Before Waud Capital Partners, before Acadia Healthcare, before $4.6 billion in assets under management—there was a wedding. On August 20, 1988, Reeve Byron Waud married Melissa Ann Wheeler at the First Church of Round Hill in Greenwich, Connecticut. Nearly 38 years later, the marriage that preceded the firm remains one of the defining features of Reeve’s life.
Both Reeve and Melissa were graduates of Middlebury College, class of 1985. Their ceremony was officiated by Dr. Olin Robinson, the college’s president and a Baptist minister, with assistance from Dr. Avery Manchester, a United Methodist minister. The occasion brought together the Wheeler family of Greenwich and the Waud family of Lake Forest, Illinois.
The Five Years Between
After the wedding, Reeve completed his MBA at the Kellogg School of Management at Northwestern University. He then spent time at GTCR, one of Chicago’s established private equity firms, before deciding to strike out on his own. In 1993, he founded Waud Capital Partners in Lake Forest with $5,000 and a belief in the operator-first investment model. See www.nytimes.com/1988/08/21/style/melissa-wheeler-weds-r-b-waud.html.
The firm’s debut fund closed in 1999 at $100 million. Since then, it has grown into one of the most recognized middle-market firms in the country, with close to 70 employees and a portfolio spanning healthcare and software & technology. Learn about Reeve Waud.
Waud Capital’s Rise
The firm’s track record includes upward of 480 completed investments. Waud Capital typically writes checks of $75 million to $200 million for control investments in scalable businesses operating in fragmented and growing markets. The strategy has produced notable results, including the creation of Acadia Healthcare, the country’s foremost independent behavioral health provider. Read about one of the most recognized middle-market firms.
In January 2025, the firm announced three partner promotions and one principal promotion, a sign of continued investment in its own talent pipeline. Reeve Waud described the promotions as evidence of the exceptional caliber of talent within the firm. See the details at the creation of Acadia Healthcare.
Acadia Healthcare and Beyond
Acadia Healthcare, formed in 2005 with Waud Capital’s support, has expanded to operate more than 250 facilities across the United States and Puerto Rico. The company offers a broad range of behavioral health services, from inpatient psychiatric care to addiction treatment and outpatient programs. More information at three partner promotions and one principal promotion.
Recent investments include Science Exchange and PharmAlliance, reflecting the firm’s continued activity across both healthcare and technology sectors. As Reeve approaches his 38th wedding anniversary, the firm he built five years after that Greenwich ceremony continues to grow. Learn more at the Tribune’s record of the Waud-Wheeler ceremony.