company that supports a network of comprehensive eye care providers across the United States. It specializes in managing ophthalmology and optometry practices, along with single-specialty eye surgery centers. The company focuses on delivering administrative and support services that enhance patient experiences and promote the long-term success of these facilities. By streamlining operations and providing expertise in practice management, Unifeye Vision Partners aims to improve the overall quality of eye care services in its network.
IvyRehab
Acquisition in 2016
IvyRehab Network, Inc. is a company that provides management support services to a network of outpatient physical therapy centers, consisting of 43 owned and two managed facilities across the Northeast and Midwest regions of the United States. Founded in 2003 and based in Harrison, New York, IvyRehab focuses on the valuation and acquisition of physical therapy facilities. The company aims to facilitate the planning and administration of physical therapy treatments that restore function, relieve pain, and prevent disabilities resulting from diseases, injuries, and surgeries. Its comprehensive service offerings include site selection and design, equipment procurement, recruitment and training of staff, credentialing of professionals, as well as oversight of daily operations, billing, and financial reporting.
Eastern Dental Management
Private Equity Round in 2016
Eastern Dental Management is a prominent dental support organization based in Avenel, New Jersey, with a network of dental offices across Michigan, New Jersey, New York, and Pennsylvania. Founded in 1984, the organization offers a wide range of dental care services, including general dentistry, specialty treatments, and cosmetic procedures. Their services encompass teeth whitening, preventive care, orthodontics, periodontics, oral surgery, endodontics, implants, and emergency dentistry. Eastern Dental focuses on delivering personalized care to meet the diverse needs of its patients, ensuring comprehensive dental health solutions in a patient-centered environment.
CyberGrants
Private Equity Round in 2015
CyberGrants is a provider of SaaS solutions that gives a trusted way to maximize the impact of Corporate Social Responsibility efforts. It has hundreds of clients partnering with them for grants management, employee engagement, and volunteerism, including over half of the Fortune 100. It was founded in 1999 and is based in Andover, Massachusetts.
PSI Services
Private Equity Round in 2015
PSI Services is a prominent provider of professional testing, talent assessment solutions, and certification services, boasting over 60 years of experience in the industry. The company offers a comprehensive range of services, including test development, delivery, and results processing, which cater to corporations, professional associations, and government regulatory agencies. PSI's offerings encompass pre-hire employment selection, managerial assessments, licensure testing, and certification credentialing services. With a focus on measuring and assessing the skills, abilities, and traits of individuals, PSI delivers over 30 million assessments annually in more than 50 languages. The organization employs a nationwide network of testing centers and utilizes its advanced test administration platform to ensure consistent security and quality in its services. PSI's expertise in data-driven decision-making enhances talent selection and development, making it a leader in the assessment industry.
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 providing innovative drug testing and substance use monitoring services for clients in behavioral health and criminal justice programs. The company offers a comprehensive range of toxicology solutions, including streamlined collection processes, advanced laboratory testing, and rapid results delivery. Their Sentry™ drug management system enhances the efficiency of drug testing schedules and collections, prioritizing patient accountability and care improvement. With nearly 4 million specimens tested annually, Cordant maintains a nationwide network of collection sites and can deploy trained Laboratory Collection Specialists to client locations. They serve a variety of sectors, including treatment courts, parole, probation, and social services, as well as addressing needs within substance abuse disorders and mental health services. Cordant's services also extend to medication monitoring for chronic pain and pre-employment screenings, supporting clinicians and organizations in managing behavioral health effectively.
Center for Vein Restoration
Acquisition in 2011
Center for Vein Restoration, based in Greenbelt, Maryland, specializes in the diagnosis and treatment of venous insufficiency, the underlying cause of varicose and spider veins. The organization is nationally recognized for its focused approach to alleviating leg pain and addressing severe leg wounds through advanced methods such as ultrasounds, ablations, and sclerotherapy. By providing individualized treatment plans, Center for Vein Restoration aims to improve patients' appearance and overall well-being, helping them to look better, feel better, and live better.
Optimum Outcomes
Acquisition in 2011
Optimum Outcomes is a medical debt collection agency based in Dallas, Texas, focused on optimizing financial outcomes for healthcare providers while enhancing patient satisfaction. Formerly known as Revenue Cycle Solutions, the company rebranded to reflect its commitment to helping clients maximize revenue recovery and improve the overall patient experience. Under the leadership of Mike Jacoutot since May 2011, Optimum Outcomes has made significant investments in systems, processes, and training to streamline workflows and boost productivity. The organization employs strategies such as the Net Promoter Score to assess client loyalty and ensure that both financial and patient needs are met effectively. Their tagline, "Caring for your revenue cycle," captures their collaborative approach in working with clients to navigate the complexities of medical billing and payments.
Adreima
Acquisition in 2008
Adreima specializes in providing eligibility and revenue cycle management services for hospitals across the United States. The company offers a range of services, including advocacy for reimbursement, post-payment review, denials management, and clinical auditing. By leveraging its deep understanding of state-specific regulations and in-house expertise, Adreima helps healthcare providers secure appropriate coverage and payment from insured, uninsured, and under-insured patients. Additionally, the company focuses on educating and supporting patients to ensure they understand their financial obligations. Through its commitment to customer service and improving financial performance, Adreima builds long-term partnerships with healthcare institutions, enhancing their overall operational efficiency.
