Reeve B. Waud
Founder and Managing Partner, Waud Capital Partners
Reeve Waud is the Founder and Managing Partner of Waud Capital Partners, a private equity
firm based in Chicago, Illinois, with approximately $1 billion of capital under management. Over
Mr. Waud's twenty-five year private equity career, he has acquired more than 135 companies.
Today, Waud Capital's portfolio companies have revenues of approximately $7 billion and more
than 8,000 employees. In addition, he has oversight and shares investment responsibility for an
additional $5 billion of investments.
Mr. Waud has invested in a wide variety of industries including healthcare services, business and
consumer services, specialty distribution, and value-added manufacturing. He has founded or
co-founded eleven companies that have become top ten in their respective industries including:
the largest private adhesives company in the United States; the largest distributor of petroleum
products for commercial and industrial use in the country; the second largest provider of
behavioral health services; the third largest long-term acute care hospital group; the third largest
hospitalist management company; the fifth largest home infusion company; and the tenth largest
security monitoring company.
Currently, Mr. Waud serves as the controlling shareholder and/or Chairman of the Board of
Acadia Healthcare, Adreima, CarePoint Partners, Maxum Petroleum, Revenue Cycle Solutions,
Inc., True Partners Consulting, and Whitehall Products.
Prior to founding Waud Capital Partners in 1993, Mr. Waud was an investment professional
at Golder, Thoma, Cressey, Rauner, Inc. (GTCR), a private equity investment group based
in Chicago. At GTCR, Mr. Waud had investment responsibility for a wide range of portfolio
companies that were built through more than thirty acquisitions. These included: Barefoot Grass,
the nation's second largest lawn care company; DIMAC, the largest vertically-integrated direct
mail marketing company in the U.S.; Energy Transfer Partners, L.P. (formerly Heritage Propane
Partners, L.P.), the nation's fourth largest propane retailer with more than $1 billion of EBITDA
and third largest Master Limited Partnership; and PTN Holding Corporation, a leading publisher
of trade magazines.
Before joining GTCR, Mr. Waud was in the Corporate Finance Group of Salomon Brothers, Inc,
and was a founding member of its Venture Capital Group.
Mr. Waud serves on the Board of Directors of Northwestern Memorial Foundation, the
philanthropic arm that supports the fundraising, grant-making and stewardship activities
of Northwestern Memorial HealthCare (NMHC). He is a member of the NMHC Finance
Committee, which in addition to overseeing the financials of NMHC and its approximately $3
billion capital budget, has responsibility for a $2.5 billion endowment including more than $500
million in private equity, venture capital, real estate and other alternative investments.
Mr. Waud currently serves as an advisor to Green Courte Partners, a private equity, real estate
investment firm. In addition, Mr. Waud is a member of the Commonwealth Club of Chicago and
is a member of The Economic Club of Chicago. He is a trustee of St. Paul's School in Concord,
New Hampshire and the John G. Shedd Aquarium. In addition, he serves on the Visiting
Committee of the University of Chicago Harris School of Public Policy.
Mr. Waud holds a B.A. in Economics from Middlebury College and an M.B.A. from the Kellogg
School of Management at Northwestern University.
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