Kyle Lattner’s Healthcare Investment Strategy: Building Supply Chain Platforms at Waud Capital

Kyle Lattner’s recent promotion to Partner at Waud Capital Partners after twelve years with the firm positions him to lead the Chicago-based investment firm’s second major healthcare supply chain campaign. His partnership with veteran executive Bill Mixon represents the culmination of a decade-plus focus on building healthcare platforms across multiple sectors.

This elevation reflects Reeve Waud’s confidence in Lattner’s investment approach and his ability to identify exceptional healthcare executives capable of building market-leading companies. Since joining Waud Capital in 2013, Lattner has developed expertise across medical device and supply chain services, positioning him to evaluate complex healthcare market opportunities.

Decade-Plus Investment Track Record

Lattner’s involvement with Waud Capital’s healthcare portfolio demonstrates the breadth of his sector experience. His current board roles include Ivy Rehab, APDerm (Adult & Pediatric Dermatology), Senior Helpers, and Mopec Group, spanning outpatient rehabilitation services, specialty practice management, home care, and medical device distribution.

His previous board experience includes significant healthcare investments such as Acadia Healthcare, which Reeve Waud 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, with Reeve Waud continuing to serve as Chairman of the Board.

The Ivy Rehab investment particularly showcases Lattner’s long-term platform building approach. He has been “an integral part of” the outpatient physical therapy platform “for almost a decade,” according to Waud Capital’s announcement of his promotion to Partner.

Lattner’s recent involvement in the Senior Helpers and Mopec Group investments demonstrates his continued focus on healthcare services consolidation. The Mopec acquisition from Blackford Capital resulted from Waud Capital’s executive partnership with Brad Staley, providing a template for the current collaboration with Bill Mixon.

Executive-First Investment Philosophy

Lattner’s description of Waud Capital’s approach emphasizes the firm’s differentiated methodology. He characterized the Mixon partnership as “another example of Waud Capital’s executive-first campaign approach and commitment to support accomplished executive leaders with the full ecosystem of resources to execute transformative growth strategies in large, growing markets.”

This philosophy aligns with Reeve Waud’s long-standing belief that exceptional people drive exceptional value in healthcare investing. Rather than acquiring companies and then searching for management talent, Waud Capital identifies proven executives first and then partners with them to build platforms through strategic acquisitions.

The approach leverages Waud Capital’s ecosystem resources, including dedicated business development, human capital, and operational improvement capabilities. These resources support executive partners throughout the platform building process, from initial market assessment through acquisition execution and operational integration.

Lattner noted that the Mixon partnership represents Waud Capital’s “second dedicated campaign in the medical device and supply chain services market in the last two years,” highlighting the firm’s systematic approach to sector-focused investing under Reeve Waud’s leadership.

Supply Chain Investment Thesis

Healthcare supply chain focus reflects Lattner’s recognition of significant consolidation opportunities within fragmented markets. Target subsectors for the Mixon partnership include home distribution services, other value-add specialty distribution, outsourced provider equipment services, and chronic care and population health management offerings.

Bill Mixon’s qualifications align perfectly with these target areas. His leadership of Advanced Diabetes Supply Group through its growth to $1 billion in revenue and 500,000 patients served annually demonstrates expertise in scaling healthcare supply chain operations. His previous experience as CEO of National Seating & Mobility for nine years provides additional depth in durable medical equipment and complex rehabilitation technology.

Mike Lehman, recently promoted to Principal at Waud Capital Partners, emphasized the market opportunity: “The healthcare supply chain markets are highly fragmented with significant opportunities for organizations to deliver value-add solutions and address substantial challenges for key stakeholders.”

The $100+ million equity commitment for the Mixon partnership demonstrates Waud Capital’s conviction in both the executive and the market opportunity. This investment size reflects the firm’s ambition to build a market-leading platform capable of consolidating multiple subsectors within healthcare supply chain services.

Lattner’s leadership of this initiative builds upon Waud Capital’s established healthcare investment capabilities while expanding into adjacent markets with significant growth potential. The partnership with Mixon represents the evolution of Reeve Waud’s healthcare investment strategy, leveraging decades of sector experience to identify and capitalize on emerging consolidation opportunities in critical healthcare services segments.