CarePoint Partners
Acquisition in 2007
CarePoint Partners is a provider of home infusion and specialty pharmacy services in North America. The company focuses on delivering innovative pharmacy solutions for home care patients through its network of affiliated companies. CarePoint Partners offers a range of services, including infusion pharmacy therapy, which administers medications and nutrients via intravenous, subcutaneous, and epidural methods. Additionally, the company provides home infusion, immunotherapy, and specialty pharmacy services across multiple states, ensuring accessible and effective care for patients in their homes.
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 based in Roselle, Illinois, with manufacturing operations in San Luis Obispo, California. Established in 1953, the company provides a diverse range of products for both residential and commercial water treatment markets worldwide. Its offerings include water conditioners, iron filters, carbon filters, drinking-water purifiers, ozone and ultraviolet disinfection systems, reverse osmosis systems, and acid neutralizers. Aquion serves independent water treatment dealers as well as plumbing and home improvement contractors, addressing various water quality needs across 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 the largest stand-alone provider of behavioral health services in the United States, operating 258 facilities across 38 states and Puerto Rico. The company specializes in developing and managing a diverse range of treatment settings, including inpatient psychiatric hospitals, residential treatment centers, outpatient clinics, and specialty facilities. Acadia Healthcare serves approximately 75,000 patients daily, offering tailored, evidence-based care for various behavioral health conditions such as addiction, depression, anxiety, and post-traumatic stress disorder. The organization emphasizes patient-centered care, aiming to empower individuals to overcome mental health challenges and achieve long-term recovery. Acadia's facilities have garnered national recognition for their commitment to quality and safety, reflecting their dedication to optimal patient outcomes. The company employs around 23,500 individuals and is headquartered in Franklin, Tennessee, with a focus on innovation and collaboration in healthcare delivery.
True Partners Consulting
Acquisition in 2005
True Partners Consulting LLC is a tax and business advisory firm founded in 2005 and headquartered in Chicago, Illinois. The firm specializes in providing comprehensive tax consulting and audit services to both public and private enterprises, helping them navigate complex tax and financial regulations. Its service offerings include accounting for income taxes, federal and international tax consulting, tax risk management, transfer pricing, and unclaimed property services. Additionally, True Partners Consulting offers flexible staffing and CFO services, as well as support in areas like private equity, venture capital, site selection, and credits and incentives. With locations across the United States and in London, the firm serves a diverse clientele ranging from small businesses to large enterprises.
Maxum Enterprises
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 based in Ireland that specializes in developing and commercializing innovative treatments for neurology and oncology, particularly in underserved markets. The company has nine approved drugs, including Xyrem and Xywav, which treat narcolepsy, and Zepzelca, Rylaze, and Vyxeos, aimed at various cancers such as metastatic small cell lung cancer and acute leukemias. Additionally, Jazz acquired GW Pharmaceuticals, enhancing its portfolio with Epidiolex, a treatment for severe, rare forms of epilepsy. Other notable products include Cystadane for homocystinuria and Antizol for ethylene glycol and methanol poisoning. Jazz Pharmaceuticals is committed to addressing significant medical needs through its targeted therapies.
Compex Legal Services
Acquisition in 2004
Compex Legal Services, Inc. is a provider of litigation and discovery support services, specializing in record retrieval, deposition reporting, medical record summarization, and multi-plaintiff litigation. Established in 1972 and headquartered in Torrance, California, the company operates additional offices across several states, including New Jersey, Illinois, Washington, Pennsylvania, Texas, and Florida. Compex also offers technology solutions, such as TruSummary, designed to streamline the process of organizing and summarizing records. Their services target the legal and insurance sectors, aiming to enhance efficiency and reduce costs in handling medical records and litigation processes. As a privately held corporation backed by prominent venture capital firms, Compex Legal Services generates a substantial annual revenue.
ASG Security
Acquisition in 2002
ASG Security is a leading electronic security and monitoring company operating throughout the Eastern and Southwestern United States. Ranked as the tenth largest in the U.S. electronic security sector, ASG specializes in designing, installing, monitoring, and servicing security systems for various market segments, including commercial, industrial, government, and residential clients. The company offers a comprehensive range of traditional and IP-based solutions, such as video surveillance, access control, and monitored fire and intrusion alarm systems, serving over 214,000 customers. With a workforce of over 1,200 employees and 24 branch offices, ASG operates four UL/CSAA Five Diamond Certified monitoring centers, ensuring high-quality service and support. Additionally, ASG's security equipment is integrated with web and mobile applications, allowing customers to remotely access their security systems and receive real-time updates and analyses for their properties.
Regency Hospital
Acquisition in 2001
Regency Hospital Company, L.L.C. operates long-term acute care hospitals across the United States, focusing on providing comprehensive medical care and treatment services. The company specializes in ventilator and wound care, rehabilitation programs, and various therapeutic services, including nursing, physical and occupational therapy, respiratory care, and case management. Regency also offers neurological, cardiovascular, orthopedic, and pulmonary services, along with ventilator weaning, telemetry, laboratory, pastoral care, radiology, antibiotic therapy, and nutritional assessment. Additionally, the hospital assists patients and families through discharge planning, counseling, and family consultation services, ensuring a holistic approach to patient care and support.
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 specialized publishing company focused on producing and distributing weekly church bulletins primarily for the Catholic Church. Operating from locations in Sterling Heights, Michigan, and Rochester, New York, the company serves approximately 450 churches and collaborates with around 7,000 advertisers. These weekly bulletins offer local merchants and service providers a unique platform to promote their businesses while supporting the church community through a modest annual investment.
Christiana Industries
Acquisition in 1994
Christiana Industries is a Chicago-based manufacturer specializing in highly engineered low-voltage light assemblies. The company supplies light sockets and wire harnesses to over 300 original equipment manufacturers across more than 20 diverse industries.
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