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For Immediate Release

Waud Capital Appoints David Bellaire as Operating Partner

Chicago, IL, December 7, 2016 –– Waud Capital Partners ("Waud Capital" or the "firm"), a leading growth-oriented lower middle-market private equity firm with $2.1 billion under management, announces the appointment of David Bellaire as operating partner, effective immediately. Mr. Bellaire’s appointment expands the team to 27 investment and finance professionals, three operating partners and one executive partner with proven leadership credentials and a track record of value creation. Based in Chicago, Mr. Bellaire will serve on the board of several Waud Capital healthcare services platforms and play a leading role to identify new investment opportunities.

Mr. Bellaire brings more than 30 years of executive and management experience in healthcare services and healthcare IT. Most recently, he served as senior advisor with Bain & Company, which followed more than 10 years at Bain as a senior partner and director, overseeing insurance, provider and healthcare services, including healthcare IT sectors.

"David represents the strong caliber of executive talent that differentiates our firm," said Matt Clary, partner at Waud Capital. "He brings significant operations and strategy experience and expands our depth and breadth across multiple healthcare services sectors. His leadership expertise will serve us well as we continue to deploy our proven investment approach — identifying top CEO talent and investing in the strongest platforms for growth."

Prior to Bain, Mr. Bellaire was executive vice president and chief operating officer for a NASDAQ-listed company focused on health solutions, pharmaceutical services and medical benefit operations. Mr. Bellaire also led the health technologies consulting business at Booz Allen Hamilton; developed, grew and sold a national prosthetics company; and led merger/integration and sale efforts for a specialty reinsurer. Throughout his career, he has held senior executive and advisory roles at insurer, provider, and healthcare solutions companies and was involved with large M&A transactions and restructurings. Mr. Bellaire also brings leadership experience as a current or former board member of more than 10 public and private companies, including current Waud Capital portfolio companies Ivy Rehab Network and Cordant Health Solutions. In addition, he was a member of the Northwestern University Medical School faculty and received the President’s Council and Veterans’ Administration Awards for Leadership in Biomedical Research in Services to the Handicapped.

"I am pleased to partner with Waud Capital and look forward to helping the team invest in attractive platforms, including healthcare providers, health systems and healthcare technology and software," said Mr. Bellaire. "These markets remain highly fragmented and provide multiple opportunities to implement Waud Capital’s unique three-phase approach to value creation and launch platforms for rapid growth."

"As one of his first endeavors as a member of the WCP team, David has agreed to serve as Chairman of Ivy Rehab Network, a platform investment completed earlier this year in the physical therapy industry," said David Neighbours, partner at Waud Capital. "David has extensive experience developing, executing and leading strategic growth plans which will be of great value to Ivy as it pursues rapid growth and positions itself as a quality leader in its market."

Mr. Bellaire received an MBA and graduate degrees (concentration in prosthetics/bio-engineering) with highest honors from Northwestern University. He received scholar or fellowship recognition from Northwestern, National Science Foundation, Rehabilitation Services Agency and the Kellogg Foundation. He received a Bachelor of Arts from State University of New York.

About Waud Capital Partners
Waud Capital Partners is a leading Chicago-based private equity investment firm founded in 1993 that partners with exceptional management teams to acquire or create platforms in the U.S. lower middle market through control-oriented growth equity investments, industry consolidation, buyouts or recapitalizations. The firm seeks to invest $50 million to $100 million (including follow-on investments) of total equity in each platform company and employs a disciplined three-phase investment strategy with staged investments designed to generate superior risk-adjusted returns. Waud Capital targets services businesses in large, growing, fragmented markets within two industries: healthcare services and business and technology services. Typically, the initial platform companies in which Waud Capital invests have enterprise values between $50 million and $250 million. The firm has approximately $2.1 billion in assets under management. Since its founding, Waud Capital has successfully completed more than 195 investments, including platform companies and follow-on opportunities.

For additional information on WCP, visit www.waudcapital.com.

For Further Information:

Investor Contact:
Philip Kemp, Principal - Investor Relations
(312) 676-8435
pkemp@waudcapital.com

Media Contact:
Nick Rust, Prosek Partners
(212) 279-3115 ext. 252
nrust@prosek.com

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