Waud Capital Partners Backs Executives Bales Nelson and Allen Dye to Build a Technology-Enabled Healthcare Services Platform Company
April 09, 2021
April 09, 2021
CHICAGO, April 9, 2021 /PRNewswire/ — Waud Capital Partners (Waud Capital or WCP), a leading growth-oriented middle market private equity firm, today announced a new executive partnership with Bales Nelson and Allen Dye to pursue platform investments in the technology-enabled healthcare services and staffing markets.
Mr. Nelson and Mr. Dye are highly accomplished healthcare executives each with more than 20 years of management experience and a track record of significant value creation providing technology-enabled services and solutions to health systems, health plans, post-acute facilities and patients in their homes. As part of this executive partnership, WCP has committed $100 million of equity capital to support the initiative, which seeks to identify, acquire, and build a market-leading technology-enabled healthcare services and staffing company.
This is a longstanding relationship several years in the making, and what unites us is our shared vision of building leading businesses together to solve complex healthcare challenges. We’re excited to officially launch our partnership together.
Mr. Nelson commented, “Waud Capital is a proven, growth-oriented sponsor with a unique approach to healthcare and technology investing. Allen and I look forward to collaborating on new healthcare services and staffing opportunities that leverage our operational and strategic expertise. The firm’s executive partnership approach and resources across the firm dedicated to platform development make it an attractive partner, and we believe this combination will allow us to capitalize on extraordinary growth, both organically and through M&A.”
“We are very excited to partner with Bales and Allen,” said Chris Graber, Partner of Waud Capital. “Both have created tremendous value throughout their careers and are intimately familiar with the healthcare and outsourced provider services market. The use of technology is changing how healthcare services and staffing solutions are delivered.”
Paul Sutphin, Principal at WCP, added, “The combined knowledge and experience in healthcare and HCIT we bring together in this partnership, along with a deep network of industry relationships, position us as an excellent partner for companies looking to transform the healthcare industry. We are excited by the power of software and services to improve care delivery and solve complex logistical and staffing challenges.”
Most recently, Mr. Nelson co-founded and served as President of CenseoHealth, a provider of home health risk assessment services that developed and utilized proprietary technology to provide high quality, cost-effective services to health plans through a distributed network of physicians and other medical professionals. He began his career at Merritt Hawkins, eventually rising to a senior executive role in the years before and after the company’s acquisition by AMN Healthcare.
Mr. Dye began his career as a hospital administrator before joining Merritt Hawkins and working with Mr. Nelson. He later left AMN Healthcare to join CenseoHealth where he became Chief Operating Officer and Head of Business Development. Together, Mr. Nelson and Mr. Dye helped build CenseoHealth into one of the largest providers of health risk assessments and successfully exited through a merger with a peer company to form SignifyHealth. As Chief Operating Officer and Chief Growth Officer through his exit in 2019, Mr. Dye oversaw a transformation with the company growing more than two-fold during that period. SignifyHealth completed an IPO in 2021 with a market capitalization of over $7 billion. Mr. Nelson was also a co-founder and advisor to THMed, a leading tech-enabled staffing solutions company, which was acquired by Doximity in 2020.
This partnership further expands upon Waud Capital’s strong portfolio of healthcare, HCIT, and technology-enabled investments, including Integrated Practice Solutions (specialty EHR and practice management software), Sphere (healthcare payments and technology), Health & Safety Institute (software and technology-enabled workplace safety training), Pharmacy Partners (infusion management services), and Concierge Home Care (home-based care services), among others.
Based in Chicago, Waud Capital Partners is a leading growth-oriented private equity firm with total capital commitments of approximately $3.2 billion since its founding in 1993. Waud Capital teams with exceptional executive leadership to build market leading companies within two industries: healthcare services and business and technology services. Since its founding, Waud Capital has successfully completed more than 325 investments, including platform companies and follow-on opportunities. For additional information on Waud Capital, visit www.waudcapital.com.
Nick Rust – Prosek Partners