Healthcare distribution executive Bill Mixon has revealed his next chapter following the successful Cardinal Health acquisition of Advanced Diabetes Supply Group. Mixon announced a partnership with Waud Capital Partners, founded by Reeve Waud, to build a medical device and supply chain services platform backed by over $100 million in equity capital.
The collaboration represents Mixon’s evolution from operating executive to executive partner, leveraging his 30+ years of healthcare distribution experience to identify and scale consolidation opportunities within fragmented medical device markets.
Bill Mixon’s Post-Cardinal Health Acquisition Plans Revealed
Mixon departed Advanced Diabetes Supply Group in July 2025 following completion of Cardinal Health’s $1.1 billion acquisition. His LinkedIn farewell message expressed “confidence in the direction that they are heading under the ownership of Cardinal Health” while hinting at future opportunities within healthcare services and distribution.
“As I reflect on the past several years spent with this incredible business, I have the most pride in the world-class team that brought my vision to life, positioning us as one of the leading diabetes distributors in the country,” Mixon wrote. “Together, we grew to $1 billion in revenue, serving nearly a half-million patients annually, culminating in the sale of the business to Cardinal Health” (https://www.hmenews.com/article/mixon-no-longer-leads-adsg).
His transition to partnership with Waud Capital Partners represents a natural evolution for an executive who has successfully scaled multiple healthcare distribution businesses through organic growth and targeted acquisitions. The new platform opportunity allows Mixon to apply lessons learned at Advanced Diabetes Supply to broader medical device and supply chain markets.
Reeve Waud’s reputation for identifying and supporting exceptional healthcare executives made Waud Capital Partners an attractive partner for Mixon’s next venture. The firm’s track record includes successful healthcare consolidations like Acadia Healthcare, which Reeve Waud founded in 2005 and continues to chair, and GI Alliance, which achieved a $2.2 billion valuation upon exit in 2022.
Healthcare Distribution Executive Targets New Growth Opportunity
Mixon’s partnership with Waud Capital Partners targets several specialized distribution sectors including home distribution, specialty distribution, outsourced provider equipment services, and chronic care management. These areas exhibit similar characteristics to the diabetes supply market where he achieved substantial success.
At Advanced Diabetes Supply, Mixon demonstrated ability to scale healthcare distribution businesses while maintaining focus on patient outcomes and service quality. The company served approximately 500,000 patients annually at the time of its Cardinal Health acquisition, validating his operational approach within specialty healthcare distribution.
“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,” Mixon stated. He specifically highlighted Waud Capital Partners’ executive partnership approach and ecosystem resources as factors that differentiate the firm from traditional private equity investors.
Prior to Advanced Diabetes Supply, Mixon served as CEO of National Seating & Mobility, where he successfully scaled operations through both organic expansion and targeted acquisitions. His experience completing multiple transactions with private equity sponsors provides valuable perspective on building businesses that attract both financial and operating buyers.
The medical device and supply chain services opportunity allows Mixon to leverage relationships and expertise developed throughout his healthcare career. His background includes leadership positions at major healthcare organizations including Baxter, Phillips, and Agiliti Health, providing broad exposure to medical device and equipment management markets.
“We are thrilled to partner with Bill,” said Mike Lehman, Principal at Waud Capital. “He is an exceptional executive who has created value and driven multiple successful outcomes throughout his career in a sector we find highly attractive.”
The partnership announcement comes as Waud Capital Partners manages approximately $4.6 billion in assets under management, providing the scale necessary to support ambitious growth plans. This financial capacity allows Reeve Waud and his team to support the type of expansion efforts that have characterized Mixon’s previous successes.
Mixon’s transition from Advanced Diabetes Supply to the Waud Capital Partners partnership demonstrates how successful healthcare executives can leverage operational expertise to identify and capture new market opportunities with appropriate financial backing.
Continue: https://www.buyoutsinsider.com/waud-capital-unveils-latest-growth-oriented-buyout-fund-targets-1bn/