Bill Mixon’s transition from healthcare CEO to private equity executive partner unfolded with notable speed. Just months after Cardinal Health completed its $1.1 billion acquisition of Advanced Diabetes Supply Group in April 2025, Mixon announced his departure and immediately joined forces with Reeve Waud’s Chicago-based investment firm.
The swift pivot from leading a billion-dollar healthcare company to partnering with Waud Capital Partners reflects both Mixon’s entrepreneurial drive and the growing appeal of executive partnership models in private equity. Rather than retiring or seeking another CEO role, Mixon chose to leverage his operational expertise in building the next generation of healthcare supply chain companies.
Building Value in Healthcare Supply
Mixon’s tenure at Advanced Diabetes Supply Group showcased his ability to scale healthcare operations efficiently. Under his leadership, the company grew to serve approximately 500,000 patients annually while generating $1 billion in revenue through comprehensive diabetes supply and management services. The company’s success attracted Cardinal Health, which viewed ADSG as a strategic addition to its at-Home Solutions business unit.
Before Advanced Diabetes Supply, Mixon spent nine years as CEO of National Seating & Mobility, a complex rehabilitation technology provider with locations across the United States and Canada. This experience in durable medical equipment and specialized healthcare services provided the foundation for his later success in the diabetes supply market.
His operational improvements at ADSG included salesforce productivity enhancements, go-to-market initiative shifts, and margin improvements through revenue cycle initiatives and other operational efficiencies. These accomplishments demonstrated his ability to scale healthcare operations while maintaining quality patient outcomes.
Waud Capital’s Healthcare Expertise
Reeve Waud’s decision to partner with Mixon reflects the firm’s deep healthcare investing experience accumulated over three decades. Since founding Waud Capital Partners in 1993, Reeve Waud has built a reputation for identifying healthcare market opportunities and partnering with exceptional executives to capitalize on consolidation trends.
The firm recently promoted Kyle Lattner to Partner and Mike Lehman to Principal, strengthening its healthcare investment team. Lattner joined Waud Capital in 2013 and has been instrumental in healthcare investments including Ivy Rehab, APDerm, and Senior Helpers, while Lehman supports portfolio companies including Unifeye Vision Partners and Mopec Group.
Waud Capital’s current healthcare portfolio demonstrates the breadth of Reeve Waud’s sector focus, spanning from Mopec Group’s pathology equipment and services to PromptCare’s home infusion therapy and APDerm’s dermatology practice management. This diversified approach provides insights across multiple healthcare delivery models and supply chain segments.
Reeve Waud’s most notable healthcare success remains Acadia Healthcare, which he 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. Reeve Waud continues serving as Chairman of Acadia’s Board of Directors, maintaining his connection to the company’s ongoing development.
Mixon expressed enthusiasm for the partnership opportunity: “I’m excited to partner with Waud Capital to identify and help build what we hope will be an industry-leading business that supports and improves the overall healthcare supply chain.”
Waud Capital Partners’ $4.6 billion in assets under management and track record of more than 500 completed investments provide the platform and resources necessary to support ambitious healthcare supply chain consolidation efforts. Reeve Waud’s commitment of over $100 million in equity capital for the Mixon partnership demonstrates confidence in both the executive and the market opportunity ahead.
Related: Acadia Healthcare Welcomes Dr. Patrice A. Harris, MD, MA as Independent Director
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